Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	March 31, 2016		(Level 1)		(Level 2)		(Level 3)
Investment in TA(1)	$	23,153	$	23,153	$	-	$	-
Investment in RMR Inc.(2)	$	62,619	$	62,619	$	-	$	-

(1) Our 3,420,000 common shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs).  Our historical cost basis for these securities is $17,407 as of March 31, 2016.  The unrealized gain of $5,746 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed consolidated balance sheets.

(2) Our 2,503,777 shares of class A common stock of RMR Inc., which are included in other assets in our condensed 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 March 31, 2016.  The unrealized loss of $3,755 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed 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 March 31, 2016.

Schedule of fair value of additional financial instruments

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Value (1)		Value		Value (1)		Value
Senior Unsecured  Notes, due 2016 at 6.30%	$	-	$	-	$	274,869	$	275,813
Senior Unsecured Notes, due 2017 at 5.625%		299,666		310,418		299,576		311,181
Senior Unsecured Notes, due 2018 at 6.70%		348,962		367,199		348,821		370,438
Senior Unsecured Notes, due 2021 at 4.25%		392,985		404,708		-		-
Senior Unsecured Notes, due 2022 at 5.00%		492,278		522,773		491,975		515,760
Senior Unsecured Notes, due 2023 at 4.50%		297,917		298,449		297,845		295,709
Senior Unsecured Notes, due 2024 at 4.65%		346,775		349,122		346,674		346,010
Senior Unsecured Notes, due 2025 at 4.50%		343,852		339,477		343,680		338,426
Senior Unsecured Notes, due 2026 at 5.25%		338,858		352,725		-		-
Convertible Senior Unsecured Notes, due 2027 at 3.8%		8,478		8,565		8,478		8,697
Total financial liabilities	$	2,869,771	$	2,953,436	$	2,411,918	$	2,462,034

(1) Carrying value includes unamortized discounts and certain issuance costs.