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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016 whose carrying amounts do not approximate their fair value (in thousands):



	September 30, 2017						December 31, 2016
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	129,341	$	97,478	$	97,722	$	53,484	$	50,846	$	51,914
Preferred equity investments	51,833		52,288		52,926		44,882		45,190		48,332
Financial liabilities:
Senior Notes	1,300,000		1,305,996		1,341,106		700,000		688,246		709,500
Secured indebtedness	260,371		257,571		248,041		163,638		160,752		150,091


⁽¹⁾	Face value represents amounts contractually due under the terms of the respective agreements.


⁽²⁾

Schedule of Amounts Measured at Fair Value

During the nine months ended September 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	$	18,957	$	—	$	18,957	$	—
Cross currency swap	827		—		827		—
Financial liabilities:
Contingent consideration liability	266		—		266		—

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	(552		)
Balance as of September 30, 2017	$	266

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, 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	$	97,722	$	—	$	—	$	97,722
Preferred equity investments	52,926		—		—		52,926
Financial liabilities:
Senior Notes	1,341,106		—		1,341,106		—
Secured indebtedness	248,041		—		—		248,041

- 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