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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, aggregated by the level in the fair value hierarchy within which those instruments fall.

(In thousands)		Quoted Prices in Active Markets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Total
September 30, 2018
Cross currency swaps, net (GBP & EUR)		$	—			$	1,170			$	—			$	1,170
Foreign currency forwards, net (GBP & EUR)		$	—			$	2,797			$	—			$	2,797
Interest rate swaps, net (GBP & EUR)		$	—			$	3,369			$	—			$	3,369
Put options (GBP & EUR)		$	—			$	34			$	—			$	34
2018 OPP (see Note 12)		$	—			$	—			$	27,600			$	27,600
December 31, 2017
Cross currency swaps, net (GBP & EUR)		$	—			$	(4,511	)		$	—			$	(4,511	)
Foreign currency forwards, net (GBP & EUR)		$	—			$	(2,737	)		$	—			$	(2,737	)
Interest rate swaps, net (GBP & EUR)		$	—			$	(6,450	)		$	—			$	(6,450	)
Put options (GBP & EUR)		$	—			$	63			$	—			$	63
2015 OPP (see Note 12)		$	—			$	—			$	(1,600	)		$	(1,600	)

Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances for the changes in the instrument with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2018:

(In thousands)		2018 OPP				2015 OPP
Beginning Balance as of December 31, 2017		$	—			$	1,600
Fair value adjustment		27,600				(1,600		)
Ending balance as of September 30, 2018		$	27,600			$	—

Fair Value, by Balance Sheet Grouping

The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below.

				September 30, 2018								December 31, 2017
(In thousands)		Level		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Mortgage notes payable (1) (2) (3)		3		$	983,634			$	982,535			$	988,490			$	963,751
Revolving Credit Facility (4)		3		$	455,556			$	457,538			$	298,909			$	297,890
Term Loan (4)		3		$	282,463			$	286,623			$	229,905			$	233,916

__________________________________________________________

⁽¹⁾  Carrying value includes $1.0 billion gross mortgage notes payable and $0.7 million mortgage discounts, net as of September 30, 2018.

⁽²⁾  Carrying value includes $1.0 billion gross mortgage notes payable and $1.9 million mortgage discounts, net as of December 31, 2017.

⁽³⁾  Mortgage notes payable are presented net of deferred financing costs of $8.4 million and $5.5 million as of September 30, 2018 and December 31, 2017, respectively.

⁽⁴⁾  Both facilities are part of the Credit Facility (see Note 5 — Credit Facilities for more information).

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-SubTopic 10
-Section 50
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Tabular disclosure of the fair value measurement of financial instruments classified in shareholders' equity using significant unobservable inputs (level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of level 3 (for example, transfers due to changes in the observability of significant inputs) by class of equity.

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Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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