Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2021 consist of an interest rate swap which is presented in the table below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of December 31, 2021. There were no financial liabilities measured at fair value as of December 31, 2021.


	As of December 31, 2021
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Interest rate swap (included in other assets)	$	7,545	$	—	$	7,545	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2020 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, 2020. Financial liabilities measured at fair value as of December 31, 2020 consist of an interest rate swap, which is presented in the table below based on its level in the fair value hierarchy.



	As of December 31, 2020
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	6,024	$	6,024	$	—	$	—
Liabilities:
Interest rate swap (included in other liabilities)	$	667	$	—	$	667	$	—

Fair Value, by Balance Sheet Grouping

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2021 and 2020.


	As of December 31, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	427,601	$	427,601	$	393,070	$	393,070
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,096,544	$	1,064,122	$	1,164,544	$	1,130,000