XML 15 R21.htm IDEA: XBRL DOCUMENT
v3.19.3

Fair Value of Financial Instruments | 9 Months Ended
--- | ---
Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: •Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; •Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and •Level 3: prices or valuation techniques where little or no market data is available that require inputs that are both significant to the fair value measurement and unobservable. The Company’s financial assets and liabilities measured and reported at fair value on a recurring basis include the following as of:
|  | September 30, 2019 |  |  |  |  |  |  |  | December 31, 2018 |  |  |  |  |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets(1) |  | $ | — |  |  | $ | 655 |  |  | $ | — |  |  | $ | 655 |  |  | $ | — |  |  | $ | 16,687 |  |  | $ | — |  |  | $ | 16,687 |
Derivative liabilities(2) |  | $ | — |  |  | $ | (2,741) |  |  | $ | — |  |  | $ | (2,741) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-real estate investments(1) |  | $ | — |  |  | $ | 5,545 |  |  | $ | — |  |  | $ | 5,545 |  |  | $ | — |  |  | $ | 2,713 |  |  | $ | — |  |  | $ | 2,713 |
___________ 1.Included in the prepaid expenses and other assets, net line item on the Consolidated Balance Sheets. 2.Included in the accounts payable, accrued liabilities and other line item on the Consolidated Balance Sheets. Other Financial Instruments The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. Fair value for investment in U.S. Government securities are estimates based on Level 1 inputs. Fair values for debt are estimated based on rates currently prevailing for similar instruments of similar maturities using Level 2 inputs. The table below represents the carrying value and fair value of the Company’s investment in securities and debt as of:
| September 30, 2019 |  |  |  | December 31, 2018 |  |
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets |  |  |  |  |  |  |
U.S. Government securities | $ | 142,268 |  |  | $ | 147,355 |  |  | $ | 146,880 |  |  | $ | 147,686 |
Liabilities |  |  |  |  |  |  |
Unsecured debt(1)(2) | $ | 2,381,581 |  |  | $ | 2,456,220 |  |  | $ | 2,274,352 |  |  | $ | 2,227,265 |
Secured debt(1) | $ | 364,960 |  |  | $ | 363,762 |  |  | $ | 365,381 |  |  | $ | 354,109 |
In-substance defeased debt | $ | 135,846 |  |  | $ | 136,625 |  |  | $ | 138,223 |  |  | $ | 135,894 |
Joint venture partner debt | $ | 66,136 |  |  | $ | 70,416 |  |  | $ | 66,136 |  |  | $ | 66,136 |
_________________ 1.Amounts represent debt excluding net deferred financing costs. 2.The registered senior notes were issued at a discount/premium resulting in a net premium, including amortization, of $1.6 million and a discount, including amortization, of $0.6 million at September 30, 2019 and December 31, 2018, respectively.

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 financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration