Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Fair Value of Financial Instruments Measured on Recurring Basis Using Unobservable Inputs

A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 using Level 2 inputs, for the senior unsecured notes payable, and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands):


	March 31, 2015						December 31, 2014
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Preferred equity investment	$	7,500	$	7,755	$	7,755	$	7,500	$	7,532	$	7,532
Financial liabilities:
Senior unsecured notes payable	$	260,000	$	260,000	$	266,500	$	260,000	$	260,000	$	265,200
Senior secured revolving credit facility	$	—	$	—	$	—	$	—	$	—	$	—
Mortgage notes payable	$	97,520	$	97,520	$	100,765	$	98,205	$	98,205	$	101,822

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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