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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 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
 
2017
 
Assets (Level 1)
 
(Level 2)
 
(Level 3)
Recurring Fair Value Measurements
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
        Investments in available for sale securities (1)
 
$
162,751

 
$
162,751

 
$
—

 
$
—

(1)
Our investments in available for sale securities include our 2,637,408 shares of RMR Inc. class A common stock and our 4,235,000 Five Star common shares. The fair values of these shares are based upon quoted prices at December 31, 2017 in active markets (Level 1 inputs). In performing our periodic evaluation of other than temporary impairment of our investment in Five Star for the second quarter of 2017, 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 June 30, 2017. Accordingly, we recorded a $5,082 loss on impairment to reduce the carrying value of our Five Star investment to its estimated fair value during the second quarter of 2017. Our adjusted cost basis for our Five Star shares is $6,353 as of December 31, 2017. The cost basis for our RMR Inc. shares is $69,826 as of December 31, 2017. The unrealized gain of $86,572 for our RMR Inc. shares as of December 31, 2017 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, 2017
 
As of December 31, 2016
Description
 
Carrying Amount (1)
 
Estimated Fair Value
 
Carrying Amount (1)
 
Estimated Fair Value
Senior unsecured notes
 
$
1,725,662

 
$
1,810,882

 
$
1,722,758

 
$
1,755,715

Secured debt (2)
 
794,710

 
783,353

 
1,106,183

 
1,090,515

 
 
$
2,520,372

 
$
2,594,235

 
$
2,828,941

 
$
2,846,230

(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.