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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 whose carrying amounts do not approximate their fair value (in thousands):


	As of March 31, 2023						As of December 31, 2022
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	366,200	$	356,365	$	370,048	$	370,364	$	360,325	$	370,188
Preferred equity investments	52,551		52,714		54,156		50,902		51,071		51,995
Financial liabilities:
Senior Notes	1,750,000		1,734,644		1,436,036		1,750,000		1,734,431		1,463,041
Secured indebtedness	49,633		48,754		37,583		50,123		49,232		38,149

(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 March 31, 2023 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	$	370,048	$	—	$	—	$	370,048
Preferred equity investments	54,156		—		—		54,156
Financial liabilities:
Senior Notes	1,436,036		—		1,436,036		—
Secured indebtedness	37,583		—		—		37,583

Schedule of Items Measured at Fair Value on a Recurring Basis

During the three months ended March 31, 2023, 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	$	8,753	$	—	$	8,753	$	—
Interest rate collars	5,308		—		5,308		—
Forward starting interest rate swaps	1,977		—		1,977		—
Cross currency interest rate swaps	3,785		—		3,785		—

- 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