Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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:



	June 30, 2018			December 31, 2017
(in thousands)	Carrying Amount		Fair Value	Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	—	—	$	15,803	15,660
Financial liabilities:
Notes payable	$	3,118,002	3,081,052	$	2,971,715	3,058,044
Unsecured credit facilities	$	713,498	715,000	$	623,262	625,000

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:



	Fair Value Measurements as of June 30, 2018
(in thousands)			Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
Assets:	Balance		(Level 1)	(Level 2)	(Level 3)
Securities	$	35,079	35,079	—	—
Available-for-sale debt securities	7,593		—	7,593	—
Interest rate derivatives	25,472		—	25,472	—
Total	$	68,144	35,079	33,065	—



	Fair Value Measurements as of December 31, 2017
(in thousands)				Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Assets:	Balance			(Level 1)	(Level 2)		(Level 3)
Securities	$	31,662		31,662	—		—
Available-for-sale debt securities	9,974			—	9,974		—
Interest rate derivatives	14,515			—	14,515		—
Total	$	56,151		31,662	24,489		—

Liabilities:
Interest rate derivatives	$	(177	)	—	(177	)	—

Fair Value Measurements, Nonrecurring [Table Text Block]

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

Fair Value Measurements as of June 30, 2018

(in thousands)

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Total Gains

Assets:

Balance

(Level 1)

(Level 2)

(Level 3)

(Losses)

Long-lived assets held for sale

Properties held for sale

22,054

—

48,254

—

(26,200

)

During the six months ended June 30, 2018, the Company recognized a $28.6 million provision for impairment, net of tax, including $26.2 million impairment on two operating properties classified as held for sale. The impairment of the real estate assets, which are classified as held for sale as of June 30, 2018, was determined based on the expected selling price as compared to the Company's carrying value of its investment.