Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	22,353	$	—	$	22,353	$	—
Interest rate cap and swap agreements (included in Other assets)	10,052		—		10,052		—
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	5,795	$	—	$	5,795	$	—

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	24,146	$	—	$	24,146	$	—
Interest rate cap and swap agreements (included in Other assets)	1,896		—		1,896		—
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)	$	29,912	$	—	$	29,912	$	—

Fair value, by balance sheet grouping

The following table provides the carrying value and fair value of these financial instruments as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022				December 31, 2021
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,107,870	(2)		$	1,088,723	(2)
Fixed rate debt	$	3,321,239	$	3,322,000	$	3,274,324	$	3,336,463
Variable rate debt	813,478		813,040		801,051		800,672
	$	4,134,717	$	4,135,040	$	4,075,375	$	4,137,135

(1)Amounts exclude net deferred financing costs.

(2)As of March 31, 2022, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion. As of December 31, 2021, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion.