Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of fair value by balance sheet groupings

We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):

			Estimated fair
At March 31, 2018	Carrying value		value
Notes receivable issued in connection with property sales	$	5.2	$	5.2
Mortgages payable assumed in connection with acquisitions (1)	308.0		320.6
Notes and bonds payable (2)	4,900.0		4,974.6

			Estimated fair
At December 31, 2017	Carrying value		value
Notes receivable issued in connection with property sales	$	5.3	$	5.3
Mortgages payable assumed in connection with acquisitions (1)	320.3		334.2
Notes and bonds payable (2)	5,250.0		5,475.3

(1)

Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $5.4 million at March 31, 2018, and $5.9 million at December 31, 2017. Also excludes deferred financing costs of $223,000 at March 31, 2018 and $236,000 at December 31, 2017.

(2)

Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums is $13.9 million at March 31, 2018, and $14.3 million at December 31, 2017. Also excludes deferred financing costs of $34.3 million at March 31, 2018 and $34.1 million at December 31, 2017.