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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Estimated Fair Value of Derivatives Measured by Level of Fair Value Hierarchy

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following:



	September 30, 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	—		22,413		—		22,413		—		2,010		—		2,010

Fair Value Measurements, Recurring and Nonrecurring

The table below represents the carrying value and fair value of assets and liabilities at:



	September 30, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable, net⁽¹⁾	$	2,427,440	$	2,451,539	$	2,279,755	$	2,284,429
Notes receivable, net	—		—		28,684		28,684

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

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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