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Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Debt Obligation
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
 
 
September 30, 2017
 
December 31, 2016
 
 
Carrying
Amounts
 
Fair
Value
 
Carrying
Amounts
 
Fair
Value
 
 
Secured loans
$
932,589

 
$
989,296

 
$
1,337,094

 
$
1,410,698

 
Notes payable
3,181,182

 
3,231,275

 
2,291,954

 
2,302,048

 
Unsecured Credit Facility and Term Loans
1,599,917

 
1,611,802

 
2,209,841

 
2,223,807

 
Total debt obligations, net
$
5,713,688

 
$
5,832,373

 
$
5,838,889

 
$
5,936,553
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis:
 
Fair Value Measurements as of September 30, 2017
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Marketable securities(1)
$
28,840

 
$
986

 
$
27,854

 
$
—

Interest rate derivatives
$
20,171

 
$
—

 
$
20,171

 
$
—

 
 
 
 
 
 
 
 
 
Fair Value Measurements as of December 31, 2016
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Marketable securities(1)
$
25,573

 
$
5,679

 
$
19,894

 
$
—

Interest rate derivatives
$
21,605

 
$
—

 
$
21,605

 
$
—

(1) 
As of September 30, 2017 and December 31, 2016 marketable securities included $0.1 million of net unrealized losses.
Schedule of Fair Value Measurements, Nonrecurring
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis. The table includes information related to properties remeasured to fair value as a result of impairment testing:
 
Fair Value Measurements as of September 30, 2017
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Properties(1)(2)
$
69,652

 
$
—

 
$
—

 
$
69,652

 
 
 
 
 
 
 
 
 
Fair Value Measurements as of December 31, 2016
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Properties(3)
$
285

 
$
—

 
$
—

 
$
285

(1) 
During the nine months ended September 30, 2017, the Company recognized $15.3 million of impairment based upon offers from third party buyers and $12.1 million of impairment based upon a discounted cash flow analysis. The discounted cash flow analysis included all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and future expectations. The capitalization rates (ranging from 7.0% to 8.5%) and discount rates (ranging from 7.9% to 9.5%) which were utilized in the analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment.
(2) 
The carrying value of properties remeasured to fair value during the nine months ended September 30, 2017 include: (i) $7.8 million related to The Plaza at Salmon Run, (ii) $1.9 million related to Smith's, (iii) $46.9 million related to The Manchester Collection, (iv) $4.7 million related to Lexington Road Plaza, (v) $3.8 million related to Shops at Seneca Mall, (vi) $2.2 million related to Remount Village Shopping Center, and (vii) $2.4 million related to Fashion Square.
(3) 
The carrying value of properties remeasured to fair value during the year ended December 31, 2016 include: (i) $0.1 million related to a parcel at Country Hills Shopping Center and (ii) $0.2 million related to Milford Center.