Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 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 December 31, 2020 and 2019:

	Fair Value (Level 1) (1)
	2020		2019
Description	(in thousands)
Marketable securities (2)	$	27,481	$	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 (loss) gain on marketable securities

The following table sets forth the net gain (loss) on marketable securities recorded during the years ended December 31, 2020, 2019 and 2018:

	December 31,
	2020		2019		2018
Description	(in thousands)
Net gain (loss) on marketable securities	$	2,864	$	3,885	$	(1,851)

Carrying value and fair value of other financial instruments

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

	December 31,
	2020				2019
	Carrying Value		Fair Value (1)		Carrying Value		Fair Value (1)
	(in thousands)
Liabilities
Secured debt, net	$	253,582	$	282,559	$	258,593	$	272,997
Unsecured debt, net	3,670,099		4,089,339		3,049,185		3,252,217
Unsecured line of credit	—		—		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.