Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Assets and Liabilities

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset


		Fair Value at Reporting Date Using
Description	Carrying Value at December 31, 2015	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investment in TA(1)	$ 32,148	$ 32,148	$—	$—
Investment in RMR Inc.(2)	$ 36,079	$ 36,079	—	—

(1)

Our 3,420,000 common shares of TA, which are included in other assets in our consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of December 31, 2015. The unrealized gain of $14,741 for these shares as of December 31, 2015 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets.

(2)

Our 2,503,777 class A common stock of RMR Inc., which are included in other assets in our consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $66,374 as of December 31, 2015. The unrealized loss of $30,295 for these shares as of December 31, 2015 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets. We evaluated the decline in the fair value of the RMR Inc. shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a forecasted recovery of fair value, we do not consider the investment to be other-than-temporarily impaired at December 31, 2015.

Schedule of fair value of additional financial instruments


	December 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Senior Unsecured Notes, due 2016 at 6.30% (1)	$	275,000	$	275,813	$	275,000	$	287,680
Senior Unsecured Notes, due 2017 at 5.625%		300,000		311,181		300,000		321,675
Senior Unsecured Notes, due 2018 at 6.7%		350,000		370,438		350,000		386,755
Senior Unsecured Notes, due 2022 at 5.0%		500,000		515,760		500,000		529,160
Senior Unsecured Notes, due 2023 at 4.5%		300,000		295,709		300,000		306,516
Senior Unsecured Notes, due 2024 at 4.65%		350,000		346,010		350,000		360,757
Senior Unsecured Notes, due 2025 at 4.5%		350,000		338,426		350,000		353,701
Convertible Senior Unsecured Notes, due 2027 at 3.8%		8,478		8,697		8,478		8,849
Unamortized discounts		(11,005)		-		(12,865)		-
Total financial liabilities	$	2,422,473	$	2,462,034	$	2,420,613	$	2,555,093