XML 63 R22.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
1 4. | Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of marketable securities and interest rate swaps. The following table summarizes the fair values of these financial assets and liabilities as of the dates set forth below, based on their levels in the fair value hierarchy.
|  | As of December 31, 2019 |
(Amounts in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Marketable securities (included in "other assets") |  | $ | 21,639 |  |  | $ | 21,639 |  |  | $ | - |  |  | $ | - |
Total assets |  | $ | 21,639 |  |  | $ | 21,639 |  |  | $ | - |  |  | $ | - |
|  | As of December 31, 2018 |
(Amounts in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Marketable securities (included in "other assets") |  | $ | 22,660 |  |  | $ | 22,660 |  |  | $ | - |  |  | $ | - |
Interest rate swap assets (included in "other assets") (1) |  |  | 16,859 |  |  |  | - |  |  |  | 16,859 |  |  |  | - |
Total assets |  | $ | 39,519 |  |  | $ | 22,660 |  |  | $ | 16,859 |  |  | $ | - |
Interest rate swap liabilities (included in "other liabilities") (1) |  | $ | 48 |  |  | $ | - |  |  | $ | 48 |  |  | $ | - |
Total liabilities |  | $ | 48 |  |  | $ | - |  |  | $ | 48 |  |  | $ | - |
(1) On November 25, 2019, the interest rate swap assets and liabilities were terminated. See Note 8, Debt and Note 9, Derivative Instruments and Hedging Activities Investments. Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheet consist of real estate assets that have been written down to estimated fair value and are classified as Level 3 within the fair value hierarchy. Our estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. In the year ended December 31, 2019, in accordance with ASC 360-10, we recorded an impairment loss of $42,000,000, which is included as “real estate impairment loss” on our consolidated statement of income for the year ended December 31, 2019. The estimated fair value of real estate assets on our consolidated balance sheet as of December 31, 2019 was $94,251,000. Financial Assets and Liabilities Not Measured at Fair Value Financial assets and liabilities not measured at fair value on our consolidated balance sheets consists of preferred equity investments, notes and mortgages payable and the revolving credit facility. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below.
| As of December 31, 2019 |  |  | As of December 31, 2018 |
(Amounts in thousands) | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Preferred equity investments (1) | $ | - |  |  | $ | - |  |  | $ | 36,042 |  |  | $ | 36,339 |
Total assets | $ | - |  |  | $ | - |  |  | $ | 36,042 |  |  | $ | 36,339 |
Notes and mortgages payable | $ | 3,809,643 |  |  | $ | 3,848,266 |  |  | $ | 3,599,800 |  |  | $ | 3,617,961 |
Revolving credit facility |  | 36,918 |  |  |  | 36,919 |  |  |  | - |  |  |  | - |
Total liabilities | $ | 3,846,561 |  |  | $ | 3,885,185 |  |  | $ | 3,599,800 |  |  | $ | 3,617,961 |
(1) On March 1, 2019, the preferred equity investment was redeemed. See Note 6, Preferred Equity Investments.

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