Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018, 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
March 31, 2019
Foreign currency forwards, net (GBP & EUR)	$	—	$	5,102		$	—		$	5,102
Interest rate swaps, net (GBP & EUR)	$	—	$	(4,156	)	$	—		$	(4,156	)
December 31, 2018
Foreign currency forwards, net (GBP & EUR)	$	—	$	5,472		$	—		$	5,472
Interest rate swaps, net (GBP & EUR)	$	—	$	(628	)	$	—		$	(628	)
2018 OPP ⁽¹⁾	$	—	$	—		$	(18,804	)	$	(18,804	)

⁽¹⁾Effective with the adoption of ASU 2018-07 on January 1, 2019, the 2018 OPP is no longer measured at fair market value on a recurring basis (see Note 2 — Summary of Significant Accounting Policies — Recently Issued Accounting Pronouncements and see Note 12 — Equity-Based Compensation for additional information).

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.



		March 31, 2019				December 31, 2018
(In thousands)	Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage notes payable ^{(1) (2)}	3	$	1,131,072	$	1,166,319	$	1,129,807	$	1,157,710
Revolving Credit Facility ⁽³⁾	3	$	260,409	$	261,532	$	363,894	$	365,591
Term Loan ^{(3) (4)}	3	$	273,414	$	278,271	$	278,727	$	283,558

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⁽¹⁾	Carrying value includes $1.1 billion gross mortgage notes payable less $0.5 million of mortgage discounts and $9.8 million of deferred financing costs as of March 31, 2019.


⁽²⁾	Carrying value includes $1.1 billion gross mortgage notes payable less $0.6 million of mortgage discounts and $9.7 million of deferred financing costs as of December 31, 2018.


⁽³⁾	Both the Revolving Credit Facility and the Term Loan are part of the Credit Facility (see Note 5 — Credit Facilities for more information).


⁽⁴⁾	Carrying value includes $276.5 million and $282.1 million gross Term Loan payable less $3.1 million and $3.3 million of deferred financing costs as of March 31, 2019 and December 31, 2018, respectively.