Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value, by Balance Sheet Grouping [Table Text Block]

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following:



	December 31,
	2015			2014
(in thousands)	Carrying Amount		Fair Value	Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	10,480	10,620	$	12,132	11,980
Financial liabilities:
Notes payable	$	1,707,478	1,793,200	$	1,946,357	2,116,000
Unsecured credit facilities	$	165,000	165,300	$	75,000	75,000

Fair Value, Interest rate ranges [Table Text Block]

he following interest rates were used by the Company to estimate the fair value of its financial instruments:



	December 31,
	2015		2014
	Low	High	Low	High
Notes receivable	6.3%	6.3%	7.4%	7.4%
Notes payable	2.8%	4.2%	0.9%	3.4%
Unsecured credit facilities	1.1%	1.1%	1.3%	1.3%

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value Measurements as of December 31, 2015
				Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)	(Level 2)		(Level 3)
Assets:
Trading securities held in trust	$	29,093		29,093	—		—
Available-for-sale securities	7,922			—	7,922		—
Total	$	37,015		29,093	7,922		—
Liabilities:
Interest rate derivatives	$	(20,539	)	—	(20,539	)	—



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