Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019⁽³⁾				2018⁽³⁾
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net⁽²⁾	$	190,579	$	190,579	$	62,998	$	62,998
Marketable debt securities⁽²⁾	19,756		19,756		19,202		19,202
Bank line of creditand commercial paper⁽²⁾	93,000		93,000		80,103		80,103
Term loan⁽²⁾	248,942		248,942		—		—
Senior unsecured notes⁽¹⁾	5,647,993		6,076,150		5,258,550		5,302,485
Mortgage debt⁽²⁾	276,907		280,373		138,470		136,161
Other debt⁽²⁾	84,771		84,771		90,785		90,785
Interest-rate swap liabilities⁽²⁾	553		553		1,310		1,310

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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) 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, commercial paper, 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, 2019 and 2018, there were no material transfers of financial assets or liabilities within the fair value hierarchy.