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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 whose carrying amounts do not approximate their fair value (in thousands):



	March 31, 2020						December 31, 2019
	Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value		Face Value ⁽¹⁾		Carrying Amount ⁽²⁾		Fair Value
Financial assets:
Loans receivable	$	67,545	$	62,393	$	53,985	$	67,527	$	63,070	$	59,832
Preferred equity investments	25,793		25,977		26,186		43,893		44,304		44,493
Financial liabilities:
Senior Notes	1,250,000		1,248,170		1,176,155		1,250,000		1,248,773		1,328,714
Secured indebtedness	98,362		97,066		94,383		114,777		113,070		105,510


⁽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 March 31, 2020 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	$	53,985	$	—	$	—	$	53,985
Preferred equity investments	26,186		—		—		26,186
Financial liabilities:
Senior Notes	1,176,155		—		1,176,155		—
Secured indebtedness	94,383		—		—		94,383

Items Measured at Fair Value on a Recurring Basis

During the three months ended March 31, 2020, 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:
Forward starting interest rate swaps	549	—	549	—
Cross currency interest rate swaps	7,525	—	7,525	—
Financial liabilities:
Interest rate swaps	8,831	—	8,831	—
Forward starting interest rate swaps	27,055	—	27,055	—
Forward starting interest rate collars	2,525	—	2,525	—

- 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