Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset

The table below presents certain of our assets carried at fair value at December 31, 2016, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.



			Fair Value at Reporting Date Using
Description	Carrying Value at December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA⁽¹⁾	$	24,282	$	24,282	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	98,899	$	98,899	$	—	$	—

(1)

Our 3,420,000 common shares of TA, which are included in other assets in our consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of December 31, 2016. The unrealized gain of $6,875 for these shares as of December 31, 2016 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets.

(2)

Our 2,503,777 shares of class A common stock of RMR Inc., which are included in other assets in our consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $66,374 as of December 31, 2016. The unrealized gain of $32,525 for these shares as of December 31, 2016 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets.

Schedule of fair value of additional financial instruments

At December 31, 2016 and December 31, 2015, the fair values of these additional financial instruments approximated their carrying values in our consolidated financial statements due to their short term nature or variable interest rates, except as follows:



	December 31, 2016				December 31, 2015
	Carrying Amount ⁽¹⁾		Fair Value		Carrying Amount ⁽¹⁾		Fair Value
Senior Unsecured Notes, due 2016 at 6.30% ⁽²⁾	$	—	$	—	$	274,869	$	275,813
Senior Unsecured Notes, due 2017 at 5.625% ⁽³⁾	—		—		299,576		311,181
Senior Unsecured Notes, due 2018 at 6.70%	349,387		358,740		348,821		370,438
Senior Unsecured Notes, due 2021 at 4.25% ⁽⁴⁾	394,056		413,790		—		—
Senior Unsecured Notes, due 2022 at 5.00%	493,187		527,945		491,974		515,760
Senior Unsecured Notes, due 2023 at 4.50%	298,134		298,845		297,845		295,709
Senior Unsecured Notes, due 2024 at 4.65%	347,079		348,523		346,674		346,010
Senior Unsecured Notes, due 2025 at 4.50%	344,368		341,439		343,680		338,426
Senior Unsecured Notes, due 2026 at 5.25% ⁽⁴⁾	339,697		354,772		—		—
Convertible Senior Unsecured Notes, due 2027 at 3.8%	8,478		8,599		8,478		8,697
Total financial liabilities	$	2,574,386	$	2,652,653	$	2,411,917	$	2,462,034


(1)	Carrying value includes unamortized discounts and certain issuance costs.


(2)	These senior notes were redeemed at par plus accrued interest in March 2016.


(3)	These senior notes were redeemed at par plus accrued interest in September 2016.


(4)	These senior notes were issued in February 2016.