Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements

Fair value measurements of financial assets and liabilities (in thousands)

Financial Instrument(1)	Fair Value		Level 1		Level 2		Level 3
Marketable equity securities	$	38	$	38	$	—	$	—
Interest-rate swap liabilities		(7,820)		—		(7,820)		—
Currency swap assets		3,603		—		3,603		—
Warrants		3,004		—		—		3,004
	$	(1,175)	$	38	$	(4,217)	$	3,004

(1) Interest rate and currency swaps, as well as common stock warrant fair values, are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.

Summary of the carrying values and fair values of financial instruments (in thousands)

	March 31, 2015				December 31, 2014
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Loans receivable, net(2)	$	1,025,278	$	1,040,540	$	906,961	$	898,522
Marketable debt securities(2)		221,379		229,881		231,442		252,125
Marketable equity securities(1)		38		38		43		43
Warrants(3)		3,004		3,004		2,220		2,220
Bank line of credit(2)		358,555		358,555		838,516		838,516
Term loans(2)		530,038		530,038		213,610		213,610
Senior unsecured notes(1)		8,022,533		8,579,285		7,626,194		8,187,458
Mortgage debt(2)		979,890		1,039,562		984,431		1,025,091
Other debt(2)		95,747		95,747		97,022		97,022
Interest-rate swap assets(2)		—		—		178		178
Interest-rate swap liabilities(2)		7,820		7,820		7,663		7,663
Currency swap assets(2)		3,603		3,603		929		929

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

(2) Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets.

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