Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2015

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of September 30, 2015 and December 31, 2014:



	Fair Value (Level 1) ⁽¹⁾
	September 30, 2015		December 31, 2014
Description	(in thousands)
Marketable securities ⁽²⁾	$	12,638	$	11,971

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(1)	Based on quoted prices in active markets for identical securities.


(2)	The marketable securities are held in a limited rabbi trust.

Fair value adjustment of marketable securities and deferred compensation plan liability

The following table sets forth the net (loss) gain on marketable securities recorded during the three and nine months ended September 30, 2015 and 2014:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Description	(in thousands)						(in thousands)
Net (loss) gain on marketable securities	$	(681	)	$	(39	)	$	(171	)	$	507

Carrying value and fair value of company's remaining financial assets and liabilities

The following table sets forth the carrying value and the fair value of our other financial instruments as of September 30, 2015 and December 31, 2014:



	September 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	475,923	$	487,563	$	546,292	$	559,483
Unsecured debt, net ⁽²⁾	2,181,382		2,228,225		1,783,121		1,858,492
Unsecured line of credit ^{(1) (3)}	—		—		140,000		145,051

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(1)	Fair value calculated using Level II inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

(2)

Fair value calculated using Level I and Level II inputs. Level I inputs are based on quoted prices for identical instruments in active markets. The carrying value and fair value of the Level I instruments was $2.0 billion and $2.0 billion, respectively, as of September 30, 2015. The carrying value and fair value of the Level I instruments as of December 31, 2014, was $1.3 billion and $1.3 billion, respectively. The carrying value and fair value of the Level II instruments was $189.0 million and $189.0 million, respectively, as of September 30, 2015. The carrying value and fair value of the Level II instruments as of December 31, 2014, was $513.7 million and $536.3 million, respectively.


(3)	There was no outstanding balance on the unsecured line of credit as of September 30, 2015.