Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Measurements [Abstract]

Fair Value Measurements

9.Fair Value Measurements

ASC820, Fair Value Measurements and Disclosuresdefines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheets as ofMarch 31, 2016 and December 31, 2015,consistof marketable securities, whichare presented in the table below based on their level in the fair value hierarchy and an interest rate cap, which fair valuewas zero as of March 31, 2016 and December 31, 2015.There were no financial liabilities measured at fair value as ofMarch 31, 2016and December 31, 2015.

9. Fair Value Measurements - continued
				As of March 31, 2016
	(Amounts in thousands)			Total		Level 1		Level 2		Level 3
		Marketable securities		$	42,414	$	42,414	$	-	$	-
			Total assets	$	42,414	$	42,414	$	-	$	-
				As of December 31, 2015
	(Amounts in thousands)			Total		Level 1		Level 2		Level 3
		Marketable securities		$	43,191	$	43,191	$	-	$	-
			Total assets	$	43,191	$	43,191	$	-	$	-

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents andmortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash equivalents is classified as Level 1 and the fair values of mortgages payable are classified as Level 2.The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2016 and December 31, 2015.

		As of March 31, 2016				As of December 31, 2015
		Carrying		Fair		Carrying		Fair
(Amounts in thousands)		Amount		Value		Amount		Value
Assets:
	Cash equivalents	$	222,929	$	222,929	$	226,476	$	226,476
Liabilities:
	Mortgages payable (excluding deferred debt issuance costs)	$	1,058,751	$	1,044,000	$	1,059,587	$	1,054,000