Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value, Assets Measured on Recurring Basis

Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2017 and 2016 consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of December 31, 2017 and 2016. There were no financial liabilities measured at fair value as of December 31, 2017 and 2016.



	As of December 31, 2017
(Amounts in thousands)	Total		Level 1		Level 2	Level 3
Marketable securities	$	35,156	$	35,156	—	—

	As of December 31, 2016
(Amounts in thousands)	Total		Level 1		Level 2	Level 3
Marketable securities	$	37,918	$	37,918	—	—

Fair Value, by Balance Sheet Grouping

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2017 and 2016.



	As of December 31, 2017				As of December 31, 2016
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	273,914	$	273,914	$	256,370	$	256,370
Rego Park II loan participation	198,537		198,000		—		—
	472,451		471,914		256,370		256,370
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,252,440	$	1,239,000	$	1,056,147	$	1,045,000