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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair value measurements, recurring and nonrecurring | The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2020 and December 31, 2019 (in thousands):
| September 30, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 27,734 |  |  | $ | — |  |  | $ | 27,734 |  |  | $ | — |
Interest rate cap and swap agreements (included in other assets) | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in other liabilities) | $ | 67,680 |  |  | $ | — |  |  | $ | 67,680 |  |  | $ | — |
| December 31, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Marketable securities | $ | 29,887 |  |  | $ | — |  |  | $ | 29,887 |  |  | $ | — |
Interest rate cap and swap agreements (included in other assets) | $ | 4,419 |  |  | $ | — |  |  | $ | 4,419 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest rate cap and swap agreements (included in other liabilities) | $ | 29,110 |  |  | $ | — |  |  | $ | 29,110 |  |  | $ | — |
Fair value, by balance sheet grouping | The following table provides the carrying value and fair value of these financial instruments as of September 30, 2020 and December 31, 2019 (in thousands):
| September 30, 2020 |  | December 31, 2019
| Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
Debt and preferred equity investments | $ | 1,153,363 |  |  | (2) |  | $ | 1,580,306 |  |  | (2)
Fixed rate debt | $ | 3,338,268 |  |  | $ | 3,427,731 |  |  | $ | 3,536,286 |  |  | $ | 3,642,770 |
Variable rate debt | 2,128,581 |  |  | 2,112,589 |  |  | 2,018,434 |  |  | 2,018,714 |
| $ | 5,466,849 |  |  | $ | 5,540,320 |  |  | $ | 5,554,720 |  |  | $ | 5,661,484 |
(1)Amounts exclude net deferred financing costs. (2)At September 30, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.04 billion and $1.15 billion. At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.58 billion and $1.74 billion.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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