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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020 whose carrying amounts do not approximate their fair value (in thousands):


	June 30, 2021						December 31, 2020
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	64,186	$	55,931	$	56,886	$	65,320	$	58,899	$	60,421
Preferred equity investments	49,064		49,297		49,973		43,724		43,940		44,597
Financial liabilities:
Senior Notes	1,250,000		1,248,525		1,372,081		1,250,000		1,248,393		1,362,678
Secured indebtedness	79,200		78,094		77,949		80,199		79,065		79,326

(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 June 30, 2021 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	$	56,886	$	—	$	—	$	56,886
Preferred equity investments	49,973		—		—		49,973
Financial liabilities:
Senior Notes	1,372,081		—		1,372,081		—
Secured indebtedness	77,949		—		—		77,949

Items Measured at Fair Value on a Recurring Basis

During the six months ended June 30, 2021, 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:
Interest rate swaps	$	106	$	—	$	106	$	—
Forward starting interest rate swaps	20,666		—		20,666		—
Cross currency interest rate swaps	864		—		864		—

Financial liabilities:
Interest rate swaps	22,592		—		22,592		—
Interest rate collars	1,174		—		1,174		—

- 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