Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2020
Assets:
Investment in Cole REITs	$	—	$	—		$	6,867	$	6,867
Liabilities:
Derivative liabilities	$	—	$	(106,520	)	$	—	$	(106,520	)
	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 six months ended June 30, 2020 and 2019 (in thousands):

	Investment in Cole REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(685		)
Ending Balance, June 30, 2020	$	6,867
Beginning balance, January 1, 2019	$	7,844
Unrealized loss included in other income, net	(292		)
Ending Balance, June 30, 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 six months ended June 30, 2020 and 2019 (in thousands):

	Investment in Cole REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(685		)
Ending Balance, June 30, 2020	$	6,867
Beginning balance, January 1, 2019	$	7,844
Unrealized loss included in other income, net	(292		)
Ending Balance, June 30, 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 June 30, 2020		Fair Value at June 30, 2020		Carrying Amount at December 31, 2019		Fair Value at December 31, 2019
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	1,400,317	$	1,446,194	$	1,535,918	$	1,590,915
Corporate bonds, net	2	3,435,016		3,575,898		2,839,581		3,022,087
Convertible debt, net	2	270,872		269,512		319,947		327,237
Credit facility	2	900,000		900,000		1,050,000		1,050,000
Total liabilities		$	6,006,205	$	6,191,604	$	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.