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Disclosure About Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2011
Disclosure About Fair Value of Financial Instruments [Abstract] |
Disclosure About Fair Value of Financial Instruments | 8. Disclosure About Fair Value of Financial Instruments The following summarizes the three levels of inputs that we use to measure fair value, as well as the assets, noncontrolling interests in the Operating Partnership and liabilities that we recognize at fair value using those levels of inputs. Level 1. Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets are investments in marketable securities which we use to pay benefits under our non-qualified deferred compensation plan. Our Level 1 noncontrolling interests in the Operating Partnership relate to the ownership of Common Units by various individuals and entities other than the Company. Our Level 1 liability is our non-qualified deferred compensation obligation. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. We had no Level 2 assets or liabilities at both September 30, 2011 and December 31, 2010. Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our Level 3 assets are our tax increment financing bond, which is not routinely traded but whose fair value is determined using an estimate of projected redemption value based on quoted bid/ask prices for similar unrated municipal bonds, and real estate assets recorded at fair value on a non-recurring basis as a result of our quarterly impairment analysis, which were valued using broker opinions of value, substantiated by internal cash flow analyses. The following tables set forth the assets, noncontrolling interests in the Operating Partnership and liability that we measure at fair value by level within the fair value hierarchy. We determine the level based on the lowest level of substantive input used to determine fair value.
|  | September 30, 2011 |  | Level 1 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) |  | $ | 2,919 |  | $ | 2,919 |  | $ | — |
Tax increment financing bond (in prepaid expenses and other assets) |  |  | 15,828 |  |  | — |  |  | 15,828 |
Impaired real estate assets |  |  | 7,772 |  |  | — |  |  | 7,772 |
Total Assets |  | $ | 26,519 |  | $ | 2,919 |  | $ | 23,600 |
Noncontrolling Interests in the Operating Partnership |  | $ | 105,995 |  | $ | 105,995 |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) |  | $ | 2,919 |  | $ | 2,919 |  | $ | — |
|  | December 31, 2010 |  | Level 1 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) |  | $ | 3,479 |  | $ | 3,479 |  | $ | — |
Tax increment financing bond (in prepaid expenses and other assets) |  |  | 15,699 |  |  | — |  |  | 15,699 |
Total Assets |  | $ | 19,178 |  | $ | 3,479 |  | $ | 15,699 |
Noncontrolling Interests in the Operating Partnership |  | $ | 120,838 |  | $ | 120,838 |  | $ | — |
Liability: |  |  |  |  |  |  |  |  |  |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) |  | $ | 4,091 |  | $ | 4,091 |  | $ | — |
The following table sets forth our Level 3 asset:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Asset: |  |  |  |  |  |  |  |  |  |  |  |  |
Tax Increment Financing Bond |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 15,228 |  | $ | 17,017 |  | $ | 15,699 |  | $ | 16,871 |
Unrealized gain (in AOCL) |  |  | 600 |  |  | 325 |  |  | 129 |  |  | 471 |
Ending balance |  | $ | 15,828 |  | $ | 17,342 |  | $ | 15,828 |  | $ | 17,342 |
We own a tax increment financing bond associated with a property developed by us. This bond amortizes to maturity in 2020. The estimated fair value at September 30, 2011 was $2.4 million below the outstanding principal due on the bond. If the yield-to-maturity used to fair value this bond was 100 basis points higher or lower, the fair value of the bond would have been $0.6 million lower or higher, respectively, as of September 30, 2011. Currently, we intend to hold this bond and have concluded that we will not be required to sell this bond before recovery of the bond principal. Payment of the principal and interest for the bond is guaranteed by us and, therefore, we have recorded no credit losses related to the bond in the three and nine months ended September 30, 2011 and 2010. There is no legal right of offset with the liability, which we report as a financing obligation, related to this tax increment financing bond. The following table sets forth the carrying amounts and fair values of our financial instruments not disclosed elsewhere in this Quarterly Report on Form 10-Q:
|  | Carrying Amount |  | Fair Value |
September 30, 2011 |  |  |  |  |  |  |
Mortgages and notes receivable |  | $ | 18,706 |  | $ | 19,094 |
Mortgages and notes payable |  | $ | 1,893,981 |  | $ | 1,987,983 |
Financing obligations |  | $ | 32,775 |  | $ | 21,252 |
December 31, 2010 |  |  |  |  |  |  |
Mortgages and notes receivable |  | $ | 19,044 |  | $ | 19,093 |
Mortgages and notes payable |  | $ | 1,522,945 |  | $ | 1,581,518 |
Financing obligations |  | $ | 33,114 |  | $ | 23,880 |
The fair values of our mortgages and notes receivable, mortgages and notes payable and financing obligations were estimated using the income or market approaches to approximate the price that would be paid in an orderly transaction between market participants on the respective measurement dates. The carrying values of our cash and cash equivalents, restricted cash, accounts receivable, marketable securities of non-qualified deferred compensation plan, tax increment financing bond, non-qualified deferred compensation obligation and noncontrolling interests in the Operating Partnership are equal to or approximate fair value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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