Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

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 June 30, 2016 and December 31, 2015 (in thousands):

	June 30, 2016
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	39,339	$	334	$	39,005	$	—
Interest rate cap and swap agreements (included in other assets)	$	—	$	—	$	—	$	—
Liabilities:
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities)	$	3,036	$	—	$	3,036	$	—
Interest rate cap and swap agreements (included in liabilities related to assets held for sale)	$	—	$	—	$	—	$	—

	December 31, 2015
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	45,138	$	4,704	$	40,434	$	—
Interest rate cap and swap agreements (included in other assets)	$	204	$	—	$	204	$	—
Liabilities:
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities)	$	10,776	$	—	$	10,776	$	—

Fair Value, by Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of June 30, 2016 and December 31, 2015 (in thousands):

	June 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt and preferred equity investments	$	1,357,181	(1)		$	1,670,020	(1)
Fixed rate debt	$	6,612,587	$	7,058,553	$	7,232,254	$	7,591,388
Variable rate debt	1,451,155		1,445,621		3,202,494		3,179,186
	$	8,063,742	$	8,504,174	$	10,434,748	$	10,770,574

(1) At June 30, 2016, debt and preferred equity investments had an estimated fair value ranging between $1.4 billion and $1.5 billion. At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion.