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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments With Fair Values Different From Their Carrying Amount

The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):

 

 

March 31, 2017

 

 

December 31, 2016

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Unsecured notes payable

$

1,365,398

 

 

$

1,381,975

 

 

$

1,364,854

 

 

$

1,372,758

 

Variable rate debt

$

326,789

 

 

$

307,917

 

 

$

326,709

 

 

$

307,510

 

Mortgage notes payable

$

320,484

 

 

$

327,144

 

 

$

321,549

 

 

$

328,853

 

Note receivable (a)

$

3,401

 

 

$

3,918

 

 

$

3,380

 

 

$

3,717

 

1.

The inputs to originate the loan are unobservable and, as a result, are categorized as Level 3. The Company determined fair value by calculating the present value of the cash payments to be received through the maturity date of the loan. See Note 2, “Summary of Significant Accounting Policies,” to the Company’s 2016 Annual Report on Form 10-K for the year ended December 31, 2016 for further information regarding the note origination.