Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

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, notes receivable and derivative assets and liabilities are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 instruments. The estimated fair values of interest-rate contract/cap arrangements were derived from estimated values based on observable market data for similar instruments.



	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable	$	2,119,157	$	2,125,481	$	960,508	$	969,259
Notes receivable	28,476		28,528		28,268		28,268
Derivative assets, disclosed as “Interest rate contracts”	8,689		8,689		3		3
Derivative liabilities, disclosed as “Interest rate contracts”	1,766		1,766		1,750		1,750