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Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, payables, and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for notes payable are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs. The estimated fair values of interest-rate contract/cap arrangements were derived from estimated values based on observable market data for similar instruments.
 
 
December 31, 2014
 
December 31, 2013
 
Carrying 
Value
 
Fair Value
 
Carrying 
Value
 
Fair Value
Notes payable
$
960,508

 
$
969,259

 
$
931,308

 
$
940,435

Notes receivable
28,268

 
28,268

 

 

Derivative assets, disclosed as “Interest rate contracts”
3

 
3

 
192

 
192

Derivative liabilities, disclosed as “Interest rate contracts”
1,750

 
1,750