FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 and December 31, 2014 whose carrying amounts do not approximate their fair value (in thousands):

	September 30, 2015						December 31, 2014
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	259,175	$	259,826	$	264,260	$	234,359	$	235,176	$	234,227
Preferred equity investments	27,284		27,622		29,689		16,125		16,407		17,115
Financial liabilities:
Senior Notes	700,000		699,349		722,750		700,000		699,272		723,625
Mortgage indebtedness	168,608		168,608		158,792		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 nine months ended September 30, 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:
Financial assets:
Interest rate cap	$	1,683	$	—	$	1,683	$	—
Cross currency swap	4,400		—		4,400		—
Financial liabilities:
Contingent consideration liability	4,200		—		—		4,200
Interest rate swap	1,542		—		1,542		—

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 nine months ended September 30, 2015 for contingent consideration liability recorded at fair value using Level 3 inputs (in thousands):

Balance as of December 31, 2014	$	3,900
Increase in contingent liability	300
Balance as of September 30, 2015	$	4,200

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 September 30, 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	$	264,260	$	—	$	—	$	264,260
Preferred equity investments	29,689		—		—		29,689
Financial liabilities:
Senior Notes	722,750		—		722,750		—
Mortgage indebtedness	158,792		—		—		158,792