Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value

The table below aggregates the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at March 31, 2015 and December 31, 2014.

	As of March 31, 2015
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Real estate fund investments:
Investments in Property Funds	$	182,610	$	-	$	-	$	182,610
Investments in Alternative Investment Funds		141,672		-		-		141,672
Total real estate fund investments		324,282		-		-		324,282
Marketable securities		21,386		21,386		-		-
Total assets	$	345,668	$	21,386	$	-	$	324,282
Interest rate swap liabilities	$	182,218		-	$	182,218		-
Total liabilities	$	182,218	$	-	$	182,218	$	-

	As of December 31, 2014
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Real estate fund investments:
Investments in Property Funds	$	183,216	$	-	$	-	$	183,216
Investments in Alternative Investment Funds		140,171						140,171
Total real estate fund investments		323,387		-		-		323,387
Marketable securities		20,159		20,159		-		-
Total assets	$	343,546	$	20,159	$	-	$	323,387
Interest rate swap liabilities	$	194,196		-	$	194,196		-
Total liabilities	$	194,196	$	-	$	194,196	$	-

Summary of Changes in Fair Value of Real Estate Fund Investments in Level 3

The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, for the three months ended March 31, 2015 and 2014.

	Real Estate Fund Investments
	For the Three Months Ended March 31,
(Amounts in thousands)	2015		2014
Beginning balance	$	323,387	$	2,158,889
Purchases		22		157,687
Net unrealized gains		873		46,167
Ending Balance	$	324,282	$	2,362,743

Summary of Carrying Amounts and Fair Value of Financial Instruments

The following is a summary of the carrying amounts and fair value of these financial instruments as of March 31, 2015 and December 31, 2014.

	As of March 31, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash equivalents	$	313,951	$	313,951	$	401,215	$	401,215
Total Assets	$	313,951	$	313,951	$	401,215	$	401,215
	As of March 31, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage and notes payable	$	2,852,754	$	2,782,382	$	2,852,287	$	2,796,842
Total Liabilities	$	2,852,754	$	2,782,382	$	2,852,287	$	2,796,842

Property Funds [Member]

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments at March 31, 2015 and December 31, 2014.

	As of March 31, 2015			As of December 31, 2014
Unobservable Quantitative Input	Range	Weighted average (based on fair value of investments)		Range	Weighted average (based on fair value of investments)
Discount rates	6.50% - 7.25%		6.83%	6.50% - 7.25%		6.83%
Terminal capitalization rates	5.50% - 6.00%		5.72%	5.50% - 6.00%		5.72%

Alternative Investment Funds [Member]

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investments in the Alternative Investment Funds at March 31, 2015 and December 31, 2014.

	As of March 31, 2015			As of December 31, 2014
Unobservable Quantitative Input	Range	Weighted average (based on fair value of investments)		Range	Weighted average (based on fair value of investments)
Preferred return	8.49% - 14.00%		11.06%	8.50% - 14.00%		11.07%