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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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):

 

June 30, 2018

 

 

December 31, 2017

 

 

Carrying Amount (a)

 

 

Fair Value

 

 

Carrying Amount (a)

 

 

Fair Value

 

Unsecured notes payable

$

1,287,299

 

 

$

1,267,015

 

 

$

1,286,573

 

 

$

1,314,900

 

Variable rate debt

$

327,205

 

 

$

310,536

 

 

$

327,039

 

 

$

308,872

 

Mortgage notes payable

$

324,289

 

 

$

307,615

 

 

$

317,216

 

 

$

304,665

 

Notes receivable (b)

$

47,871

 

 

$

47,908

 

 

$

3,532

 

 

$

3,605

 

(a)

The carrying amounts presented in the table above are net of deferred financing costs of $8.4 million and $8.9 million for unsecured notes payable, $1.4 million and $1.6 million for variable rate debt and $0.5 million and $0.6 million for mortgage notes payable as of June 30, 2018 and December 31, 2017, respectively.

(b)

The inputs to originate the notes receivable 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 loans.