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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

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



Balance as of December 31, 2012	$	1,300
New contingent liability	7,300
Increase in contingent liability	800
Payment of contingent liability	(1,900		)
Balance as of December 31, 2013	$	7,500

New contingent liability	$	3,200
Decrease in contingent liability	(1,560		)
Payment of contingent liability	(5,240		)
Balance as of December 31, 2014	$	3,900

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

During the year ended December 31, 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:
Interest rate cap	$	4,618	$	—	$	4,618	$	—
Contingent consideration liability	3,900		—		—		3,900

Fair Value, by Balance Sheet Grouping

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



	December 31, 2014						December 31, 2013
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	234,359	$	235,176	$	234,227	$	176,558	$	177,509	$	176,985
Preferred equity investments	16,125		16,407		17,115		7,695		7,784		7,950
Financial liabilities:
Senior Notes	700,000		699,272		723,625		411,250		414,402		421,122
Mortgage indebtedness	124,022		124,022		122,131		141,328		141,328		130,622

⁽¹⁾ Face value represents amounts contractually due under the terms of the respective agreements.

⁽²⁾Carrying amounts represent the book value of financial instruments and include unamortized premiums (discounts).

Fair Value Measurements, Nonrecurring

The Company determined the fair value of financial instruments as of December 31, 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	$	234,227	$	—	$	—	$	234,227
Preferred equity investments	17,115		—		—		17,115
Financial liabilities:
Senior Notes	723,625		—		723,625		—
Mortgage indebtedness	122,131		—		—		122,131

- 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.

+ References+ Details

- 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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