Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Level 1		Level 2			Level 3		Balance as of March 31, 2020
Assets:
Investment in Cole REITs	$	—	$	—		$	7,009	$	7,009
Liabilities:
Derivative liabilities	$	—	$	(104,530	)	$	—	$	(104,530	)
	Level 1		Level 2			Level 3		Balance as of December 31, 2019
Assets:
Derivative assets	$	—	$	250		$	—	$	250
Investment in Cole REITs	—		—			7,552		7,552
Total assets	$	—	$	250		$	7,552	$	7,802
Liabilities:
Derivative liabilities	$	—	$	(28,081	)	$	—	$	(28,081	)

Reconciliations of the changes in liabilities with Level 3 inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2020 and 2019 (in thousands):

	Investment in Cole REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(543		)
Ending Balance, March 31, 2020	$	7,009
Beginning balance, January 1, 2019	$	7,844
Unrealized loss included in other income, net	(292		)
Ending Balance, March 31, 2019	$	7,552

Reconciliations of the changes in assets with Level 3 inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2020 and 2019 (in thousands):

	Investment in Cole REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(543		)
Ending Balance, March 31, 2020	$	7,009
Beginning balance, January 1, 2019	$	7,844
Unrealized loss included in other income, net	(292		)
Ending Balance, March 31, 2019	$	7,552

Fair value, by balance sheet grouping

The fair values of the Company’s financial instruments are reported below (dollar amounts in thousands):

	Level	Carrying Amount at March 31, 2020		Fair Value at March 31, 2020		Carrying Amount at December 31, 2019		Fair Value at December 31, 2019
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	1,412,894	$	1,459,616	$	1,535,918	$	1,590,915
Corporate bonds, net	2	2,839,865		2,717,813		2,839,581		3,022,087
Convertible debt, net	2	320,425		319,341		319,947		327,237
Credit facility	2	1,771,313		1,771,313		1,050,000		1,050,000
Total liabilities		$	6,344,497	$	6,268,083	$	5,745,446	$	5,990,239

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(1)

Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.