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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2018
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 December 31, 2018 and 2017, respectively. 
 
(Amounts in thousands)
As of December 31, 2018
 
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
152,198

 
$
152,198

 
$
—

 
$
—

Real estate fund investments
318,758

 
—

 
—

 
318,758

Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)
96,524

 
58,716

 
—

 
37,808

Interest rate swaps (included in other assets)
27,033

 
—

 
27,033

 
—

Total assets
$
594,513

 
$
210,914

 
$
27,033

 
$
356,566

 
 
 
 
 
 
 
 
Mandatorily redeemable instruments (included in other liabilities)
$
50,561

 
$
50,561

 
$
—

 
$
—

Interest rate swaps (included in other liabilities)
15,236

 
—

 
15,236

 
—

Total liabilities
$
65,797

 
$
50,561

 
$
15,236

 
$
—

(Amounts in thousands)
As of December 31, 2017
 
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
182,752

 
$
182,752

 
$
—

 
$
—

Real estate fund investments
354,804

 
—

 
—

 
354,804

Deferred compensation plan assets ($11,545 included in restricted cash and $97,632 in other assets)
109,177

 
69,049

 
—

 
40,128

Interest rate swaps (included in other assets)
27,472

 
—

 
27,472

 
—

Total assets
$
674,205

 
$
251,801

 
$
27,472

 
$
394,932

 
 
 
 
 
 
 
 
Mandatorily redeemable instruments ($50,561 included in other liabilities)
$
520,561

 
$
520,561

 
$
—

 
$
—

Interest rate swaps (included in other liabilities)
1,052

 
—

 
1,052

 
—

Total liabilities
$
521,613

 
$
520,561

 
$
1,052

 
$
—
Fair value measurements, nonrecurring
The fair values of real estate assets required to be measured for impairment were determined using comparable sales activity.

(Amounts in thousands)
As of December 31, 2018
 
Total
 
Level 1
 
Level 2
 
Level 3
Real estate asset
$
14,971

 
$
—

 
$
—

 
$
14,971
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 December 31, 2018 and 2017.

(Amounts in thousands)
As of December 31, 2018
 
As of December 31, 2017
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash equivalents
$
261,981

 
$
262,000

 
$
1,500,227

 
$
1,500,000

Debt:
 
 
 
 
 
 
 
Mortgages payable
$
8,215,847

 
$
8,179,000

 
$
8,203,839

 
$
8,194,000

Senior unsecured notes
850,000

 
847,000

 
850,000

 
878,000

Unsecured term loan
750,000

 
750,000

 
750,000

 
750,000

Unsecured revolving credit facilities
80,000

 
80,000

 
—

 
—

Total
$
9,895,847

(1) 
$
9,856,000

 
$
9,803,839

(1) 
$
9,822,000
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 as of December 31, 2018 and 2017.    

 
Range
 
Weighted Average
(based on fair value of investments)
Unobservable Quantitative Input
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
Discount rates
10.0% to 15.0%
 
2.0% to 14.9%
 
13.4%
 
11.9%
Terminal capitalization rates
5.4% to 7.7%
 
4.7% to 6.7%
 
5.7%
 
5.5%
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 years ended December 31, 2018 and 2017.
 
(Amounts in thousands)
For the Year Ended December 31,
 
2018
 
2017
Beginning balance
$
354,804

 
$
462,132

Net unrealized loss on held investments
(83,794
)
 
(25,807
)
Purchases/additional fundings
68,950

 
—

Dispositions
(20,290
)
 
(91,606
)
Net realized (loss) gain on exited investments
(912
)
 
36,078

Previously recorded unrealized gain on exited investment
—

 
(25,538
)
Other, net
—

 
(455
)
Ending balance
$
318,758

 
$
354,804
Deferred Compensation Plan Assets  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of carrying amounts and fair values of financial instruments
The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the years ended December 31, 2018 and 2017.
 
(Amounts in thousands)
For the Year Ended December 31,
 
2018
 
2017
Beginning balance
$
40,128

 
$
57,444

Sales
(12,621
)
 
(27,715
)
Purchases
9,183

 
5,786

Realized and unrealized (losses) gains
(274
)
 
2,519

Other, net
1,392

 
2,094

Ending balance
$
37,808

 
$
40,128