FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015 whose carrying amounts do not approximate their fair value (in thousands):



	March 31, 2016						December 31, 2015
	Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value		Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	272,250	$	271,815	$	279,112	$	270,184	$	273,811	$	274,628
Preferred equity investments	31,958		31,608		33,719		29,993		29,643		30,838
Financial liabilities:
Senior Notes	686,336		700,000		697,250		685,704		700,000		718,500
Mortgage indebtedness	175,045		178,017		169,579		174,846		177,850		165,296

⁽¹⁾Carrying amounts represent the book value of financial instruments and are net of unamortized premiums (discounts) and deferred financing costs.

⁽²⁾ Face value represents amounts contractually due under the terms of the respective agreements.

Schedule of Amounts Measured at Fair Value

During the three months ended March 31, 2016, 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	$	670	$	—	$	670	$	—
Cross currency swap	2,838		—		2,838		—
Contingent consideration asset	350		—		—		350
Financial liabilities:
Contingent consideration liability	2,700		—		—		2,700
Interest rate swap	1,989		—		1,989		—

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, 2016 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	$	279,112	$	—	$	—	$	279,112
Preferred equity investments	33,719		—		—		33,719
Financial liabilities:
Senior Notes	697,250		—		697,250		—
Mortgage indebtedness	169,579		—		—		169,579

- 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.

+ References + Details