Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

The following table provides the carrying value and fair value of these financial instruments as of December 31, 2015 and 2014 (in thousands):



	December 31, 2015					December 31, 2014
	Carrying Value			Fair Value		Carrying Value			Fair Value
						(as adjusted)			(as adjusted)
Debt and preferred equity investments	$	1,670,020	⁽¹⁾	⁽²⁾		$	1,408,804	⁽¹⁾	⁽²⁾

Fixed rate debt	$	1,585,106		$	1,663,078	$	1,605,001		$	1,737,673
Variable rate debt	2,150,424			2,164,673		1,288,000			1,331,177
	$	3,735,530		$	3,827,751	$	2,893,001		$	3,068,850

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(1)

Excludes one investment with a book value of $100.2 million and $100.0 million as of December 31, 2015 and 2014, respectively, which we accounted for under the equity method accounting as a result of meeting the criteria of a real estate investment under the guidance for Acquisition, Development and Construction arrangements, and other investments with a book value of $168.3 million and $107.0 million as of December 31, 2015 and 2014, respectively.


(2)	At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion. At December 31, 2014, debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.8 billion.