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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2017

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



	December 31, 2017						December 31, 2016
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	91,280	$	65,907	$	65,892	$	53,484	$	50,846	$	51,914
Preferred equity investments	48,035		48,483		47,064		44,882		45,190		48,332
Financial liabilities:
Senior Notes	1,300,000		1,306,286		1,329,191		700,000		688,246		709,500
Secured indebtedness	259,202		256,430		246,461		163,638		160,752		150,091


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


⁽²⁾	Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.

Inputs Used for Valuation of Financial Instruments

The Company determined the fair value of financial instruments as of December 31, 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
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable	$	65,892	$	—	$	—	$	65,892
Preferred equity investments	47,064		—		—		47,064
Financial liabilities:
Senior Notes	1,329,191		—		1,329,191		—
Secured indebtedness	246,461		—		—		246,461

Amounts Measured at Fair Value

During the year ended December 31, 2017, the Company recorded the following amounts measured at fair value (in thousands):



			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Financial assets:
Interest rate swap	$	25,221	$	—	$	25,221	$	—
Cross currency swap	674		—		674		—

Reconciliation of Contingent Consideration Liability

The following reconciliation provides the details of activity for the 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	(1,876		)
Foreign currency translation	(6		)
Balance as of December 31, 2016	$	818

Decrease in contingent consideration liability	(426		)
Payment of contingent consideration liability	(382		)
Foreign currency translation	(10		)
Balance as of December 31, 2017	$	—

Reconciliation of Contingent Consideration Asset

The following reconciliation provides the details of activity for the 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 December 31, 2016	$	—

- 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