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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair value of financial instruments Fair Value of Financial Instruments
The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

•Level 3: prices or valuation techniques where little or no market data is available that require inputs that are both significant to the fair value measurement and unobservable.

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:
June 30, 2020December 31, 2019
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative assets(1)
$—  $—  $—  $—  $—  $479  $—  $479  
Derivative liabilities(2)
$—  $(13,710) $—  $(13,710) $—  $(1,791) $—  $(1,791) 
Non-real estate investments(1)
$—  $6,101  $—  $6,101  $—  $5,545  $—  $5,545  
___________ 
1.Included in the prepaid expenses and other assets, net line item on the Consolidated Balance Sheets.
2.Included in the accounts payable, accrued liabilities and other line item on the Consolidated Balance Sheets.
Other Financial Instruments 

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. Fair value for investment in U.S. Government securities are estimated based on Level 1 inputs. Fair values for debt are estimated based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs.

The table below represents the carrying value and fair value of the Company’s investment in securities and debt as of:
June 30, 2020December 31, 2019
Carrying Value
Fair Value
Carrying Value
Fair Value
ASSETS
U.S. Government securities$137,940  $144,569  $140,749  $144,589  
LIABILITIES
Unsecured debt(1)
$2,600,000  $2,638,996  $2,475,000  $2,540,606  
Secured debt(1)
$398,350  $392,238  $370,459  $366,476  
In-substance defeased debt$133,387  $132,652  $135,030  $134,936  
Joint venture partner debt$66,136  $67,283  $66,136  $68,557  
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1.Amounts represent debt excluding net deferred financing costs.