Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2019 and 2018 (in thousands):

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	29,887	$	—	$	29,887	$	—
Interest rate cap and swap agreements (included in other assets)	$	4,419	$	—	$	4,419	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	29,110	$	—	$	29,110	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	28,638	$	—	$	28,638	$	—
Interest rate cap and swap agreements (included in other assets)	$	18,676	$	—	$	18,676	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	7,663	$	—	$	7,663	$	—

Fair Value, by Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of December 31, 2019 and December 31, 2018 (in thousands):

	December 31, 2019				December 31, 2018
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,580,306	(2)		$	2,099,393	(2)
Fixed rate debt	$	3,536,286	$	3,642,770	$	3,543,476	$	3,230,127
Variable rate debt	2,018,434		2,018,714		2,048,442		2,057,966
	$	5,554,720	$	5,661,484	$	5,591,918	$	5,288,093

(1) Amounts exclude net deferred financing costs.

(2)

At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.7 billion. At December 31, 2018, debt and preferred equity investments had an estimated fair value ranging between $2.1 billion and $2.3 billion.