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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):


	Level 1		Level 2		Level 3		Balance as of March 31, 2020
Assets:
Mortgage loans receivable	$	—	$	—	$	61,753	$	61,753

Summary of Face Value, Carrying Value and Fair Value of Financial Instruments

A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 using Level 2 inputs for the Notes (as defined in Note 6, Debt, below), and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands):


		March 31, 2020										December 31, 2019
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Preferred equity investments	3	$	—	$	—	$	—	$	2,327	$	3,800	$	3,674
Mortgage loans receivable⁽¹⁾	3	$	—	$	—	$	—	$	29,500	$	29,500	$	29,500
Financial liabilities:
Senior unsecured notes payable	2	$	300,000	$	296,100	$	295,500	$	300,000	$	295,911	$	312,750

(1)On January 1, 2020, the Company elected the fair value option as provided for by ASU 2019-05 for its mortgage loans receivable. These instruments will be measured at fair value on a recurring basis with changes in fair value recognized in other income on the Company’s condensed consolidated income statements.