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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 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	$	62,676	$	54,628	$	55,604	$	65,320	$	58,899	$	60,421
Preferred equity investments	51,035		51,268		51,948		43,724		43,940		44,597
Financial liabilities:
Senior Notes	2,050,000		2,031,494		2,153,898		1,250,000		1,248,393		1,362,678
Secured indebtedness	78,060		76,968		76,512		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.

Schedule of Fair Value of Financial Instruments

The Company determined the fair value of financial instruments as of September 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	$	55,604	$	—	$	—	$	55,604
Preferred equity investments	51,948		—		—		51,948
Financial liabilities:
Senior Notes	2,153,898		—		2,153,898		—
Secured indebtedness	76,512		—		—		76,512

Schedule of Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 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	$	290	$	—	$	290	$	—

Cross currency interest rate swaps	2,029		—		2,029		—

Financial liabilities:
Interest rate swaps	6,220		—		6,220		—
Interest rate collars	1,053		—		1,053		—

- 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