Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments, Owned, at Fair Value [Abstract]

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,
	2017⁽³⁾				2016⁽³⁾
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net⁽²⁾	$	313,326	$	313,242	$	807,954	$	807,505
Marketable debt securities⁽²⁾	18,690		18,690		68,630		68,630
Bank line of credit⁽²⁾	1,017,076		1,017,076		899,718		899,718
Term loans⁽²⁾	228,288		228,288		440,062		440,062
Senior unsecured notes⁽¹⁾	6,396,451		6,737,825		7,133,538		7,386,149
Mortgage debt⁽²⁾	144,486		125,984		623,792		609,374
Other debt⁽²⁾	94,165		94,165		92,385		92,385
Interest-rate swap liabilities⁽²⁾	2,483		2,483		4,857		4,857
Currency swap asset⁽²⁾	—		—		2,920		2,920
Cross currency swap liability⁽²⁾	10,968		10,968		—		—

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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)	During the years ended December 31, 2017 and 2016, there were no transfers of financial assets or liabilities within the fair value hierarchy.