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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

		September 30, 2018												December 31, 2017
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Assets
Money Market Funds		$	106			$	—			$	—			$	3			$	—			$	—
Derivative financial instruments			—				15,115				—				—				4,402				—
Liabilities
Derivative financial instruments			—				361				—				—				1,467				—

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps for the periods presented (dollars in thousands):

										Strike Rate												Fair Value
Derivative Instrument		Aggregate Notional Amount				Effective Date		Maturity Date		Low						High				Balance Sheet Location		September 30, 2018				December 31, 2017
Core
Interest Rate Swaps		$	11,176			Dec 2012		Dec 2022			3.77	%		—			3.77	%		Other Liabilities		$	(361	)		$	(1,438	)
Interest Rate Swaps			386,334			Feb 2013 - Jul 2020		Nov 2018 - Jul 2030			1.24	%		—			3.77	%		Other Assets			12,755				4,076
		$	397,510																			$	12,394			$	2,638
Fund II
Interest Rate Swap		$	19,385			Oct 2014		Nov 2021			2.88	%		—			2.88	%		Other Assets		$	287			$	—
Interest Rate Swaps			—			Oct 2014		Nov 2021			2.88	%		—			2.88	%		Other Liabilities			—				(29	)
		$	19,385																			$	287			$	(29	)
Fund III
Interest Rate Cap		$	58,000			Dec 2016		Jan 2020			3.00	%		—			3.00	%		Other Assets		$	39			$	14
Fund IV
Interest Rate Swaps		$	72,074			Mar 2017 - Nov 2017		Mar 2020 - Dec 2022			1.82	%		—			2.11	%		Other Assets		$	1,728			$	295
Interest Rate Caps			108,900			July 2016 - Nov 2016		Aug 2019 - Dec 2019			3.00	%		—			3.00	%		Other Assets			43				17
		$	180,974																			$	1,771			$	312
Fund V
Interest Rate Swap		$	86,570			Jan 2018 - Jun 2018		Feb 2021 - Jun 2023			2.41	%		—			2.88	%		Other Assets		$	263			$	—
		$	86,570																			$	263			$	—
Total asset derivatives																						$	15,115			$	4,402
Total liability derivatives																						$	(361	)		$	(1,467	)

Financial statements of Income (Losses) Recognized Related to Cash Flow Hedges

The following table presents the location in the financial statements of the income (losses) recognized related to the Company’s cash flow hedges (in thousands):

		Nine Months Ended September 30,
		2018				2017
Amount of income (loss) recognized in other comprehensive income		$	12,576			$	(2,652	)
Amount of loss subsequently reclassified to earnings			417				2,637

Schedule of Other Financial Instruments Carrying Values and Fair values

The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):

						September 30, 2018								December 31, 2017
		Level				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Notes Receivable (a)			3			$	109,410			$	107,146			$	153,829			$	151,712
Mortgage and Other Notes Payable (a)			3				974,544				961,901				921,261				921,891
Investment in non-traded equity securities (b)			3				—				22,824				—				22,824
Unsecured notes payable and Unsecured line of credit (c)			2				517,325				517,352				517,125				515,330

(a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment.

(b) Represents Fund II’s cost-method investment in Albertson’s supermarkets ( Note 4 ).

(c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Topic 825
-SubTopic 10
-Section 50
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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