Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2021 consist of marketable securities and an interest rate swap, 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 September 30, 2021. There were no financial liabilities measured at fair value as of September 30, 2021.


	As of September 30, 2021
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	9,435	$	9,435	$	—	$	—
Interest rate swap (included in other assets)	3,960		—		3,960		—
	$	13,395	$	9,435	$	3,960	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2020 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, 2020. Financial liabilities measured at fair value as of December 31, 2020 consist of an interest rate swap, which is presented in the table below based on its level in the fair value hierarchy.


	As of December 31, 2020
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	6,024	$	6,024	$	—	$	—
Liabilities:
Interest rate swap (included in other liabilities)	$	667	$	—	$	667	$	—

Financial Assets and Liabilities Not Measured at Fair Value

The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2021 and December 31, 2020.


	As of September 30, 2021				As of December 31, 2020
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	412,592	$	412,592	$	393,070	$	393,070
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,164,544	$	1,130,000	$	1,164,544	$	1,130,000