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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Secured Notes Payable
The table below presents (in thousands) the estimated fair value of our secured notes payable:
Secured Notes Payable:
June 30, 2017
 
December 31, 2016
 
 
 
 
Fair value
$
4,355,289

 
$
4,429,224

Carrying value
$
4,355,014

 
$
4,408,083
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents (in thousands) the estimated fair value of our derivatives:
 
June 30, 2017
 
December 31, 2016
Derivative Assets:
 
 
 
Fair value - consolidated derivatives(1)
$
37,092

 
$
35,656

Fair value - unconsolidated Funds' derivatives(2)
$
4,526

 
$
3,605

 
 
 
 
Derivative Liabilities:
 
 
 
Fair value - consolidated derivatives(1)
$
3,353

 
$
6,830

Fair value - unconsolidated Funds' derivatives(2)
$
—

 
$
—


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(1)
Consolidated derivatives, which include 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheet. The fair value excludes accrued interest which is included in interest payable in the consolidated balance sheet.
(2)
Represents 100%, not our pro-rata share, of our unconsolidated Funds' derivatives. Our pro-rata share of the amounts related to the unconsolidated Funds' derivatives is included in our Investment in unconsolidated real estate funds in our consolidated balance sheet. See Note 5 for more information regarding our unconsolidated Funds.