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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 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

 
$
—
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


____________________
(1)
Excludes $62,944 and $74,352 of deferred financing costs, net and other as of June 30, 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 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%
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
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 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