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Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Summary of assets and liabilities measured at fair value on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s liabilities that are measured at fair value on a recurring basis:


	March 31, 2022											December 31, 2021
	Fair Value Measurements Using											Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Interest rate derivative assets	$	7,665		$	—		$	7,665		$	—	$	1,257		$	—		$	1,257		$	—

Liabilities:
Interest rate derivative liabilities	$	7,613		$	—		$	7,613		$	—	$	26,452		$	—		$	26,452		$	—

Summary of assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		March 31, 2022				December 31, 2021
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,053,520	$	1,053,520	$	1,216,637	$	1,216,637
Accounts receivable, net (a)	Level 3	86,810		86,810		86,388		86,388
Notes receivable, net (b)	Level 3	7,192		7,192		7,561		7,561

Liabilities:
Fixed-rate debt (c)	Level 2	3,197,722		3,110,018		3,125,559		3,186,139
Variable-rate debt (c)	Level 2	1,524,830		1,524,830		1,513,857		1,513,857

(a)Accounts receivable, net is shown net of an allowance of $15.9 million at March 31, 2022, and $16.5 million at December 31, 2021. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an allowance of $0.1 million at March 31, 2022, and $0.2 million at December 31, 2021. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(c)Excludes related unamortized financing costs.

Summary of non-financial asset measured at fair value on a non-recurring basis

The below table includes non-financial assets that were measured at fair value on a non-recurring basis resulting in the properties being impaired:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2021
Century Park (a)	Strategic Developments	$	32,000	$	—	$	—	$	32,000

(a)The fair value was measured using weighted income and market valuation techniques as of the impairment date in the second quarter of 2021. Refer to Note 4 - Impairment for additional information.