Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Financial Instruments, Owned, at Fair Value [Abstract]

Summary of Carry Amounts and Fair Value of Financial Instruments

The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):



	September 30, 2017⁽⁴⁾				December 31, 2016⁽⁴⁾
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net⁽²⁾	$	402,152	$	402,267	$	807,954	$	807,505
Marketable debt securities⁽²⁾	18,567		18,567		68,630		68,630
Marketable equity securities⁽¹⁾	74		74		76		76
Warrants⁽³⁾	58		58		19		19
Bank line of credit⁽²⁾	605,837		605,837		899,718		899,718
Term loans⁽²⁾	226,205		226,205		440,062		440,062
Senior unsecured notes⁽¹⁾	6,393,926		6,769,010		7,133,538		7,386,149
Mortgage debt⁽²⁾	145,417		131,419		623,792		609,374
Other debt⁽²⁾	94,818		94,818		92,385		92,385
Interest-rate swap liabilities⁽²⁾	2,980		2,980		4,857		4,857
Currency swap asset⁽²⁾	—		—		2,920		2,920
Cross currency swap liability⁽²⁾	9,469		9,469		—		—

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(1)	Level 1: Fair value calculated based on quoted prices in active markets.

(2)

Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loans and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.


(3)	Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.


(4)	During the nine months ended September 30, 2017 and year ended December 31, 2016, there were no material transfers of financial assets or liabilities within the fair value hierarchy.