Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Financial Instruments, Owned, at Fair Value [Abstract]

Summary of Carry Amounts and Fair Value of Financial Instruments

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



	June 30, 2020⁽³⁾				December 31, 2019⁽³⁾
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net⁽²⁾	$	253,774	$	248,631	$	190,579	$	190,579
Marketable debt securities⁽²⁾	20,050		20,050		19,756		19,756
Bank line of credit and commercial paper⁽²⁾	—		—		93,000		93,000
Term loan⁽²⁾	249,062		249,062		248,942		248,942
Senior unsecured notes⁽¹⁾	5,992,193		6,636,705		5,647,993		6,076,150
Mortgage debt⁽²⁾	487,532		505,318		276,907		280,373
Interest-rate swap liabilities⁽²⁾	64		64		553		553

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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, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, 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 six months ended June 30, 2020 and year ended December 31, 2019, there were no material transfers of financial assets or liabilities within the fair value hierarchy.