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Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value of the Company's Marketable Securities

The following table sets forth the fair value of our marketable securities as of September 30, 2022 and December 31, 2021:


	Fair Value (Level 1) (1)
	September 30, 2022		December 31, 2021
Description	(in thousands)
Marketable securities (2)	$	22,390	$	27,475

________________________

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

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

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 September 30, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value (1)		Carrying Value		Fair Value (1)
	(in thousands)
Liabilities
Secured debt, net	$	244,316	$	233,002	$	248,367	$	269,687
Unsecured debt, net	$	3,823,532	$	3,303,591	$	3,820,383	$	4,105,408

________________________

(1)Fair value calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

- 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.

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