Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018, respectively.



(Amounts in thousands)	As of March 31, 2019
	Total		Level 1		Level 2		Level 3
Marketable securities	$	39,866	$	39,866	$	—	$	—
Real estate fund investments	322,858		—		—		322,858
Deferred compensation plan assets ($8,747 included in restricted cash and $93,176 in other assets)	101,923		64,361		—		37,562
Interest rate swaps (included in other assets)	19,613		—		19,613		—
Total assets	$	484,260	$	104,227	$	19,613	$	360,420

Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
Interest rate swaps (included in other liabilities)	24,851		—		24,851		—
Total liabilities	$	75,412	$	50,561	$	24,851	$	—

(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	$	—

Fair value measurements, nonrecurring



(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 March 31, 2019 and December 31, 2018.



(Amounts in thousands)		As of March 31, 2019					As of December 31, 2018
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	207,481		$	207,000	$	261,981		$	262,000
Debt:
	Mortgages payable	$	6,556,034		$	6,565,000	$	8,215,847		$	8,179,000
	Senior unsecured notes	850,000			868,000		850,000			847,000
	Unsecured term loan	750,000			750,000		750,000			750,000
	Unsecured revolving credit facilities	530,000			530,000		80,000			80,000
	Total	$	8,686,034	⁽¹⁾	$	8,713,000	$	9,895,847	⁽¹⁾	$	9,856,000

____________________

(1)

Excludes $46,508 and $59,226 of deferred financing costs, net and other as of March 31, 2019 and December 31, 2018, 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 as of March 31, 2019 and December 31, 2018.



	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	March 31, 2019	December 31, 2018	March 31, 2019	December 31, 2018
Discount rates	10.0% to 15.0%	10.0% to 15.0%	13.4%	13.4%
Terminal capitalization rates	5.5% to 7.7%	5.4% to 7.7%	5.8%	5.7%

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, 2019 and 2018.



(Amounts in thousands)	For the Three Months Ended March 31,
	2019		2018
Beginning balance	$	318,758	$	354,804
Purchases/additional fundings	4,000		2,950
Net unrealized gain on held investments	100		—
Dispositions	—		(20,291		)
Net realized loss on exited investments	—		(911		)
Ending balance	$	322,858	$	336,552

Deferred Compensation Plan Assets

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

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, 2019 and 2018.



(Amounts in thousands)	For the Three Months Ended March 31,
	2019			2018
Beginning balance	$	37,808		$	40,128
Sales	(2,114		)	(1,635		)
Purchases	908			14
Realized and unrealized gains	523			678
Other, net	437			300
Ending balance	$	37,562		$	39,485