XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property, net (Tables)
 9 Months Ended
Sep. 30, 2017
Real Estate [Abstract]  
Components of property
Property, net consists of the following:
 
September 30,
2017
 
December 31,
2016
Land
$
1,578,877

 
$
1,607,590

Buildings and improvements
6,412,728

 
6,511,741

Tenant improvements
613,854

 
622,878

Equipment and furnishings
184,379

 
177,036

Construction in progress
342,539

 
289,966

 
9,132,377

 
9,209,211

Less accumulated depreciation
(1,967,728
)
 
(1,851,901
)
 
$
7,164,649

 
$
7,357,310
Assets measured on a nonrecurring basis
The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the three and nine months ended September 30, 2017 and 2016 as described above:
 
 
Total Fair Value Measurement
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Unobservable Inputs
 
Significant Unobservable Inputs
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
2017
 
$
11,500

 
$
—

 
$
11,500

 
$
—

2016
 
$
66,000

 
$
—

 
$
—

 
$
66,000
Quantitative information on level 3 real estate
The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of September 30, 2016:
Terminal capitalization rate
 
 
7.0% - 8.0%
 
Discount rate
 
 
8.0% - 9.5%
 
Market rents per square foot
 
 
$5.75 - $20.00