Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair value measurements of financial assets and liabilities (in thousands)

The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2016 in the consolidated balance sheets (in thousands):


Financial Instrument	Fair Value		Level 1		Level 2		Level 3
Marketable equity securities	$	34	$	34	$	—	$	—
Interest-rate swap liabilities		7,858		—		7,858		—
Currency swap assets		3,017		—		3,017		—
Warrants		20		—		—		20

Summary of the carrying values and fair values of financial instruments (in thousands)

The following table summarizes the carrying values and fair values of the Company’s financial instruments (in thousands):


	June 30, 2016				December 31, 2015
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
Loans receivable, net(2)	$	708,096	$	715,450	$	768,743	$	770,052
Marketable debt securities(2)		84,128		84,128		102,958		102,958
Marketable equity securities(1)		34		34		39		39
Warrants(3)		20		20		55		55
Bank line of credit(2)		869,078		869,078		397,432		397,432
Term loans(2)		477,890		477,890		524,807		524,807
Senior unsecured notes(1)		8,626,559		9,098,192		9,120,107		9,390,668
Mortgage debt(2)		688,910		722,153		932,212		963,786
Other debt(2)		93,012		93,012		94,445		94,445
Interest-rate swap assets(2)		—		—		196		196
Interest-rate swap liabilities(2)		7,858		7,858		6,251		6,251
Currency swap assets(2)		3,017		3,017		1,551		1,551

(1)

Level 1: Fair value calculated based on quoted prices in active markets.

(2)

Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets.

(3)

Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.