Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	27,345	$	—	$	27,345	$	—
Interest rate cap and swap agreements (included in other assets)	$	81	$	—	$	81	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	72,466	$	—	$	72,466	$	—

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	29,887	$	—	$	29,887	$	—
Interest rate cap and swap agreements (included in other assets)	$	4,419	$	—	$	4,419	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	29,110	$	—	$	29,110	$	—

Fair value, by balance sheet grouping

The following table provides the carrying value and fair value of these financial instruments as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020				December 31, 2019
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,221,936	(2)		$	1,580,306	(2)
Fixed rate debt	$	3,379,743	$	3,438,487	$	3,536,286	$	3,642,770
Variable rate debt	2,809,915		2,803,392		2,018,434		2,018,714
	$	6,189,658	$	6,241,879	$	5,554,720	$	5,661,484

(1) Amounts exclude net deferred financing costs.

(2)

At June 30, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.1 billion and $1.2 billion. At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.7 billion.