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Fair Value of Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Estimated Fair Value and Carrying Amounts
As of December 31, 2017 and December 31, 2016, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes and mortgage loans were as follows (in thousands):
 
Categorization
under the fair value
hierarchy
 
As of December 31, 2017
 
As of December 31, 2016
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
Global revolving credit facility (1)(5)
Level 2
 
$
558,191

 
$
558,191

 
$
210,077

 
$
210,077

Unsecured term loans (2)(6)
Level 2
 
1,425,117

 
1,425,117

 
1,488,498

 
1,488,498

Unsecured senior notes (3)(4)(7)
Level 2
 
6,976,603

 
6,608,545

 
4,428,074

 
4,179,171

Mortgage loans (3)(8)
Level 2
 
106,523

 
106,611

 
3,217

 
3,250

 
 
 
$
9,066,434

 
$
8,698,464

 
$
6,129,866

 
$
5,880,996


(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 ratings.
(2)
The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.
(3)
Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2019 Notes, 5.875% 2020 Notes, 3.400% 2020 Notes, 2021 Notes, 3.950% 2022 Notes, 3.625% 2022 Notes, 4.750% 2023 Notes, 2.750% 2023 Notes, 2.625% 2024 Notes, 2.750% 2024 Notes, 4.750% 2025 Notes, 4.250% 2025 Notes, 2027 Notes and 2029 Notes are valued based on quoted market prices.
(4)
The carrying value of the 5.875% 2020 Notes, 3.400% 2020 Notes, 2021 Notes, 3.625% 2022 Notes, 3.950% 2022 Notes, 4.750% 2023 Notes, 2.750% 2023 Notes, 2.625% 2024 Notes, 2.750% 2024 Notes, 4.250% 2025 Notes, 2027 Notes and 2029 Notes are net of discount of $18.5 million and $15.6 million in the aggregate as of December 31, 2017 and December 31, 2016, respectively.
(5)
The estimated fair value and carrying value are exclusive of deferred financing costs of $7.2 million and $10.9 million as of December 31, 2017 and December 31, 2016, respectively.
(6)
The estimated fair value and carrying value are exclusive of deferred financing costs of $4.8 million and $6.1 million as of December 31, 2017 and December 31, 2016, respectively.
(7)
The estimated fair value and carrying value are exclusive of deferred financing costs of $37.8 million and $25.4 million as of December 31, 2017 and December 31, 2016, respectively.
(8)
The estimated fair value and carrying value are exclusive of deferred financing costs of $0.0 million and $0.0 million as of December 31, 2017 and December 31, 2016, respectively.