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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 whose carrying amounts do not approximate their fair value (in thousands):


	September 30, 2020						December 31, 2019
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	66,316	$	61,076	$	56,956	$	67,527	$	63,070	$	59,832
Preferred equity investments	42,533		42,744		43,039		43,893		44,304		44,493
Financial liabilities:
Senior Notes	1,250,000		1,248,324		1,311,354		1,250,000		1,248,773		1,328,714
Secured indebtedness	80,124		78,975		79,249		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 September 30, 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
Financial assets:
Loans receivable	$	56,956	$	—	$	—	$	56,956
Preferred equity investments	43,039		—		—		43,039
Financial liabilities:
Senior Notes	1,311,354		—		1,311,354		—
Secured indebtedness	79,249		—		—		79,249

Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 30, 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
Recurring Basis:
Financial assets:

Forward starting interest rate swaps	$	3,840	$	—	$	3,840	$	—
Cross currency interest rate swaps	4,633		—		4,633		—

Financial liabilities:
Interest rate swaps	28,494		—		28,494		—
Forward starting interest rate swaps	10,742		—		10,742		—
Forward starting interest rate collars	902		—		902		—

- 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