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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

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



	December 31, 2019						December 31, 2018
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	67,527	$	63,070	$	59,832	$	96,492	$	69,460	$	65,797
Preferred equity investments	43,893		44,304		44,493		43,851		44,262		43,825
Financial liabilities:
Senior Notes	1,250,000		1,248,773		1,328,714		1,300,000		1,307,394		1,270,877
Secured indebtedness	114,777		113,070		105,510		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.

Inputs Used for Valuation of Financial Instruments

The Company determined the fair value of financial instruments as of December 31, 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
	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	$	59,832	$	—	$	—	$	59,832
Preferred equity investments	44,493		—		—		44,493
Financial liabilities:
Senior Notes	1,328,714		—		1,328,714		—
Secured indebtedness	105,510		—		—		105,510

Amounts Measured at Fair Value

During the year ended December 31, 2019, 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 swaps	$	4,239	$	—	$	4,239	$	—
Cross currency swaps	3,238		—		3,238		—
Financial liabilities:
Forward starting interest rate swaps	494		—		494		—
Forward starting interest rate collars	132		—		132		—

- 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