Fair Value Measures (Tables)

12 Months Ended

Dec. 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 December 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 December 31, 2020
Assets:
Investment in Retained REITs	$	—	$	—	$	7,255	$	7,255
	Level 1		Level 2		Level 3		Balance as of December 31, 2019
Assets:
Derivative assets	$	—	$	250	$	—	$	250
Investment in Retained 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 year ended December 31, 2020 and 2019 (in thousands):

	Investment in Retained REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(297)
Ending Balance, December 31, 2020	$	7,255
Beginning balance, January 1, 2019	7,844
Unrealized loss included in other income, net	(292)
Ending Balance, December 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 year ended December 31, 2020 and 2019 (in thousands):

	Investment in Retained REITs
Beginning balance, January 1, 2020	$	7,552
Unrealized loss included in other income, net	(297)
Ending Balance, December 31, 2020	$	7,255
Beginning balance, January 1, 2019	7,844
Unrealized loss included in other income, net	(292)
Ending Balance, December 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 December 31, 2020		Fair Value at December 31, 2020		Carrying Amount at December 31, 2019		Fair Value at December 31, 2019
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	1,334,689	$	1,384,490	$	1,535,918	$	1,590,915
Corporate bonds, net	2	4,622,951		5,123,588		2,839,581		3,022,087
Convertible debt, net	2	—		—		319,947		327,237
Credit facility	2	—		—		1,050,000		1,050,000
Total liabilities		$	5,957,640	$	6,508,078	$	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.