Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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 as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	24,355	$	—	$	24,355	$	—
Interest rate cap and swap agreements (included in Other assets)	97		—		97		—
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	40,737	$	—	$	40,737	$	—

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	28,570	$	—	$	28,570	$	—
Interest rate cap and swap agreements (included in Other assets)	28		—		28		—
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	61,217	$	—	$	61,217	$	—

Fair value, by balance sheet grouping

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021				December 31, 2020
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,052,110	(2)		$	1,076,542	(2)
Fixed rate debt	$	3,577,313	$	3,650,924	$	3,135,572	$	3,237,075
Variable rate debt	572,581		570,601		1,827,677		1,822,740
	$	4,149,894	$	4,221,525	$	4,963,249	$	5,059,815

(1)Amounts exclude net deferred financing costs.

(2)As of September 30, 2021, debt and preferred equity investments had an estimated fair value ranging between $0.9 billion and $1.1 billion. As of December 31, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion.