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Fair Value of Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Estimated Fair Value and Carrying Amounts
As of December 31, 2015 and December 31, 2014, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes, exchangeable senior debentures and mortgage loans were as follows (in thousands):
 
Categorization
under the fair value
hierarchy
 
As of December 31, 2015
 
As of December 31, 2014
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
Global revolving credit facility (1)
Level 2
 
$
967,884

 
$
967,884

 
$
525,951

 
$
525,951

Unsecured term loan (2)
Level 2
 
924,568

 
924,568

 
976,600

 
976,600

Unsecured senior notes (3)(4)
Level 2
 
3,868,979

 
3,738,606

 
2,968,073

 
2,791,758

Mortgage loans (3)
Level 2
 
313,717

 
303,183

 
399,569

 
378,818

 
 
 
$
6,075,148

 
$
5,934,241

 
$
4,870,193

 
$
4,673,127


(1)
The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating.
(2)
The carrying value of our unsecured term loan approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating.
(3)
Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2020 Notes, 3.400% 2020 Notes, 2021 Notes, 3.950% 2022 Notes, 3.625% 2022 Notes, 2023 Notes, 4.750% 2025 Notes and 2025 Notes are valued based on quoted market prices.
(4)
The carrying value of the 2015 Notes, 2020 Notes, 3.400% 2020 Notes, 2021 Notes, 2022 Notes, 3.950% 2022 Notes, 2023 Notes and 2025 Notes are net of discount of $17.9 million and $15.6 million in the aggregate as of December 31, 2015 and December 31, 2014, respectively.