XML 48 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2019
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:
 
 
March 31, 2019
 
December 31, 2018
 
 
Carrying
Amounts
 
Fair
Value
 
Carrying
Amounts
 
Fair
Value
 
 
Secured loans
$
7,207

 
$
7,172

 
$
7,217

 
$
7,072

 
Notes payable
3,437,469

 
3,462,929

 
3,436,014

 
3,372,418

 
Unsecured Credit Facility and term loans
1,428,389

 
1,436,953

 
1,442,632

 
1,452,382

 
Total debt obligations, net
$
4,873,065

 
$
4,907,054

 
$
4,885,863

 
$
4,831,872

 
 
 
 
 
 
 
 
 
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 March 31, 2019
 
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)
$
29,634

 
$
1,535

 
$
28,099

 
$
—

Interest rate derivatives
$
12,788

 
$
—

 
$
12,788

 
$
—

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Interest rate derivatives
$
(6,786
)
 
$
—

 
$
(6,786
)
 
$
—

 
 
 
 
 
 
 
 
 
Fair Value Measurements as of December 31, 2018
 
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)
$
30,243

 
$
1,756

 
$
28,487

 
$
—

Interest rate derivatives
$
18,630

 
$
—

 
$
18,630

 
$
—

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Interest rate derivatives
$
(2,571
)
 
$
—

 
$
(2,571
)
 
$
—

(1) 
As of March 31, 2019 and December 31, 2018, marketable securities included less than $0.1 million of net unrealized gains and $0.1 million of net unrealized losses, respectively. As of March 31, 2019, the contractual maturities of the Company’s marketable securities are within the next five years.

Fair Value Measurements, Nonrecurring
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 non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the three months ended March 31, 2019 and during the year ended December 31, 2018, excluding the properties sold prior to March 31, 2019 and December 31, 2018, respectively:
 
Fair Value Measurements as of March 31, 2019
 
 
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Impairment of Real Estate Assets
Assets:
 
 
 
 
 
 
 
 
 
Properties(1)
$
9,700

 
$
—

 
$
—

 
$
9,700

 
$
3,112

 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements as of December 31, 2018
 
 
 
Balance
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Impairment of Real Estate Assets
Assets:
 
 
 
 
 
 
 
 
 
Properties(2)(3)(4)
$
31,725

 
$
—

 
$
—

 
$
31,725

 
$
16,303


(1) 
The carrying value of the property remeasured to fair value based upon offers from third-party buyers during the three months ended March 31, 2019 is $9.7 million related to Brice Park.
(2) 
Excludes properties disposed of prior to December 31, 2018.
(3) 
The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2018 includes $26.1 million related to Westview Center.
(4) 
The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2018 includes: (i) $2.9 million related to Skyway Plaza and (ii) $2.7 million related to Covington Gallery. The capitalization rates (ranging from 9.0% to 9.3%) and discount rates (ranging from 6.0% to 10.4%) which were utilized in the discounted cash flow analyses were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment.