XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis:
| Fair Value Measurements as of
Cash Flow Hedges: (a) | December 31, 2020 |  | December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Derivative interest rate assets (b) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,057 |  |  | $ | — |
Derivative interest rate liabilities (c) | — |  |  | $ | (12,449) |  |  | — |  |  | — |  |  | — |  |  | — |
(a)During the twelve months subsequent to December 31, 2020, an estimated $4,221 of derivative interest rate liabilities recognized in accumulated comprehensive (loss) income will be reclassified into earnings. (b)Recognized as a part of deferred costs and other assets, net, on the consolidated balance sheets. (c)Recognized as a part of other liabilities on the consolidated balance sheets. Level 1 At December 31, 2020 and 2019, the Company had no level one recurring fair value measurements. Level 2 To calculate the fair value of the derivative interest rate instruments, the Company primarily uses quoted prices for similar contracts and inputs based on data that are observed in the forward yield curve that is widely observable in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements that utilize Level 3 inputs, such as estimates of current credit spreads. As of December 31, 2020 and 2019, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Level 3 At December 31, 2020 and 2019, the Company had no level three recurring fair value measurements. Non-Recurring Measurements Investment Properties During the year ended December 31, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the consolidated statement of operations and comprehensive (loss) income as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. This property was disposed of on May 1, 2020. During the year ended December 31, 2019, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $2,359 on the consolidated statement of operations and comprehensive (loss) income as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. This property was disposed of on September 25, 2019. During the year ended December 31, 2018, the Company identified three retail properties that had reductions in the expected holding period and recorded an aggregate provision for asset impairment of $3,510 on the consolidated statement of operations and comprehensive (loss) income as a result of the fair values being lower than the properties' carrying values. The Company's fair values were based on executed sales contracts. Assets Held by Unconsolidated Entities During the year ended December 31, 2020, the Company identified one retail property within the IAGM joint venture that had a reduction in its expected holding period by the joint venture and recorded a provision for asset impairment of $11,015. A discounted cash flow model was utilized to estimate the fair value of this retail property. This cash flow model consisted of unobservable inputs such as forecasted revenues and expenses and estimated net disposition proceeds at the end of the hold period, based on market conditions and expected growth rates. A 8.50% terminal capitalization rate and a discount rate of 9.50% was utilized in the model based upon observable rates that the Company believed to be within a reasonable range of then current market rates, based on the nature of the underlying investment and associated risks. The Company recognized its' share of this provision for asset impairment of $6,059 on its consolidated statement of operations and comprehensive (loss) income as part of equity in (losses) earnings and (impairment), net, for the year ended December 31, 2020. Unconsolidated Entities During the year ended December 31, 2018, the Company evaluated its investment in DRV for potential other-than-temporary impairment due to a reduction in expected holding period. The Company obtained a third-party independent appraisal to assist in establishing a range of estimated fair values of the underlying assets as of December 31, 2018. The appraisal utilized a discounted cash flow model, which included inflows and outflows over a specific holding period. The cash flows consisted of unobservable inputs such as forecasted revenues and expenses, based on market conditions and expected growth rates. Capitalization rates ranging from 5.00% to 8.00% and discount rates ranging from 10.00% to 35.00% were utilized in the model based upon observable rates that the Company believed to be within a reasonable range of then current market rates, based on the nature of the underlying investment and associated risks. As a result of the third party independent appraisal, the Company recorded an other-than-temporary impairment of $29,933 related to DRV on the consolidated statement of operations and comprehensive (loss) income for the year ended December 31, 2018. The following table summarizes activity for the Company’s assets measured at fair value on a non-recurring basis and the related impairment charges for the years ended December 31, 2020, 2019, and 2018:
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
| Level 3 |  | Impairment Loss |  | Level 3 |  | Impairment Loss |  | Level 3 |  | Impairment Loss
Investment properties | $ | 5,500 |  |  | $ | 9,002 |  |  | $ | 42,250 |  |  | $ | 2,359 |  |  | $ | 64,075 |  |  | $ | 3,510 |
Investment in unconsolidated entities | — |  |  | — |  |  | — |  |  | — |  |  | 30,049 |  |  | 29,933 |
Total |  |  | $ | 9,002 |  |  |  |  | $ | 2,359 |  |  |  |  | $ | 33,443 |
Financial Instruments Not Measured at Fair Value The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of December 31, 2020 and 2019:
| December 31, 2020 |  | December 31, 2019
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Mortgages payable | $ | 107,261 |  |  | $ | 106,494 |  |  | $ | 176,051 |  |  | $ | 178,937 |
Term loans | $ | 400,000 |  |  | $ | 400,055 |  |  | $ | 400,000 |  |  | $ | 400,020 |
Revolving line of credit | $ | 50,000 |  |  | $ | 50,032 |  |  | $ | — |  |  | $ | — |
The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.25% and 3.71% as of December 31, 2020 and 2019, respectively. The fair value estimate of the term loans approximate the carrying value due to limited market volatility in pricing. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 1.36% and 2.77% as of December 31, 2020 and 2019, respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration