Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of March 31, 2020 and December 31, 2019:

	Fair Value (Level 1) (1)
	March 31, 2020		December 31, 2019
Description	(in thousands)
Marketable securities (2)	$	19,984	$	27,098

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(1) Based on quoted prices in active markets for identical securities.

(2) The marketable securities are held in a limited rabbi trust.

Net gain (loss) on marketable securities

The following table sets forth the net gain (loss) on marketable securities recorded during the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019
Description	(in thousands)
Net (loss) gain on marketable securities	$	(3,226	)	$	1,681

Carrying value and fair value of company's remaining financial instruments

The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2020 and December 31, 2019:

	March 31, 2020				December 31, 2019
	Carrying Value		Fair Value (1)		Carrying Value		Fair Value (1)
	(in thousands)
Liabilities
Secured debt, net	$	257,359	$	236,984	$	258,593	$	272,997
Unsecured debt, net	$	3,050,103	$	3,247,796	$	3,049,185	$	3,252,217
Unsecured line of credit	$	380,000	$	380,908	$	245,000	$	245,195

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(1)

Fair value calculated using Level II inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.