Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2018 Using
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	September 30, 2018		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	19,494	$	19,494	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	232,351	$	232,351	$	—	$	—

(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 September 30, 2018. During the three and nine months ended September 30, 2018, we recorded unrealized gains of $7,524 and $5,472, respectively, to adjust the carrying value of our investment in TA shares to their fair value as of September 30, 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 September 30, 2018. During the three and nine months ended September 30, 2018, we recorded unrealized gains of $35,929 and $83,876, respectively, to adjust the carrying value of our investment in RMR Inc. shares to their fair value as of September 30, 2018.

Schedule of fair value of additional financial instruments

At September 30, 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:



	September 30, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2021 at 4.25%	$	396,578	$	402,810	$	395,497	$	413,676
Senior Unsecured Notes, due 2022 at 5.00%	495,307		512,548		494,398		533,908
Senior Unsecured Notes, due 2023 at 4.50%	499,227		502,033		499,104		523,275
Senior Unsecured Notes, due 2024 at 4.65%	347,788		348,565		347,484		368,804
Senior Unsecured Notes, due 2025 at 4.50%	345,571		341,129		345,055		363,589
Senior Unsecured Notes, due 2026 at 5.25%	341,673		353,250		340,826		377,431
Senior Unsecured Notes, due 2027 at 4.95%	393,704		392,696		393,137		422,914
Senior Unsecured Notes, due 2028 at 3.95%	389,322		362,642		388,461		390,930
Senior Unsecured Notes, due 2030 at 4.375%	387,105		367,644		—		—
Total financial liabilities	$	3,596,275	$	3,583,317	$	3,203,962	$	3,394,527


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