Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Summary of balance sheet fair values

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following as of March 31, 2015 and December 31, 2014 (in thousands):

	2015			2014
	Carrying Amount		Fair Value	Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	12,169	12,049	$	12,132	11,980
Financial liabilities:
Notes payable	$	1,889,727	2,041,000	$	1,946,357	2,116,000
Unsecured credit facilities	$	105,000	105,000	$	75,000	75,000

Summary of assets measured on recurring basis

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements as of March 31, 2015
				Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Assets	Balance			(Level 1)	(Level 2)		(Level 3)
Trading securities held in trust	$	29,595		29,595	—		—
Liabilities
Interest rate derivatives	$	(32,535	)	—	(32,535	)	—

	Fair Value Measurements as of December 31, 2014
				Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Assets	Balance			(Level 1)	(Level 2)		(Level 3)
Trading securities held in trust	$	28,134		28,134	—		—
Liabilities
Interest rate derivatives	$	(18,794	)	—	(18,794	)	—