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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Fair Value Disclosures [Abstract]    
Summary of balance sheet fair values
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following as of September 30, 2014 and December 31, 2013 (in thousands):

 
 
2014
 
2013
 
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Financial assets:
 
 
 
 
 
 
 
 
Notes receivable
$
12,132

 
11,953

$
11,960

 
11,600

Financial liabilities:
 
 
 
 
 
 
 
 
Notes payable
$
1,948,243

 
2,116,000

$
1,779,697

 
1,936,400

Unsecured credit facilities
$
75,000

 
75,000

$
75,000

 
75,400

  
Summary of assets measured on recurring basis
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands):
 
 
Fair Value Measurements as of September 30, 2014
 
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
Assets
 
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
Trading securities held in trust
$
27,365

 
27,365

 
—

 
—

Available-for-sale securities
 
19,159

 
19,159

 
—

 
—

Interest rate derivatives
 
6,905

 
—

 
6,905

 
—

Total
$
53,429

 
46,524

 
6,905

 
—

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Interest rate derivatives
$
(4,483
)
 
—

 
(4,483
)
 
—

 
 
Fair Value Measurements as of December 31, 2013
 
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
Assets
 
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
Trading securities held in trust
$
26,681

 
26,681

 
—

 
—

Interest rate derivatives
 
35,237

 
—

 
35,237

 
—

Total
$
61,918

 
26,681

 
35,237

 
—

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Interest rate derivatives
$
(34
)
 
—

 
(34
)
 
—



  
Summary of assets measured on nonrecurring basis
The following tables present assets that were measured at fair value on a nonrecurring basis (in thousands):

 
 
Fair Value Measurements during the
 
 
nine months ended September 30, 2014
 
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
 
Total Gains (Losses)
Assets
 
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Long-lived assets held and used
 
 
 
 
 
 
 
 
 
 
Land
$
1,597

 
—

 
—

 
1,597

 
(225
)

 
 
Fair Value Measurements during the
 
 
year ended December 31, 2013
 
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
 
Total Gains (Losses)
Assets
 
Balance
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Long-lived assets held and used
 
 
 
 
 
 
 
 
 
 
Operating and development properties
$
4,686

 
—

 
—

 
4,686

 
(6,000
)


  
Summary of assumptions used  
The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs during the year ended December 31, 2013:

 
 
2013
Direct cap rates
 
8.0%
Rental growth rates
 
0.0%
Discount rates
 
9.0%
Terminal cap rates
 
8.5%