Fair Value Measurements (Tables)

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

	As of December 31, 2015
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Real estate fund investments:
Investments in Property Funds	$	248,824	$	-	$	-	$	248,824
Investments in Alternative Investment Funds		167,614						167,614
Total real estate fund investments		416,438		-		-		416,438
Marketable securities		21,521		21,521		-		-
Total assets	$	437,959	$	21,521	$	-	$	416,438

Interest rate swap liabilities	$	93,936		-		93,936		-
Total liabilities	$	93,936	$	-	$	93,936	$	-

	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 years ended December 31, 2015 and 2014.

	Real Estate Fund Investments
	for the Year Ended December 31,
(Amounts in thousands)	2015			2014
Beginning balance	$	323,387		$	2,158,889
Purchases / Additions		170,218			258,677
Sales / Transfer of assets		(98,368	)		(2,222,176	)
Net realized gains		7,455			32,954
Previously recorded unrealized gains on exited investments		(6,584	)		-
Net unrealized gains		20,330			95,043
Ending Balance	$	416,438		$	323,387

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

	As of December 31, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash equivalents	$	118,561	$	118,561	$	401,215	$	401,215
Total Assets	$	118,561	$	118,561	$	401,215	$	401,215

	As of December 31, 2015				As of December 31, 2014
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes and mortgages payable	$	2,941,524	$	2,907,242	$	2,852,287	$	2,796,842
Revolving credit facility		20,000		20,723		-		-
Total Liabilities	$	2,961,524	$	2,927,965	$	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 December 31, 2015 and 2014.

	As of December 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	7.00% - 7.50%		7.18%	6.50%-7.25%		6.83%
Terminal capitalization rates	5.00% - 6.00%		5.47%	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 December 31, 2015 and 2014.

As of December 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

7.32% - 14.02%

9.51%

8.50% - 14.00%

11.07%

Credit spread

2.34%

n/a