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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of borrowings as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019				December 31, 2018
Fair value	$	2,470,068			$	2,467,317
Recorded value(1)	2,437,481				2,456,867

⁽¹⁾  Recorded value does not include net deferred financing expenses of $15.9 million and $18.0 million as of September 30, 2019 and December 31, 2018, respectively.

Fair Value, Liabilities Measured on Recurring Basis

The fair value measurements as of the measurement date that occurred during the nine months ended September 30, 2019, and during the year ended December 31, 2018, were as follows (in thousands):

	September 30, 2019										December 31, 2018
	Level 1			Level 2			Level 3				Level 1			Level 2			Level 3
Recurring
Derivative assets(1)	$	—		$	1,711		$	—			$	—		$	29,708		$	—
Derivative liability(1)	—			(28,281		)	—				—			(3,633		)	—
Earn-out liability	—			—			(32,000		)		—			—			(39,500		)
Nonrecurring
Impaired real estate assets, net(2)	—			192,225			—				—			71,991			—
Impaired corporate intangible asset, net(3)	—			—			4,401				—			—			—

⁽¹⁾  We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets.

⁽²⁾  The carrying value of impaired real estate assets may have subsequently increased or decreased after the measurement date due to capital improvements, depreciation, or sale.

⁽³⁾  The carrying value of our impaired corporate intangible asset, net has subsequently decreased after the measurement date due to amortization.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the change in the earn-out liability measured at fair value on a recurring basis using Level 3 inputs (in thousands):

	Earn-Out Liability
Balance at December 31, 2018	$	39,500
Change in fair value recognized in Other Income (Expense), Net	(7,500		)
Balance at September 30, 2019	$	32,000

Fair Value Measurements, Nonrecurring

We recorded the following expense as a result of the impaired real estate assets (in thousands):

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2019				2018				2019				2018
Impairment of real estate assets	$	35,710			$	16,757			$	74,626			$	27,696

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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