Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019, 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
			Quoted Prices in
			Active Markets for		Significant Other		Significant
	Carrying Value at		Identical Assets		Observable Inputs		Unobservable Inputs
Description	March 31, 2019		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	14,056	$	14,056	$	—	$	—
Investment in RMR Inc.⁽²⁾	$	152,680	$	152,680	$	—	$	—

(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, 2019. During the three months ended March 31, 2019, we recorded unrealized gains of $1,197 to adjust the carrying value of our investment in TA shares to their fair value as of March 31, 2019.

(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, 2019. During the three months ended March 31, 2019, we recorded unrealized gains of $19,780 to adjust the carrying value of our investment in RMR Inc. shares to their fair value as of March 31, 2019.

Schedule of fair value of additional financial instruments

At March 31, 2019 and December 31, 2018, 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 floating interest rates, except as follows:



	March 31, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2021 at 4.25%	$	397,299	$	402,648	$	396,938	$	404,582
Senior Unsecured Notes, due 2022 at 5.00%	495,912		517,915		495,609		510,658
Senior Unsecured Notes, due 2023 at 4.50%	499,309		511,155		499,268		503,295
Senior Unsecured Notes, due 2024 at 4.65%	347,991		357,231		347,890		349,741
Senior Unsecured Notes, due 2025 at 4.50%	345,915		354,552		345,743		341,114
Senior Unsecured Notes, due 2026 at 5.25%	342,237		358,311		341,955		354,060
Senior Unsecured Notes, due 2027 at 4.95%	394,082		399,208		393,893		391,660
Senior Unsecured Notes, due 2028 at 3.95%	389,897		368,594		389,610		361,232
Senior Unsecured Notes, due 2030 at 4.375%	387,672		370,522		387,389		367,110
Total financial liabilities	$	3,600,314	$	3,640,136	$	3,598,295	$	3,583,452


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