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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2014
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

9.  Fair Value of Financial Instruments

 

The carrying amount reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, operating lease related receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments.

 

The carrying amount of the Company’s outstanding balance on its Notes Payable as of June 30, 2014 and December 31, 2013 was estimated to have a fair value of approximately $759.0 million and $798.8 million, respectively, based on the fair value of estimated future payments calculated using the prevailing interest rates at each period end. There have been no changes in our valuation technique during the six months ended June 30, 2014. The fair value of the Company’s notes payable at June 30, 2014 would be categorized as Level 3 of the fair value hierarchy. The carrying value of the Company’s outstanding balance on its notes payable was $753.8 million as of June 30, 2014 and $787.6 million as of December 31, 2013.