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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2014

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

The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2014 and December 31, 2013 whose carrying amounts do not approximate their fair value (in thousands):



	June 30, 2014						December 31, 2013
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	209,971	$	210,866	$	209,187	$	176,558	$	177,509	$	176,985
Preferred equity investments	14,711		14,921		14,975		7,695		7,784		7,950
Financial liabilities:
Senior Notes	550,000		550,000		572,500		411,250		414,402		421,122
Mortgage indebtedness	125,400		125,400		108,943		141,328		141,328		130,622

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

During the six months ended June 30, 2014, 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 liability	$	4,500	$	—	$	—	$	4,500

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



Balance as of December 31, 2013	$	7,500
New contingent liability	3,200
Decrease in contingent liability	(960		)
Payment of contingent liability	(5,240		)
Balance as of June 30, 2014	$	4,500

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, 2014 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	$	209,187	$	—	$	—	$	209,187
Preferred equity investments	14,975		—		—		14,975
Financial liabilities:
Senior Notes	572,500		—		572,500		—
Mortgage indebtedness	108,943		—		—		108,943

- 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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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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