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Fair Value of Assets and Liabilities | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at March 31, 2017, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  |  |  |  | Fair Value at March 31, 2017 Using
|  |  |  | Quoted Prices in |  |  |  |
|  |  |  | Active Markets for |  | Significant Other |  | Significant
|  | Carrying Value at |  | Identical Assets |  | Observable Inputs |  | Unobservable Inputs
Description |  | March 31, 2017 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring Fair Value Measurement Assets: |  |  |  |  |  |
Investment in TA (1) |  | $ | 20,862 |  |  | $ | 20,862 |  |  | $ | — |  |  | $ | — |
Investment in RMR Inc.(2) |  | $ | 123,937 |  |  | $ | 123,937 |  |  | $ | — |  |  | $ | — |
(1) | Our 3,420,000 common shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of March 31, 2017. The unrealized gain of $3,455 for these shares as of March 31, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.
(2) | Our 2,503,777 shares of class A common stock of RMR Inc., which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $66,374 as of March 31, 2017. The unrealized gain of $57,563 for these shares as of March 31, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.
In addition to the investment securities included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, term loan, senior notes and security deposits. At March 31, 2017 and December 31, 2016, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follows:
|  | March 31, 2017 |  | December 31, 2016
|  | Carrying |  | Fair |  | Carrying |  | Fair
|  | Value (1) |  | Value |  | Value (1) |  | Value
Senior Unsecured Notes, due 2018 at 6.70% |  | $ | 349,529 |  |  | $ | 354,758 |  |  | $ | 349,387 |  |  | $ | 358,740 |
Senior Unsecured Notes, due 2021 at 4.25% |  | 394,418 |  |  | 416,086 |  |  | 394,056 |  |  | 413,790 |
Senior Unsecured Notes, due 2022 at 5.00% |  | 493,490 |  |  | 532,308 |  |  | 493,187 |  |  | 527,945 |
Senior Unsecured Notes, due 2023 at 4.50% |  | 499,004 |  |  | 516,378 |  |  | 298,134 |  |  | 298,845 |
Senior Unsecured Notes, due 2024 at 4.65% |  | 347,180 |  |  | 359,217 |  |  | 347,079 |  |  | 348,523 |
Senior Unsecured Notes, due 2025 at 4.50% |  | 344,540 |  |  | 351,353 |  |  | 344,368 |  |  | 341,439 |
Senior Unsecured Notes, due 2026 at 5.25% |  | 339,979 |  |  | 366,930 |  |  | 339,697 |  |  | 354,772 |
Senior Unsecured Notes, due 2027 at 4.95% |  | 392,617 |  |  | 410,266 |  |  | — |  |  | — |
Convertible Unsecured Senior Notes, due 2027 at 3.8% |  | 47 |  |  | 47 |  |  | 8,478 |  |  | 8,599 |
Total financial liabilities |  | $ | 3,160,804 |  |  | $ | 3,307,343 |  |  | $ | 2,574,386 |  |  | $ | 2,652,653 |
(1) | Carrying value includes unamortized discounts and premiums and certain issuance costs.
At March 31, 2017, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). We estimated the fair value of our convertible senior notes using discounted cash flow analyses and currently prevailing market interest rates (Level 3 inputs) because no market quotes or other observable inputs for these notes were available at March 31, 2017 and December 31, 2016.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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