Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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

The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 in the consolidated balance sheets (in thousands):


Financial assets and liabilities	Fair Value		Level 1		Level 2		Level 3
Marketable equity securities	$	39	$	39	$	—	$	—
Interest-rate swap asset(1)		196		—		196		—
Interest-rate swap liabilities(1)		6,251		—		6,251		—
Currency swap assets(1)		1,551		—		1,551		—
Warrants(1)		55		—		—		55

(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)

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


	December 31,
	2015				2014
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Loans receivable, net(2)	$	768,743	$	770,052	$	906,961	$	898,522
Marketable debt securities(2)		102,958		102,958		231,442		252,125
Marketable equity securities(1)		39		39		43		43
Warrants(3)		55		55		2,220		2,220
Bank line of credit(2)		397,432		397,432		838,516		838,516
Term loans(2)		524,807		524,807		212,986		212,986
Senior unsecured notes(1)		9,120,107		9,390,668		7,589,960		8,187,458
Mortgage debt(2)		932,212		963,786		982,785		1,025,091
Other debt(2)		94,445		94,445		97,022		97,022
Interest-rate swap asset(2)		196		196		178		178
Interest-rate swap liabilities(2)		6,251		6,251		7,663		7,663
Currency swap assets(2)		1,551		1,551		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.