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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

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


	As of December 31, 2021						As of December 31, 2020
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	352,159	$	342,031	$	350,107	$	65,320	$	58,899	$	60,421
Preferred equity investments	56,805		57,055		57,784		43,724		43,940		44,597
Financial liabilities:
Senior Notes	1,750,000		1,733,566		1,808,781		1,250,000		1,248,393		1,362,678
Secured indebtedness	67,602		66,663		65,361		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 December 31, 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
	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	$	350,107	$	—	$	—	$	350,107
Preferred equity investments	57,784		—		—		57,784
Financial liabilities:
Senior Notes	1,808,781		—		1,808,781		—
Secured indebtedness	65,361		—		—		65,361

Schedule of Items Measured at Fair Value on a Recurring Basis

During the year ended December 31, 2021, 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	$	1,481	$	—	$	1,481	$	—

Cross currency interest rate swaps	1,849		—		1,849		—

Financial liabilities:
Interest rate swaps	3,522		—		3,522		—
Interest rate collars	204		—		204		—

- 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.

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