Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018⁽³⁾				2017⁽³⁾
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net⁽²⁾	$	62,998	$	62,998	$	313,326	$	313,242
Marketable debt securities⁽²⁾	19,202		19,202		18,690		18,690
Bank line of credit⁽²⁾	80,103		80,103		1,017,076		1,017,076
Term loan⁽²⁾	—		—		228,288		228,288
Senior unsecured notes⁽¹⁾	5,258,550		5,302,485		6,396,451		6,737,825
Mortgage debt⁽²⁾	138,470		136,161		144,486		125,984
Other debt⁽²⁾	90,785		90,785		94,165		94,165
Interest-rate swap liabilities⁽²⁾	1,310		1,310		2,483		2,483
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, 2018 and 2017, there were no transfers of financial assets or liabilities within the fair value hierarchy.