Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value, Assets Measured on Recurring Basis

Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2018 and 2017 consist of marketable securities and an interest rate cap, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2018 and 2017.



	As of December 31, 2018
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	23,166	$	23,166	$	—	$	—
Interest rate cap (included in other assets)	—		—		—		—
Total assets	$	23,166	$	23,166	$	—	$	—

	As of December 31, 2017
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	35,156	$	35,156	$	—	$	—
Interest rate cap (included in other assets)	6		—		6		—
Total assets	$	35,162	$	35,156	$	6	$	—

Fair Value, by Balance Sheet Grouping

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2018 and 2017.



	As of December 31, 2018				As of December 31, 2017
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	173,858	$	173,858	$	273,914	$	273,914
Rego Park II loan participation	195,708		196,000		198,537		198,000
	$	369,566	$	369,858	$	472,451	$	471,914
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,170,544	$	1,165,000	$	1,252,440	$	1,239,000