Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

The Company measures fair value of financial instruments using level 2 inputs categorized within the fair value hierarchy. The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following:



	March 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	—	$	—	$	—	$	—	$	2,061	$	—	$	2,061
Derivative liabilities	—		17,664		—		17,664		—		2,010		—		2,010

Other Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. Fair values for notes payable, notes receivable are estimates based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs. The table below represents the carrying value and fair value of assets and liabilities at:



	March 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable, net⁽¹⁾	$	2,098,412	$	2,102,162	$	2,279,755	$	2,284,429
Notes receivable, net	28,788		28,788		28,684		28,684

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(1)	Amounts represent total notes payable including unamortized loan premium and excludes net deferred financing fees.