Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

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


	December 31,
	2016(4)				2015
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Loans receivable, net(2)	$	807,954	$	807,505	$	768,743	$	770,052
Marketable debt securities(2)		68,630		68,630		102,958		102,958
Marketable equity securities(1)		76		76		39		39
Warrants(3)		19		19		55		55
Bank line of credit(2)		899,718		899,718		397,432		397,432
Term loans(2)		440,062		440,062		524,807		524,807
Senior unsecured notes(1)		7,133,538		7,386,149		9,120,107		9,390,668
Mortgage debt(2)		623,792		609,374		932,212		963,786
Other debt(2)		92,385		92,385		94,445		94,445
Interest-rate swap asset(2)		—		—		196		196
Interest-rate swap liabilities(2)		4,857		4,857		6,251		6,251
Currency swap assets(2)		2,920		2,920		1,551		1,551

(1)

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

(2)

Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loans and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.

(3)

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

(4)

During the years ended December 31, 2016 and 2015, there were no material transfers of financial assets or liabilities within the fair value hierarchy.