FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2015:

(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments (Note 7)	$	—	$	—	$	—
Liabilities
Derivative financial instruments (Note 7)	$	—	$	7,504	$	—

Fair value of financial instruments, Assets and Liabilities

The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:

(dollars in thousands)	March 31, 2015				December 31, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes receivable and preferred equity investments, net	$	98,560	$	98,560	$	102,286	$	102,286
Mortgage and other notes payable	$	1,304,739	$	1,318,299	$	1,130,481	$	1,141,371