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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2015:
(dollars in thousands)
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
Derivative financial instruments (Note 7)
$
—

 
$
289

 
$
—

Liabilities
 
 
 
 
 
Derivative financial instruments (Note 7)
$
—

 
$
3,997

 
$
—
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)
June 30, 2015
 
December 31, 2014
 
Carrying
Amount
 
Estimated Fair Value
 
Carrying
Amount
 
Estimated Fair Value
Notes receivable and preferred equity investments, net
$
168,931

 
$
168,931

 
$
102,286

 
$
102,286

Mortgage and other notes payable
$
1,326,667

 
$
1,345,446

 
$
1,130,481

 
$
1,141,371