Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:


	December 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivative assets (1)	$	—	$	5	$	—	$	5	$	—	$	479	$	—	$	479
Derivative liabilities(2)	$	—	$	(10,106)	$	—	$	(10,106)	$	—	$	(1,791)	$	—	$	(1,791)
Non-real estate investments(1)	$	—	$	4,088	$	—	$	4,088	$	—	$	5,545	$	—	$	5,545

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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

values for investment in U.S. Government securities are estimates based on Level 1 inputs. Fair values for debt are estimates 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:


	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
U.S. Government securities	$	135,115	$	140,270	$	140,749	$	144,589
Liabilities
Unsecured debt(1)	$	1,925,000	$	2,072,833	$	2,475,000	$	2,540,606
Secured debt(1)	$	1,507,276	$	1,503,960	$	370,459	$	366,476
In-substance defeased debt	$	131,707	$	131,633	$	135,030	$	134,936
Joint venture partner debt	$	66,136	$	68,346	$	66,136	$	68,557

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1.Amounts represent debt excluding net deferred financing costs.