Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements, Recurring and Nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2015 and December 31, 2014 (in thousands):



	September 30, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	46,432	$	4,115	$	42,317	$	—
Interest rate cap and swap agreements (included in other assets)	$	7	$	—	$	7	$	—
Liabilities:
Interest rate cap swap agreements (included in accrued interest payable and other liabilities)	$	18,019	$	—	$	18,019	$	—



	December 31, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	39,429	$	4,332	$	35,097	$	—
Interest rate swap agreements (included in other assets)	$	2,174	$	—	$	2,174	$	—
Liabilities:
Interest rate swap agreements (included in accrued interest payable and other liabilities)	$	14,728	$	—	$	14,728	$	—

Fair Value, by Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2015 and December 31, 2014 (in thousands):



	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value

Debt and preferred equity investments	$	1,501,619	(1)		$	1,408,804	(1)

Fixed rate debt	$	7,137,995	$	7,610,830	$	6,140,786	$	6,565,236
Variable rate debt	2,992,508		3,015,758		2,291,943		2,315,952
	$	10,130,503	$	10,626,588	$	8,432,729	$	8,881,188

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(1)	At September 30, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.9 billion. At December 31, 2014, debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.8 billion.