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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 1Level 2Level 3Balance as of December 31, 2020
Assets:
Investment in Retained REITs$— $— $7,255 $7,255 
Level 1Level 2Level 3Balance as of December 31, 2019
Assets:
Derivative assets$— $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):
LevelCarrying Amount at December 31, 2020Fair Value at December 31, 2020Carrying Amount at December 31, 2019Fair Value at December 31, 2019
Liabilities (1):
Mortgage notes payable and other debt, net2$1,334,689 $1,384,490 $1,535,918 $1,590,915 
Corporate bonds, net24,622,951 5,123,588 2,839,581 3,022,087 
Convertible debt, net2— — 319,947 327,237 
Credit facility2— — 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.