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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 whose carrying amounts do not approximate their fair value (in thousands):


	As of September 30, 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	$	371,133	$	361,026	$	368,437	$	370,364	$	360,325	$	370,188
Preferred equity investments	56,760		56,921		58,697		50,902		51,071		51,995
Financial liabilities:
Senior Notes	1,750,000		1,735,055		1,468,812		1,750,000		1,734,431		1,463,041
Secured indebtedness	48,643		47,789		34,164		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 September 30, 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	$	368,437	$	—	$	—	$	368,437
Preferred equity investments	58,697		—		—		58,697
Financial liabilities:
Senior Notes	1,468,812		—		1,468,812		—
Secured indebtedness	34,164		—		—		34,164

Schedule of Items Measured at Fair Value on a Recurring Basis

During the nine months ended September 30, 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	$	11,986	$	—	$	11,986	$	—
Interest rate collars	5,133		—		5,133		—
Forward starting interest rate swaps	18,164		—		18,164		—
Cross currency interest rate swaps	4,048		—		4,048		—