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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2015

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



	December 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	$	273,811	$	270,184	$	274,628	$	234,359	$	235,176	$	234,227
Preferred equity investments	29,643		29,993		30,838		16,125		16,407		17,115
Financial liabilities:
Senior Notes	700,000		699,376		718,500		700,000		699,272		723,625
Mortgage indebtedness	177,850		177,850		165,296		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 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 December 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	$	274,628	$	—	$	—	$	274,628
Preferred equity investments	30,838		—		—		30,838
Financial liabilities:
Senior Notes	718,500		—		718,500		—
Mortgage indebtedness	165,296		—		—		165,296

Schedule of Amounts Measured at Fair Value

During the year ended December 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:
Financial assets:
Interest rate cap	$	1,695	$	—	$	1,695	$	—
Cross currency swap	5,392		—		5,392		—
Contingent consideration asset	350		—		—		350
Financial liabilities:
Contingent consideration liability	2,700		—		—		2,700
Interest rate swap	1,468		—		1,468		—

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

The following reconciliation provides the details of activity for contingent consideration liability recorded at fair value using Level 3 inputs:



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

Decrease in contingent liability	(1,200		)
Balance as of December 31, 2015	$	2,700

The following reconciliation provides the details of activity for contingent consideration asset recorded at fair value using Level 3 inputs:



Balance as of December 31, 2014	$	—
Increase in contingent asset	350
Balance as of December 31, 2015	$	350