Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Assets and liabilities recurring and nonrecurring measured at fair value

The table below presents certain of our assets measured at fair value at June 30, 2017, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: 

							Significant
	Total as of		Quoted Prices in Active		Significant Other		Unobservable
	June 30,		Markets for Identical		Observable Inputs		Inputs
Description	2017		Assets (Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurements
Assets:
Investments in available for sale securities (1)	$	134,662	$	134,662	$	—	$	—

(1) Our investments in available for sale securities include our 2,637,408 shares of RMR Inc. class A common stock and our 4,235,000 Five Star common shares. The fair values of these shares are based upon quoted prices at June 30, 2017 in active markets (Level 1 inputs). See Note 4 for further information on our investments in available for sale securities.

Schedule of carrying value and fair value of the financial instruments

The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows: 

	As of June 30, 2017				As of December 31, 2016
Description	Carrying Amount(1)		Estimated Fair Value		Carrying Amount(1)		Estimated Fair Value
Senior unsecured notes	$	1,724,210	$	1,819,342	$	1,722,758	$	1,755,715
Secured debt (2)	806,061		784,752		1,106,183		1,090,515
	$	2,530,271	$	2,604,094	$	2,828,941	$	2,846,230

(1) Includes unamortized debt issuance costs, premiums and discounts.

(2) We assumed certain of these secured debts in connection with our acquisitions of certain properties. We recorded the assumed mortgage debts at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage debts to reduce interest expense to the estimated market interest rates as of the date of acquisition.