XML 43 R30.htm IDEA: XBRL DOCUMENT

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 whose carrying amounts do not approximate their fair value (in thousands):



	June 30, 2017						December 31, 2016
	Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value		Carrying Amount ⁽¹⁾		Face Value ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	52,111	$	52,016	$	48,850	$	53,596	$	53,484	$	51,914
Preferred equity investments	45,345		44,961		47,073		45,190		44,882		48,332
Financial liabilities:
Senior Notes	689,508		700,000		724,375		688,246		700,000		709,500
Mortgage indebtedness	159,366		162,195		148,890		160,752		163,638		150,091

⁽¹⁾Carrying amounts represent the book value of financial instruments, including unamortized premiums (discounts), but excluding related reserves.

⁽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, 2017, 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 swap	$	7,870	$	—	$	7,870	$	—
Cross currency swap	1,900		—		1,900		—
Financial liabilities:
Interest rate swap	185		—		185		—

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, 2016	$	818
Decrease in contingent consideration liability	(822		)
Foreign currency translation	4
Balance as of June 30, 2017	$	—

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, 2017 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	$	48,850	$	—	$	—	$	48,850
Preferred equity investments	47,073		—		—		47,073
Financial liabilities:
Senior Notes	724,375		—		724,375		—
Mortgage indebtedness	148,890		—		—		148,890

- 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