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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
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, 2018

 

 

December 31, 2017

 

 

Carrying Amount (a)

 

 

Fair Value

 

 

Carrying Amount (a)

 

 

Fair Value

 

Unsecured notes payable

$

1,286,936

 

 

$

1,284,180

 

 

$

1,286,573

 

 

$

1,314,900

 

Variable rate debt

$

327,122

 

 

$

309,577

 

 

$

327,039

 

 

$

308,872

 

Mortgage notes payable

$

325,974

 

 

$

312,402

 

 

$

317,216

 

 

$

304,665

 

Note receivable

$

3,490

 

 

$

3,565

 

 

$

3,532

 

 

$

3,605

 

(a)

In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of the corresponding debt liability, consistent with debt discounts. As a result, the carrying amounts presented in the table above are net of deferred financing costs of $8.7 million and $8.9 million for unsecured notes payable, $1.5 million and $1.6 million for variable rate debt and $0.5 million and $0.6 million for mortgage notes payable as of March 31, 2018 and December 31, 2017, respectively.