Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
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| 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 as of June 30, 2018 and December 31, 2017, respectively.
| | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2018 | | Total | | Level 1 | | Level 2 | | Level 3 | Marketable securities | $ | 165,650 |
| | $ | 165,650 |
| | $ | — |
| | $ | — |
| Real estate fund investments | 373,039 |
| | — |
| | — |
| | 373,039 |
| Deferred compensation plan assets ($4,375 included in restricted cash and $95,993 in other assets) | 100,368 |
| | 60,498 |
| | — |
| | 39,870 |
| Interest rate swaps (included in other assets) | 39,584 |
| | — |
| | 39,584 |
| | — |
| Total assets | $ | 678,641 |
| | $ | 226,148 |
| | $ | 39,584 |
| | $ | 412,909 |
| | | | | | | | | 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 $97,632 in other assets) | 109,177 |
| | 69,049 |
| | — |
| | 40,128 |
| Interest rate swaps (included in other assets) | 27,472 |
| | — |
| | 27,472 |
| | — |
| Total assets | $ | 674,205 |
| | $ | 251,801 |
| | $ | 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 |
| | $ | — |
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| 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 June 30, 2018 and December 31, 2017. | | | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2018 | | As of December 31, 2017 | | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Cash equivalents | $ | 851,306 |
| | $ | 851,000 |
| | $ | 1,500,227 |
| | $ | 1,500,000 |
| Debt: | | | | | | | | | Mortgages payable | $ | 8,164,473 |
| | $ | 8,112,000 |
| | $ | 8,203,839 |
| | $ | 8,194,000 |
| | Senior unsecured notes | 850,000 |
| | 847,000 |
| | 850,000 |
| | 878,000 |
| | Unsecured term loan | 750,000 |
| | 750,000 |
| | 750,000 |
| | 750,000 |
| | Unsecured revolving credit facilities | 80,000 |
| | 80,000 |
| | — |
| | — |
| | Total | $ | 9,844,473 |
| (1) | $ | 9,789,000 |
| | $ | 9,803,839 |
| (1) | $ | 9,822,000 |
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____________________ | | (1) | Excludes $62,944 and $74,352 of deferred financing costs, net and other as of June 30, 2018 and December 31, 2017, respectively. |
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| Real estate fund investments |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
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| 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 as of June 30, 2018 and December 31, 2017. | | | | | | | | | | Range | | Weighted Average (based on fair value of investments) | Unobservable Quantitative Input | June 30, 2018 | | December 31, 2017 | | June 30, 2018 | | December 31, 2017 | Discount rates | 10.0% to 15.0% | | 2.0% to 14.9% | | 13.1% | | 11.9% | Terminal capitalization rates | 5.1% to 6.4% | | 4.7% to 6.7% | | 5.7% | | 5.5% |
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| 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 and six months ended June 30, 2018 and 2017. | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Beginning balance | $ | 336,552 |
| | $ | 454,946 |
| | $ | 354,804 |
| | $ | 462,132 |
| Purchases | 66,000 |
| | — |
| | 68,950 |
| | — |
| Net unrealized (loss) gain on held investments | (29,513 | ) | | 745 |
| | (29,513 | ) | | (6,442 | ) | Dispositions | — |
| | — |
| | (20,291 | ) | | — |
| Net realized (loss) gain on exited investments | (2 | ) | | — |
| | (913 | ) | | 241 |
| Other, net | 2 |
| | 1 |
| | 2 |
| | (239 | ) | Ending balance | $ | 373,039 |
| | $ | 455,692 |
| | $ | 373,039 |
| | $ | 455,692 |
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| Deferred Compensation Plan Assets |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
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| 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 and six months ended June 30, 2018 and 2017. | | | | | | | | | | | | | | | | | (Amounts in thousands) | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Beginning balance | $ | 39,485 |
| | $ | 56,910 |
| | $ | 40,128 |
| | $ | 57,444 |
| Sales | (1,874 | ) | | (9,375 | ) | | (3,509 | ) | | (12,112 | ) | Purchases | 1,619 |
| | 1,350 |
| | 1,633 |
| | 1,813 |
| Realized and unrealized gains | 34 |
| | 830 |
| | 712 |
| | 1,905 |
| Other, net | 606 |
| | 134 |
| | 906 |
| | 799 |
| Ending balance | $ | 39,870 |
| | $ | 49,849 |
| | $ | 39,870 |
| | $ | 49,849 |
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