Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following:



	March 31, 2018			December 31, 2017
(in thousands)	Carrying Amount		Fair Value	Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	16,316	16,345	$	15,803	15,660
Financial liabilities:
Notes payable	$	3,276,888	3,291,803	$	2,971,715	3,058,044
Unsecured credit facilities	$	563,380	565,000	$	623,262	625,000

Fair Value, Interest rate ranges

Summary of assets measured on recurring basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value Measurements as of March 31, 2018
(in thousands)			Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
Assets:	Balance		(Level 1)	(Level 2)	(Level 3)
Securities	$	33,631	33,631	—	—
Available-for-sale debt securities	8,852		—	8,852	—
Interest rate derivatives	22,447		—	22,447	—
Total	$	64,930	33,631	31,299	—



	Fair Value Measurements as of December 31, 2017
(in thousands)				Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	Balance			(Level 1)	(Level 2)		(Level 3)
Securities	$	31,662		31,662	—		—
Available-for-sale debt securities	9,974			—	9,974		—
Interest rate derivatives	14,515			—	14,515		—
Total	$	56,151		31,662	24,489		—

Liabilities:
Interest rate derivatives	$	(177	)	—	(177	)	—

Fair Value Measurements, Nonrecurring [Table Text Block]

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis:

Fair Value Measurements as of March 31, 2018

(in thousands)

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Total Gains

Assets:

Balance

(Level 1)

(Level 2)

(Level 3)

(Losses)

Long-lived assets held and used

Operating property

27,936

—

27,936

—

(15,680

)

During the three months ended March 31, 2018, the Company recognized a $15.7 million impairment on an operating property, including $1.4 million for goodwill. The impairment of the real estate, which is classified as held and used as of March 31, 2018, was determined based on the expected selling price as compared to the Company's carrying value of its investment.