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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015 whose carrying amounts do not approximate their fair value (in thousands):



	June 30, 2016						December 31, 2015
	Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value		Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	85,503	$	85,253	$	83,902	$	270,184	$	273,811	$	274,628
Preferred equity investments	40,957		40,599		43,781		29,993		29,643		30,838
Financial liabilities:
Senior Notes	686,968		700,000		708,750		685,704		700,000		718,500
Mortgage indebtedness	174,053		176,996		175,852		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 six months ended June 30, 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	$	275	$	—	$	275	$	—
Cross currency swap	3,102		—		3,102		—
Financial liabilities:
Contingent consideration liability	2,300		—		—		2,300
Interest rate swap	1,896		—		1,896		—

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 (in thousands):



Balance as of December 31, 2015	$	2,700
Decrease in contingent consideration liability	(400		)
Balance as of June 30, 2016	$	2,300

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



Balance as of December 31, 2015	$	350
Decrease in contingent consideration asset	(350		)
Balance as of June 30, 2016	$	—

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 June 30, 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	$	83,902	$	—	$	—	$	83,902
Preferred equity investments	43,781		—		—		43,781
Financial liabilities:
Senior Notes	708,750		—		708,750		—
Mortgage indebtedness	175,852		—		—		175,852

- 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