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Derivative and Other Fair Value Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Valuations for Each Type of Fair Value Measurement | The following table summarizes the inputs to the valuations for each type of fair value measurement:
Fair Value Measurement Type |  | Valuation Inputs
Employee holdings (other than Common Shares) within the supplemental executive retirement plan (the “SERP”) |  | Quoted market prices for identical assets. These holdings are included in other assets and other liabilities on the consolidated balance sheets.
Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners |  | Quoted market price of Common Shares.
Mortgage notes payable and private unsecured debt (including its commercial paper and line of credit, if applicable) |  | Indicative rates provided by lenders of similar loans.
Public unsecured notes |  | Quoted market prices for each underlying issuance.
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at March 31, 2021 and December 31, 2020, respectively (amounts in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Carrying Value |  |  | Estimated Fair Value (Level 2) |  |  | Carrying Value |  |  | Estimated Fair Value (Level 2) |
Mortgage notes payable, net |  | $ | 2,270,700 |  |  | $ | 2,271,926 |  |  | $ | 2,293,890 |  |  | $ | 2,313,263 |
Unsecured debt, net |  |  | 5,766,856 |  |  |  | 6,313,039 |  |  |  | 5,750,366 |  |  |  | 6,686,612 |
Total debt, net |  | $ | 8,037,556 |  |  | $ | 8,584,965 |  |  | $ | 8,044,256 |  |  | $ | 8,999,875 |
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at March 31, 2021 and December 31, 2020, respectively (amounts in thousands):
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 3/31/2021 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Executive Retirement Plan |  | Other Assets |  | $ | 154,846 |  |  | $ | 154,846 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Executive Retirement Plan |  | Other Liabilities |  | $ | 154,846 |  |  | $ | 154,846 |  |  | $ | — |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 409,523 |  |  | $ | — |  |  | $ | 409,523 |  |  | $ | — |
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 12/31/2020 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Executive Retirement Plan |  | Other Assets |  | $ | 160,293 |  |  | $ | 160,293 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental Executive Retirement Plan |  | Other Liabilities |  | $ | 160,293 |  |  | $ | 160,293 |  |  | $ | — |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 338,951 |  |  | $ | — |  |  | $ | 338,951 |  |  | $ | — |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the quarters ended March 31, 2021 and 2020, respectively (amounts in thousands):
|  | Effective Portion |
March 31, 2021 Type of Cash Flow Hedge |  | Amount of Gain/(Loss) Recognized in OCI on Derivative |  |  | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | $ | — |  |  | Interest expense |  | $ | (2,303 | )
Total |  | $ | — |  |  |  |  | $ | (2,303 | )
|  | Effective Portion |
March 31, 2020 Type of Cash Flow Hedge |  | Amount of Gain/(Loss) Recognized in OCI on Derivative |  |  | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | $ | (967 | ) |  | Interest expense |  | $ | (5,634 | )
Total |  | $ | (967 | ) |  |  |  | $ | (5,634 | )

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