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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Assets and liabilities recurring and nonrecurring measured at fair value | The following table presents certain of our assets that are measured at fair value on a recurring basis at December 31, 2016 categorized by the level of inputs used in the valuation of each asset or liability.
|  |  |  |  |  |  |  | Significant
|  | Total as of |  | Quoted Prices in Active |  | Significant Other |  | Unobservable
|  | December 31, |  | Markets for Identical |  | Observable Inputs |  | Inputs
Description |  | 2016 |  | Assets (Level 1) |  | (Level 2) |  | (Level 3)
Recurring Fair Value Measurements |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Investments in available for sale securities (1) |  | $ | 115,612 |  |  | $ | 115,612 |  |  | $ | — |  |  | $ | — |
(1) | Our investments in available for sale securities include our 4,235,000 Five Star common shares and our 2,637,408 shares of RMR Inc. class A common stock. The fair values of these shares are based upon quoted prices at December 31, 2016 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the fourth quarter of 2016, we determined, based on the length of time and the extent to which the market value of our Five Star investment was below our carrying value, that the decline in fair value was other than temporary at December 31, 2016. Accordingly, we recorded a $2,795 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the fourth quarter of 2016. Our adjusted cost basis for our Five Star shares is $11,435 as of December 31, 2016. The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2016. The unrealized gain of $34,352 for our RMR Inc. shares as of December 31, 2016 is included in cumulative other comprehensive income (loss) in our consolidated balance sheets.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows:
|  | As of December 31, 2016 |  | As of December 31, 2015
Description |  | Carrying Amount (1) |  | Estimated Fair Value |  | Carrying Amount (1) |  | Estimated Fair Value
Senior unsecured notes |  | $ | 1,722,758 |  |  | $ | 1,755,715 |  |  | $ | 1,478,536 |  |  | $ | 1,548,613 |
Secured debt (2) |  | 1,106,183 |  |  | 1,090,515 |  |  | 667,138 |  |  | 712,459 |
|  | $ | 2,828,941 |  |  | $ | 2,846,230 |  |  | $ | 2,145,674 |  |  | $ | 2,261,072 |
(1) | Includes unamortized debt issuance costs, premiums and discounts.
(2) | We assumed certain of these secured debts in connection with our acquisitions of certain properties. We recorded the assumed mortgage debts at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage debts to reduce interest expense to the estimated market interest rates as of the date of acquisition.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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