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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2016

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of December 31, 2016 and 2015:



	Fair Value (Level 1) ⁽¹⁾
	2016		2015
Description	(in thousands)
Marketable securities ⁽²⁾	$	14,773	$	12,882

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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.

Net gain (loss) on marketable securities

The following table sets forth the net gain (loss) on marketable securities recorded during the years ended December 31, 2016, 2015 and 2014:



	December 31,
	2016		2015			2014
Description	(in thousands)
Net gain (loss) on marketable securities	$	1,130	$	(269	)	$	397

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 December 31, 2016 and 2015:



	December 31,
	2016				2015
	Carrying Value		Fair Value ⁽¹⁾		Carrying Value		Fair Value ⁽¹⁾
	(in thousands)
Liabilities
Secured debt, net	$	472,772	$	469,234	$	380,835	$	391,611
Unsecured debt, net	1,847,351		1,900,487		1,844,634		1,898,863

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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.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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