Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

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



	December 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivative assets	$	—	$	5,935	$	—	$	5,935	$	—	$	2,061	$	—	$	2,061
Derivative liabilities	—		1,303		—		1,303		—		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, using Level 1 inputs, because of the short-term nature of these instruments. Fair values for notes payable and 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 as of:



	December 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable, net⁽¹⁾	$	2,707,839	$	2,681,134	$	2,279,755	$	2,284,429
Notes receivable, net	—		—		28,684		28,684

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