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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2021

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:


	June 30, 2021				December 31, 2020
	Carrying Amounts		Fair Value		Carrying Amounts		Fair Value

Notes payable	$	4,871,879	$	5,290,873	$	4,524,611	$	5,012,523
Unsecured Credit Facility and term loans	295,159		300,743		642,719		651,639
Total debt obligations, net	$	5,167,038	$	5,591,616	$	5,167,330	$	5,664,162

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 June 30, 2021
	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)	$	18,188	$	4,756	$	13,432	$	—


Liabilities:
Interest rate derivatives	$	(19,516)	$	—	$	(19,516)	$	—

	Fair Value Measurements as of December 31, 2020
	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)	$	19,548	$	980	$	18,568	$	—


Liabilities:
Interest rate derivatives	$	(28,225)	$	—	$	(28,225)	$	—

(1)As of June 30, 2021 and December 31, 2020, marketable securities included less than $0.1 million and $0.2 million of net unrealized gains, respectively. As of June 30, 2021, 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 six months ended June 30, 2021 and during the year ended December 31, 2020, excluding the properties sold prior to June 30, 2021 and December 31, 2020, respectively:


	Fair Value Measurements as of June 30, 2021
	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)(2)	$	18,091	$	—	$	—	$	18,091	$	431

	Fair Value Measurements as of December 31, 2020
	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(3)(4)(5)	$	27,184	$	—	$	—	$	27,184	$	11,544

(1)Excludes properties disposed of prior to June 30, 2021.

(2)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the six months ended June 30, 2021 includes $18.1 million related to Erie Canal Centre.

(3)Excludes properties disposed of prior to December 31, 2020.

(4)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2020 includes: (i) $14.0 million related to Northmall Centre; and (ii) $8.3 million related to The Pines Shopping Center.

(5)The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the investment.