FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Face Value, Carrying Amounts and Fair Value

The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2014 and December 31, 2013, which carrying amounts do not approximate the fair values (in thousands):

	September 30, 2014						December 31, 2013
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Real estate loans receivable	$	27,850	$	27,216	$	27,850	$	22,000	$	21,893	$	22,000
Financial liabilities:
Notes and bond payable	$	520,781	$	520,801	$	524,085	$	255,871	$	257,420	$	258,876

Schedule of Assets and Liabilities at Fair Value

During the nine months ended September 30, 2014, the Company measured the following liability 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)
Nonrecurring Basis (1):
424 Bedford Mortgage Loan	$	(24,793	)	$	—	$	—	$	(24,793	)

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⁽¹⁾ Amounts reflect the fair values of the assets and liabilities at the time each event occurred.