FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities that are measured at fair value on a recurring basis

	March 31, 2015								December 31, 2014
	Fair Value Measurements Using								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)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)								(In thousands)
Assets:
Cash equivalents	$	110,077	$	110,077	$	—	$	—	$	75,027	$	75,027	$	—	$	—
Liabilities:
Warrants		474,890		—		—		474,890		366,080		—		—		366,080
Interest rate swaps		3,307		—		3,307		—		3,144		—		3,144		—

Schedule of reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3)

	2015		2014
	(In thousands)
Balance as of January 1	$	366,080	$	305,560
Warrant liability loss (a)		108,810		96,440
Balance as of March 31	$	474,890	$	402,000

(a) All losses during 2015 and 2014 were unrealized.

Schedule of significant unobservable input used in the fair value measurement of warrants designated as Level 3

				Unobservable Inputs
	Fair Value		Valuation Technique	Expected Volatility(a)	Marketability Discount (b)
	(In thousands)
Warrants	$	474,890	Option Pricing Valuation Model	26.3%	16.0%-  18.0%

(a) Based on our implied equity volatility.

(b) Represents the discount rate for lack of marketability of the Management Warrants. The discount rates ranged from 18.0%-20.0% at December 31, 2014.

Schedule of estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis

		March 31, 2015				December 31, 2014
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:		(In thousands)
Cash and cash equivalents	Level 1	$	348,295	$	348,295	$	485,424	$	485,424
Notes receivable, net (a)	Level 3		26,892		26,892		28,630		28,630
Liabilities:
Fixed-rate debt	Level 2	$	1,049,407	$	1,088,862	$	1,030,554	$	1,050,333
Variable-rate debt	Level 2		1,074,210		1,074,210		962,916		962,916
Total mortgages, notes and loans payable		$	2,123,617	$	2,163,072	$	1,993,470	$	2,013,249

(a) Notes receivable is shown net of an allowance of $463  and $471 as of March 31, 2015 and December 31, 2014, respectively.