Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of September 30, 2021 and December 31, 2020:

	Fair Value (Level 1) (1)
	September 30, 2021		December 31, 2020
Description	(in thousands)
Marketable securities (2)	$	27,285	$	27,481

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(1)    Based on quoted prices in active markets for identical securities.

(2)    The marketable securities are held in a limited rabbi trust.

Net gain (loss) on marketable securities

The following table sets forth the net gain on marketable securities recorded during the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Description	(in thousands)				(in thousands)
Net gain on marketable securities	$	887	$	1,658	$	3,453	$	1,094

Carrying value and fair value of company's remaining financial instruments

The following table sets forth the carrying value and the fair value of our other financial instruments as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value (1)		Carrying Value		Fair Value (1)
	(in thousands)
Liabilities
Secured debt, net	$	249,690	$	275,498	$	253,582	$	282,559
Unsecured debt, net	$	3,673,183	$	4,039,411	$	3,670,099	$	4,089,339

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(1)Fair value calculated using Level II inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.