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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2019 and 2018 consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of December 31, 2019 and 2018. There were no financial liabilities measured at fair value as of December 31, 2019 and 2018.
 
 
As of December 31, 2019
(Amounts in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
14,409

 
$
14,409

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
As of December 31, 2018
(Amounts in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
23,166

 
$
23,166

 
$
—

 
$
—
Fair Value, by Balance Sheet Grouping The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2019 and 2018.
 
 
As of December 31, 2019
 
As of December 31, 2018
 
Carrying
 
Fair
 
Carrying
 
Fair
(Amounts in thousands)
Amount
 
Value
 
Amount
 
Value
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
263,688

 
$
263,688

 
$
173,858

 
$
173,858

Liabilities:
 
 
 
 
 
 
 
Mortgages payable (excluding deferred debt issuance costs, net)
$
974,836

 
$
974,000

 
$
974,836

 
$
969,000