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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018 whose carrying amounts do not approximate their fair value (in thousands):



	September 30, 2019						December 31, 2018
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	68,486	$	63,825	$	61,008	$	96,492	$	69,460	$	65,797
Preferred equity investments	44,005		44,417		44,753		43,851		44,262		43,825
Financial liabilities:
Senior Notes	1,100,000		1,106,484		1,166,203		1,300,000		1,307,394		1,270,877
Secured indebtedness	115,370		113,644		110,579		117,464		115,679		101,820


⁽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.

Fair Value of Financial Instruments

The Company determined the fair value of financial instruments as of September 30, 2019 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 (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable	$	61,008	$	—	$	—	$	61,008
Preferred equity investments	44,753		—		—		44,753
Financial liabilities:
Senior Notes	1,166,203		—		1,166,203		—
Secured indebtedness	110,579		—		—		110,579

Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 30, 2019, the Company recorded the following amounts measured at fair value (in thousands):



			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Total				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Basis:
Financial assets:
Interest rate swaps	$	4,617	$	—	$	4,617	$	—
Cross currency interest rate swaps	4,068		—		4,068		—
Financial liabilities:
Interest rate swaps	367		—		367		—
Forward starting interest rate swaps	6,267		—		6,267		—
Forward starting interest rate collars	844		—		844		—

- 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