Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2019
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities (included in "other assets")	$	21,639	$	21,639	$	-	$	-
Total assets	$	21,639	$	21,639	$	-	$	-

	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")⁽¹⁾		16,859		-		16,859		-
Total assets	$	39,519	$	22,660	$	16,859	$	-

Interest rate swap liabilities (included in "other liabilities")⁽¹⁾	$	48	$	-	$	48	$	-
Total liabilities	$	48	$	-	$	48	$	-

⁽¹⁾ On November 25, 2019, the interest rate swap assets and liabilities were terminated. See Note 8, Debt and Note 9, Derivative Instruments and Hedging Activities Investments.

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 December 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	$	3,809,643	$	3,848,266	$	3,599,800	$	3,617,961
Revolving credit facility		36,918		36,919		-		-
Total liabilities	$	3,846,561	$	3,885,185	$	3,599,800	$	3,617,961

⁽¹⁾ On March 1, 2019, the preferred equity investment was redeemed. See Note 6, Preferred Equity Investments.