Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 in the consolidated balance sheets (in thousands):


Financial Instrument(1)	Fair Value		Level 1		Level 2		Level 3
Marketable equity securities	$	24	$	24	$	—	$	—
Interest-rate swap liabilities		7,384		—		7,384		—
Currency swap assets		2,469		—		2,469		—
Warrants		16		—		—		16

(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 values and fair values of the Company’s financial instruments (in thousands):


	March 31, 2016				December 31, 2015
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Loans receivable, net(2)	$	768,896	$	775,109	$	768,743	$	770,052
Marketable debt securities(2)		100,915		100,915		102,958		102,958
Marketable equity securities(1)		24		24		39		39
Warrants(3)		16		16		55		55
Bank line of credit(2)		810,313		810,313		397,432		397,432
Term loans(2)		511,737		511,737		524,807		524,807
Senior unsecured notes(1)		8,623,376		8,854,121		9,120,107		9,390,668
Mortgage debt(2)		895,289		936,466		932,212		963,786
Other debt(2)		95,229		95,229		94,445		94,445
Interest-rate swap assets(2)		—		—		196		196
Interest-rate swap liabilities(2)		(7,384)		7,384		6,251		6,251
Currency swap assets(2)		2,469		2,469		1,551		1,551

(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.