Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017, 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 March 31, 2017 Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	March 31, 2017		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	20,862	$	20,862	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	123,937	$	123,937	$	—	$	—

(1)

Our 3,420,000 common shares of TA, which are included in other assets in our condensed 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 March 31, 2017. The unrealized gain of $3,455 for these shares as of March 31, 2017 is included in cumulative other comprehensive income in our condensed 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 condensed 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 March 31, 2017. The unrealized gain of $57,563 for these shares as of March 31, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets

Schedule of fair value of additional financial instruments

At March 31, 2017 and December 31, 2016, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follows:



	March 31, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2018 at 6.70%	$	349,529	$	354,758	$	349,387	$	358,740
Senior Unsecured Notes, due 2021 at 4.25%	394,418		416,086		394,056		413,790
Senior Unsecured Notes, due 2022 at 5.00%	493,490		532,308		493,187		527,945
Senior Unsecured Notes, due 2023 at 4.50%	499,004		516,378		298,134		298,845
Senior Unsecured Notes, due 2024 at 4.65%	347,180		359,217		347,079		348,523
Senior Unsecured Notes, due 2025 at 4.50%	344,540		351,353		344,368		341,439
Senior Unsecured Notes, due 2026 at 5.25%	339,979		366,930		339,697		354,772
Senior Unsecured Notes, due 2027 at 4.95%	392,617		410,266		—		—
Convertible Unsecured Senior Notes, due 2027 at 3.8%	47		47		8,478		8,599
Total financial liabilities	$	3,160,804	$	3,307,343	$	2,574,386	$	2,652,653


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