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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments With Fair Values Different From Their Carrying Amount

The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):

 

 

December 31, 2016

 

 

December 31, 2015

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Unsecured notes payable

$

1,364,854

 

 

$

1,372,758

 

 

$

1,512,554

 

 

$

1,529,346

 

Variable rate debt

$

326,709

 

 

$

307,510

 

 

$

326,410

 

 

$

305,522

 

Mortgage notes payable

$

321,549

 

 

$

328,853

 

 

$

545,753

 

 

$

597,377

 

Note receivable (a)

$

3,380

 

 

$

3,717

 

 

$

-

 

 

$

-

 

 

 

(a)

The inputs to originate the loan are unobservable and, as a result, are categorized as Level 3. The Company determined fair value by calculating the present value of the cash payments to be received through the maturity date of the loan. See Note 2, “Significant Accounting Policies,” for further information regarding the note origination.