Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value, measurement inputs, disclosure

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at March 31, 2018 and December 31, 2017, respectively.

(Amounts in thousands)	As of March 31, 2018
	Total		Level 1		Level 2		Level 3
Marketable securities	$	149,766	$	149,766	$	—	$	—
Real estate fund investments	336,552		—		—		336,552
Deferred compensation plan assets ($11,392 included in restricted cash and $98,133 in other assets)	109,525		70,040		—		39,485
Interest rate swaps (included in other assets)	36,678		—		36,678		—
Total assets	$	632,521	$	219,806	$	36,678	$	376,037
Mandatorily redeemable instruments (included in other liabilities)	$	50,561	$	50,561	$	—	$	—
(Amounts in thousands)	As of December 31, 2017
	Total		Level 1		Level 2		Level 3
Marketable securities	$	182,752	$	182,752	$	—	$	—
Real estate fund investments	354,804		—		—		354,804
Deferred compensation plan assets ($11,545 included in restricted cash and $97,633 in other assets)	109,178		69,050		—		40,128
Interest rate swaps (included in other assets)	27,472		—		27,472		—
Total assets	$	674,206	$	251,802	$	27,472	$	394,932
Mandatorily redeemable instruments (included in other liabilities)	$	520,561	$	520,561	$	—	$	—
Interest rate swaps (included in other liabilities)	1,052		—		1,052		—
Total liabilities	$	521,613	$	520,561	$	1,052	$	—

Schedule of carrying amounts and fair values of financial instruments

The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2018 and December 31, 2017.

(Amounts in thousands)		As of March 31, 2018					As of December 31, 2017
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents		$	1,110,550		$	1,111,000	$	1,500,227		$	1,500,000
Debt:
	Mortgages payable	$	8,164,718		$	8,124,000	$	8,203,839		$	8,194,000
	Senior unsecured notes	850,000			853,000		850,000			878,000
	Unsecured term loan	750,000			750,000		750,000			750,000
	Unsecured revolving credit facilities	80,000			80,000		—			—
	Total	$	9,844,718	(1)	$	9,807,000	$	9,803,839	(1)	$	9,822,000

____________________

(1) Excludes $70,241 and $74,352 of deferred financing costs, net and other as of March 31, 2018 and December 31, 2017, respectively.

Real estate fund investments

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair value inputs quantitative information

Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments at March 31, 2018 and December 31, 2017.

	Range		Weighted Average (based on fair value of investments)
Unobservable Quantitative Input	March 31, 2018	December 31, 2017	March 31, 2018	December 31, 2017
Discount rates	10.0% to 15.1%	2.0% to 14.9%	12.6%	11.9%
Terminal capitalization rates	4.7% to 5.8%	4.7% to 6.7%	5.6%	5.5%

Summary of changes in level 3 plan assets

The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the three months ended March 31, 2018 and 2017.

(Amounts in thousands)	For the Three Months Ended March 31,
	2018			2017
Beginning balance	$	354,804		$	462,132
Dispositions	(20,291		)	—
Purchases	2,950			—
Net realized (loss) gain on exited investments	(911		)	241
Net unrealized loss on held investments	—			(7,187		)
Other, net	—			(240		)
Ending balance	$	336,552		$	454,946

Deferred Compensation Plan Assets

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of deferred compensation plan assets

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the three months ended March 31, 2018 and 2017.

(Amounts in thousands)	For the Three Months Ended March 31,
	2018			2017
Beginning balance	$	40,128		$	57,444
Purchases	14			463
Sales	(1,635		)	(2,737		)
Realized and unrealized gains	678			1,075
Other, net	300			665
Ending balance	$	39,485		$	56,910