FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

The following are the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2013 and December 31, 2012 whose carrying amounts do not approximate their fair value (in thousands):



	June 30, 2013						December 31, 2012
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	37,506	$	37,693	$	37,843	$	11,965	$	12,017	$	12,826
Preferred equity investments	5,293		5,376		5,285		—		—		—
Financial liabilities:
Senior Notes	411,250		414,672		422,038		325,000		330,666		345,313
Mortgage indebtedness	143,129		143,129		139,599		152,322		152,322		152,559
Secured Revolving Credit Facility	—		—		—		92,500		92,500		92,500

⁽¹⁾ Face value for loans receivable, Senior Notes, mortgage indebtedness and the Secured Revolving Credit Facility represents amounts contractually due under the terms of the respective agreements. Face value for preferred equity investments represents amounts paid, plus preferred returns earned less distributions received.

⁽²⁾Carrying amounts represent the book value of financial instruments and include unamortized premiums (discounts). Also included in the carrying amounts for loans receivable and preferred equity investments are capitalized origination and transaction costs.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

During the six months ended June 30, 2013, the Company recorded the following amounts measured at fair value (in thousands):



			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Recurring Basis:
Contingent consideration	$	2,200	$	—	$	—	$	2,200

Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements, Recurring and Nonrecurring

The Company determined the fair value of financial instruments as of June 30, 2013 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):



			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Loans receivable	$	37,843	$	—	$	—	$	37,843
Preferred equity investments	5,285		—		—		5,285
Financial liabilities:
Senior Notes	422,038		—		422,038		—
Mortgage indebtedness	139,599		—		—		139,599

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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