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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2015

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

Summary of Face Values, Carrying Amounts and Fair Values of Financial Instruments

The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 whose carrying amounts do not approximate their fair value (in thousands):



	March 31, 2015						December 31, 2014
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	240,363	$	241,132	$	241,860	$	234,359	$	235,176	$	234,227
Preferred equity investments	16,919		17,214		17,638		16,125		16,407		17,115
Financial liabilities:
Senior Notes	700,000		699,298		744,500		700,000		699,272		723,625
Mortgage indebtedness	123,325		123,325		118,471		124,022		124,022		122,131

⁽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).

Schedule of Amounts Measured at Fair Value

During the three months ended March 31, 2015, 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	$	3,073	$	—	$	3,073	$	—
Contingent consideration liability	4,000		—		—		4,000

Schedule of Reconciliation for Contingent Consideration Liability Recorded at Fair Value using Level 3 Inputs

The following reconciliation provides the details of activity during the three months ended March 31, 2015 for contingent consideration liability recorded at fair value using Level 3 inputs:



Balance as of December 31, 2014	$	3,900
Increase in contingent liability	100
Balance as of March 31, 2015	$	4,000

Recurring [Member]

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

Schedule of Inputs used for Carrying Amounts which do not Approximate Fair Value with Valuation Methods

The Company determined the fair value of financial instruments as of March 31, 2015 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	$	241,860	$	—	$	—	$	241,860
Preferred equity investments	17,638		—		—		17,638
Financial liabilities:
Senior Notes	744,500		—		744,500		—
Mortgage indebtedness	118,471		—		—		118,471

- 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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