Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Financial Assets and Liabilities, Recurring

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



	December 31, 2017								December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivative assets⁽¹⁾	$	—	$	12,586	$	—	$	12,586	$	—	$	5,935	$	—	$	5,935
Derivative liabilities	—		265		—		265		—		1,303		—		1,303

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(1)	Included in the prepaid expenses and other assets, net line item in the Consolidated Balance Sheets.

Fair Value Measurements, Recurring and Nonrecurring

The table below represents the carrying value and fair value of the Company’s notes payable as of:



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Unsecured notes payable⁽¹⁾⁽²⁾	$	1,974,278	$	1,960,560	$	2,025,000	$	2,011,210
Secured notes payable⁽³⁾	464,311		458,441		682,839		669,924

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(1)	Amounts represent notes payable excluding unamortized deferred financing costs.


(2)	The $400.0 million senior registered notes were issued at a discount. The discount, net of amortization was $722 thousand at December 31, 2017 and is included within unsecured notes payable.


(3)	Includes balances related to properties that have been classified as held for sale.

- 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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