Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2022 and December 31, 2021 consist of an interest rate swap which is presented in the tables below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of March 31, 2022 and December 31, 2021. There were no financial liabilities measured at fair value as of March 31, 2022 and December 31, 2021.


	As of March 31, 2022
	Total		Level 1		Level 2		Level 3
(Amounts in thousands)
Interest rate swap (included in other assets)	$	19,253	$	—	$	19,253	$	—


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

Financial Assets and Liabilities Not Measured at Fair Value

The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2022 and December 31, 2021.


	As of March 31, 2022				As of December 31, 2021
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	436,616	$	436,616	$	427,601	$	427,601
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,096,544	$	1,060,157	$	1,096,544	$	1,064,122