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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021 whose carrying amounts do not approximate their fair value (in thousands):


	As of September 30, 2022						As of December 31, 2021
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	351,774	$	341,533	$	344,474	$	352,159	$	342,031	$	350,107
Preferred equity investments	48,575		48,742		49,503		56,805		57,055		57,784
Financial liabilities:
Senior Notes	1,750,000		1,734,228		1,449,726		1,750,000		1,733,566		1,808,781
Secured indebtedness	50,609		49,706		37,815		67,602		66,663		65,361

(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, 2022 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	$	344,474	$	—	$	—	$	344,474
Preferred equity investments	49,503		—		—		49,503
Financial liabilities:
Senior Notes	1,449,726		—		1,449,726		—
Secured indebtedness	37,815		—		—		37,815

Schedule of Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 30, 2022, 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	$	11,986	$	—	$	11,986	$	—
Interest rate collars	6,257		—		6,257		—

Cross currency interest rate swaps	4,516		—		4,516		—

- 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