Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value, Measurement Inputs, Disclosure

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of March 31, 2017 and December 31, 2016, respectively.

(Amounts in thousands)		As of March 31, 2017
		Total		Level 1		Level 2		Level 3
Marketable securities		$	188,695	$	188,695	$	-	$	-
Real estate fund investments			454,946		-		-		454,946
Deferred compensation plan assets (included in other assets)			124,933		68,023		-		56,910
Interest rate swaps (included in other assets)			24,513		-		24,513		-
	Total assets	$	793,087	$	256,718	$	24,513	$	511,856

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swap (included in other liabilities)			7,221		-		7,221		-
	Total liabilities	$	57,782	$	50,561	$	7,221	$	-

(Amounts in thousands)		As of December 31, 2016
		Total		Level 1		Level 2		Level 3
Marketable securities		$	203,704	$	203,704	$	-	$	-
Real estate fund investments			462,132		-		-		462,132
Deferred compensation plan assets (included in other assets)			121,374		63,930		-		57,444
Interest rate swaps (included in other assets)			21,816		-		21,816		-
	Total assets	$	809,026	$	267,634	$	21,816	$	519,576

Mandatorily redeemable instruments (included in other liabilities)		$	50,561	$	50,561	$	-	$	-
Interest rate swap (included in other liabilities)			10,122		-		10,122		-
	Total liabilities	$	60,683	$	50,561	$	10,122	$	-

Changes in the fair value of deferred compensation plan assets

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2017 and 2016.

(Amounts in thousands)	For the Three Months Ended March 31,
	2017		2016
Beginning balance	$	57,444	$	59,186
Purchases		463		1,166
Sales		(2,737)		(1,372)
Realized and unrealized gain (loss)		1,075		(1,907)
Other, net		665		111
Ending balance	$	56,910	$	57,184

Schedule Of Carrying Amounts And Fair Values Of Financial Instruments

The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2017 and December 31, 2016.

(Amounts in thousands)		As of March 31, 2017					As of December 31, 2016
		Carrying			Fair		Carrying			Fair
		Amount			Value		Amount			Value
Cash equivalents		$	1,249,832		$	1,250,000	$	1,307,105		$	1,307,000
Debt:
	Mortgages payable	$	9,369,839		$	9,383,000	$	9,374,297		$	9,356,000
	Senior unsecured notes		850,000			884,000		850,000			899,000
	Unsecured term loan		375,000			375,000		375,000			375,000
	Unsecured revolving credit facilities		115,630			116,000		115,630			116,000
	Total	$	10,710,469	⁽¹⁾	$	10,758,000	$	10,714,927	⁽¹⁾	$	10,746,000


(1)	Excludes $95,032 and $103,242 of deferred financing costs, net and other as of March 31, 2017 and December 31, 2016, respectively.

Real estate fund investments

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value inputs quantitative information

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at March 31, 2017 and December 31, 2016.

			Weighted Average
	Range		(based on fair value of investments)
Unobservable Quantitative Input	March 31, 2017	December 31, 2016	March 31, 2017	December 31, 2016
Discount rates	10.0% to 14.9%	10.0% to 14.9%	12.4%	12.6%
Terminal capitalization rates	4.3% to 5.8%	4.3% to 5.8%	5.4%	5.3%

Summary of Changes in Level 3 Plan Assets

The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2017 and 2016.

(Amounts in thousands)	For the Three Months Ended March 31,
	2017		2016
Beginning balance	$	462,132	$	574,761
Net unrealized (loss) gain		(7,187)		6,189
Dispositions/distributions		-		(14,676)
Net realized gains		241		422
Other		(240)		-
Ending balance	$	454,946	$	566,696