Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2016

All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:



	March 31, 2016				December 31, 2015
	Carrying Amounts		Fair Value		Carrying Amounts		Fair Value
	Carrying Amounts		Fair Value		Carrying Amounts		Fair Value
Mortgage and secured loans payable	$	2,256,927	$	2,363,560	$	2,265,519	$	2,367,070
Notes payable	1,204,327		1,160,258		1,203,854		1,198,504
Unsecured credit facility and term loan	2,546,143		2,556,000		2,504,893		2,516,000
Total debt obligations	$	6,007,397	$	6,079,818	$	5,974,266	$	6,081,574

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:



	Fair Value Measurements as of March 31, 2016
	Balance			Quoted Prices in Active markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities⁽¹⁾	$	23,166		$	1,236	$	21,930		$	—

Liabilities:
Interest rate derivatives	$	(2,480	)	$	—	$	(2,480	)	$	—

	Fair Value Measurements as of December 31, 2015
	Balance			Quoted Prices in Active markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities⁽¹⁾	$	23,001		$	1,167	$	21,834		$	—

Liabilities:
Interest rate derivatives	$	(2,437	)	$	—	$	(2,437	)	$	—


⁽¹⁾	As of March 31, 2016 and December 31, 2015 marketable securities included less than $0.1 million of net unrealized losses.