Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2017 Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	June 30, 2017		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	14,022	$	14,022	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	121,809	$	121,809	$	—	$	—

(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 June 30, 2017. The unrealized loss of ($3,385) for these shares as of June 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets. We evaluated the decline in the fair value of the TA shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a recovery of fair value, we do not consider this investment to be other-than-temporarily impaired at June 30, 2017.

(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 June 30, 2017. The unrealized gain of $55,435 for these shares as of June 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.

Schedule of fair value of additional financial instruments

At June 30, 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:



	June 30, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2018 at 6.70%	$	349,670	$	351,188	$	349,387	$	358,740
Senior Unsecured Notes, due 2021 at 4.25%	394,777		417,138		394,056		413,790
Senior Unsecured Notes, due 2022 at 5.00%	493,792		536,393		493,187		527,945
Senior Unsecured Notes, due 2023 at 4.50%	499,022		524,490		298,134		298,845
Senior Unsecured Notes, due 2024 at 4.65%	347,282		366,123		347,079		348,523
Senior Unsecured Notes, due 2025 at 4.50%	344,711		360,169		344,368		341,439
Senior Unsecured Notes, due 2026 at 5.25%	340,262		372,754		339,697		354,772
Senior Unsecured Notes, due 2027 at 4.95%	392,759		417,712		—		—
Convertible Unsecured Senior Notes, due 2027 at 3.8%	—		—		8,478		8,599
Total financial liabilities	$	3,162,275	$	3,345,967	$	2,574,386	$	2,652,653


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