Disclosures About Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Disclosures About Fair Value of Financial Instruments

Summary of the carrying values and fair values of financial instruments

The table below summarizes the carrying values and fair values of the Company’s financial instruments (in thousands):

	June 30, 2014						December 31, 2013
	Carrying Value			Fair Value			Carrying Value		Fair Value
Loans receivable, net(2)	$	375,717		$	387,621		$	366,001	$	373,441
Marketable debt securities(1)	251,888			293,188			244,089		280,850
Marketable equity securities(1)	27			27			—		—
Warrants(3)	182			182			114		114
Term loan(2)	234,352			234,352			226,858		226,858
Senior unsecured notes(1)	6,826,884			7,441,232			6,963,375		7,405,817
Mortgage debt(2)	1,229,773			1,273,673			1,396,485		1,421,214
Other debt(2)	73,020			73,020			74,909		74,909
Interest-rate swap assets(2)	2,576			2,576			2,325		2,325
Interest-rate swap liabilities(2)	(8,327		)	(8,327		)	8,384		8,384
Currency swap liabilities(2)	(3,756		)	(3,756		)	2,756		2,756

(1) Level 1: Fair value calculated based on quoted prices in active markets.

(2) Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets.

(3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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