Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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 as of March 31, 2017 and December 31, 2016, based on their levels in the fair value hierarchy.

	As of March 31, 2017
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	25,617	$	25,617	$	-	$	-
Interest rate swap assets (included in "other assets")		2,952		-		2,952		-
Total assets	$	28,569	$	25,617	$	2,952	$	-

	As of December 31, 2016
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	22,393	$	22,393	$	-	$	-
Interest rate swap assets (included in "other assets")		139		-		139		-
Total assets	$	22,532	$	22,393	$	139	$	-

Interest rate swap liabilities	$	22,446	$	-	$	22,446	$	-
Total liabilities	$	22,446	$	-	$	22,446	$	-

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, 2017 and December 31, 2016.

	As of March 31, 2017				As of December 31, 2016
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Preferred equity investments	$	55,294	$	55,573	$	55,051	$	55,300
Total assets	$	55,294	$	55,573	$	55,051	$	55,300


	As of March 31, 2017				As of December 31, 2016
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes and mortgages payable	$	3,526,279	$	3,511,376	$	3,408,179	$	3,371,262
Revolving credit facility		200,000		200,018		230,000		230,018
Total liabilities	$	3,726,279	$	3,711,394	$	3,638,179	$	3,601,280