Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value

The following table summarizes the fair values of these financial assets and liabilities as of the dates set forth below, based on their levels in the fair value hierarchy.

	As of March 31, 2019
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities (included in "other assets")	$	27,976	$	27,976	$	-	$	-
Interest rate swap assets (included in "other assets")		9,074		-		9,074		-
Total assets	$	37,050	$	27,976	$	9,074	$	-

Interest rate swap liabilities (included in "other liabilities")	$	1,289	$	-	$	1,289	$	-
Total liabilities	$	1,289	$	-	$	1,289	$	-

	As of December 31, 2018
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities (included in "other assets")	$	22,660	$	22,660	$	-	$	-
Interest rate swap assets (included in "other assets")		16,859		-		16,859		-
Total assets	$	39,519	$	22,660	$	16,859	$	-

Interest rate swap liabilities (included in "other liabilities")	$	48	$	-	$	48	$	-
Total liabilities	$	48	$	-	$	48	$	-

Summary of Carrying Amounts and Fair Value of Financial Instruments

The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below.

	As of March 31, 2019				As of December 31, 2018
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Preferred equity investments ⁽¹⁾	$	-	$	-	$	36,042	$	36,339
Total assets	$	-	$	-	$	36,042	$	36,339

Notes and mortgages payable	$	3,599,800	$	3,643,892	$	3,599,800	$	3,617,961
Revolving credit facility		-		-		-		-
Total liabilities	$	3,599,800	$	3,643,892	$	3,599,800	$	3,617,961

⁽¹⁾	On March 1, 2019, the preferred equity investment was redeemed. See Note 5, Preferred Equity Investments.