Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 at March 31, 2016 and December 31, 2015, based on their levels in the fair value hierarchy.

	As of March 31, 2016
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	21,398	$	21,398	$	-	$	-
Total assets	$	21,398	$	21,398	$	-	$	-
Interest rate swap liabilities	$	116,943	$	-	$	116,943	$	-
Total liabilities	$	116,943	$	-	$	116,943	$	-

	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	$	-

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, 2016 and December 31, 2015.

	As of March 31, 2016				As of December 31, 2015
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash equivalents	$	87,558	$	87,558	$	118,561	$	118,561
Total assets	$	87,558	$	87,558	$	118,561	$	118,561
	As of March 31, 2016				As of December 31, 2015
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes and mortgages payable	$	2,942,026	$	2,911,231	$	2,941,524	$	2,907,242
Revolving credit facility		40,000		40,004		20,000		20,723
Total liabilities	$	2,982,026	$	2,951,235	$	2,961,524	$	2,927,965

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 December 31, 2015.

	As of December 31, 2015
Unobservable Quantitative Input	Range	Weighted average (based on fair value of investments)
Discount rates	7.00% - 7.50%		7.18%
Terminal capitalization rates	5.00% - 6.00%		5.47%

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 December 31, 2015.

	As of December 31, 2015
Unobservable Quantitative Input	Range		Weighted average (based on fair value of investments)
Preferred return	7.32 - 14.02%			9.51%
Credit spread		2.34%		2.34%