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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

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 as of:

						September 30, 2018																																										December 31, 2017
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Derivative assets(1)						$	—					$	26,988					$	—					$	26,988					$	—					$	12,586					$	—					$	12,586
Derivative liabilities(2)						$	—					$	—					$	—					$	—					$	—					$	265					$	—					$	265
Non-real estate investment(1)(3)						$	—					$	2,713					$	—					$	2,713					$	—					$	—					$	—					$	—

_____________ 

1. Included in the prepaid expenses and other assets line item on the Consolidated Balance Sheets.

2. Included in the accounts payable, accrued liabilities and other line item on the Consolidated Balance Sheets.

3. Related to our investment in shares in a non-public company. Pursuant to our adoption of ASU 2016-01 during 2018, the Company marked the investment to fair value during the second quarter of 2018. The investment was not fair valued in 2017 and was accounted for under the cost method.

Schedule of carrying value and fair value of notes payable

The table below represents the carrying value and fair value of the Company’s investment in securities and debt as of:

			September 30, 2018																		December 31, 2017
			Carrying Value						Fair Value						Carrying Value						Fair Value
U.S. Government securities			$	148,315					$	148,328					$	—					$	—
Unsecured debt(1)(2)			$	1,984,333					$	1,928,411					$	1,974,278					$	1,960,560
Secured debt(1)			$	365,519					$	353,810					$	464,311					$	458,441
In-substance defeased debt			$	139,003					$	136,515					$	—					$	—

_________________

1. Amounts represent debt excluding net deferred financing costs. 

2. The $400.0 million registered senior notes were issued at a discount. The discount, net of amortization, was $667 thousand and $722 thousand at September 30, 2018 and December 31, 2017, respectively, and is included within unsecured debt.

Summary of the carrying value and fair value of securities

The following table summarizes the carrying value and fair value of our securities by the contractual maturity date:

			Carrying Value						Fair Value
Due in 1 year			$	6,107					$	6,120
Due in 1 year through 5 years			142,208						142,208
Total			$	148,315					$	148,328

X

- 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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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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