Fair Value Measurements (Tables)

The table below aggregates the fair values of these financial assets and liabilities at September 30, 2015 and December 31, 2014, based on their levels in the fair value hierarchy.

	As of September 30, 2015
(Amounts in thousands)	Total		Level 1		Level 2		Level 3

Real estate fund investments:
Investments in Property Funds	$	195,262	$	-	$	-	$	195,262
Investments in Alternative Investment Funds		141,131		-		-		141,131
Total real estate fund investments		336,393		-		-		336,393
Marketable securities		20,365		20,365		-		-
Total assets	$	356,758	$	20,365	$	-	$	336,393

Interest rate swap liabilities	$	163,301		-	$	163,301		-
Total liabilities	$	163,301	$	-	$	163,301	$	-

	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	$	-

The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, for the three and nine months ended September 30, 2015 and 2014.

	The Company						The Predecessor
	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2015			September 30, 2015			September 30, 2014			September 30, 2014
Beginning balance	$	335,545		$	323,387		$	2,402,987		$	2,158,889
Purchases		40,096			40,118			91,995			256,176
Sales		(42,475	)		(42,475	)		(221,661	)		(221,661	)
Net realized gains		7,455			7,455			33,432			33,432
Previously recorded unrealized gains on exited investments		(6,790	)		(6,058	)		-			-
Net unrealized gains		2,562			13,966			9,801			89,718
Ending Balance	$	336,393		$	336,393		$	2,316,554		$	2,316,554

The following is a summary of the carrying amounts and fair value of these financial instruments as of September 30, 2015 and December 31, 2014.

	As of September 30, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash equivalents	$	36,408	$	36,408	$	401,215	$	401,215
Total Assets	$	36,408	$	36,408	$	401,215	$	401,215


	As of September 30, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage and notes payable	$	2,853,735	$	2,802,234	$	2,852,287	$	2,796,842
Total Liabilities	$	2,853,735	$	2,802,234	$	2,852,287	$	2,796,842

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments at September 30, 2015 and December 31, 2014.

	As of September 30, 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		7.00%		7.00%	6.50% - 7.25%		6.83%
Terminal capitalization rates	5.00% - 6.00%			5.55%	5.50% - 6.00%		5.72%

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investments in the Alternative Investment Funds at September 30, 2015 and December 31, 2014.

As of September 30, 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

7.32% - 11.10%

9.14%

8.50% - 14.00%

11.07%