Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018, 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, 2018 Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	March 31, 2018		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	12,312	$	12,312	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	175,139	$	175,139	$	—	$	—

(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, 2018. During the three months ended March 31, 2018, we recorded an unrealized loss of $1,710 to adjust the carrying value of our investment in TA shares to their fair value as of March 31, 2018.

(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, 2018. During the three months ended March 31, 2018, we recorded an unrealized gain of $26,665 to adjust the carrying value of our investment in RMR Inc. shares to their fair value as of March 31, 2018.

Schedule of fair value of additional financial instruments

At March 31, 2018 and December 31, 2017, 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, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2021 at 4.25%	$	395,858	$	407,652	$	395,497	$	413,676
Senior Unsecured Notes, due 2022 at 5.00%	494,701		520,658		494,398		533,908
Senior Unsecured Notes, due 2023 at 4.50%	499,145		512,190		499,104		523,275
Senior Unsecured Notes, due 2024 at 4.65%	347,586		357,635		347,484		368,804
Senior Unsecured Notes, due 2025 at 4.50%	345,227		353,658		345,055		363,589
Senior Unsecured Notes, due 2026 at 5.25%	341,108		364,525		340,826		377,431
Senior Unsecured Notes, due 2027 at 4.95%	393,325		408,398		393,137		422,914
Senior Unsecured Notes, due 2028 at 3.95%	388,748		376,284		388,461		390,930
Senior Unsecured Notes, due 2030 at 4.375%	386,593		385,930		—		—
Total financial liabilities	$	3,592,291	$	3,686,930	$	3,203,962	$	3,394,527


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