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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Assets and Liabilities | The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2015 and 2014:
|  |  | Fair Value Measurements at Reporting Date Using
| Fair Value at December 31, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | 434 |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |
|  |  | Fair Value Measurements at Reporting Date Using
| Fair Value at December 31, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Available-for-sale securities | $ | 20,512 |  |  | $ | 20,512 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 2,226 |  |  | $ | — |  |  | $ | 2,226 |  |  | $ | — |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company’s assets that were measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2015 and 2014:
|  |  | Fair Value Measurements at Reporting Date Using |  |
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Losses
2015: |  |  |  |  |  |  |  |  |
Long-lived assets | $ | 125,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 125,000 |  |  | $ | 104,900 |
2014: |  |  |  |  |  |  |  |  |
Long-lived assets | $ | 69,103 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,103 |  |  | $ | 17,753 |
Schedule of Changes in Level 3 | A reconciliation of Chesterfield Mall's carrying value for the year ended December 31, 2015 is as follows:
|  |  |  |  | Chesterfield Mall (1)
Beginning carrying value, January 1, 2015 |  |  |  |  | $ | 234,422 |
Capital expenditures |  |  |  |  | 552 |
Depreciation expense |  |  |  |  | (10,005 | )
Loss on impairment of real estate |  |  |  |  | (99,969 | )
Ending carrying value, December 31, 2015 |  |  |  |  | $ | 125,000 |
(1) | The revenues of Chesterfield Mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015.
A reconciliation of each Property's carrying values for the year ended December 31, 2013 is as follows:
| Madison Square (1) |  | Citadel Mall (2) |  | Total
Beginning carrying value, January 1, 2013 | $ | 57,231 |  |  | $ | 45,178 |  |  | $ | 102,409 |
Capital expenditures | 5 |  |  | 262 |  |  | 267 |
Depreciation expense | (2,024 | ) |  | (1,380 | ) |  | (3,404 | )
Loss on impairment of real estate | (47,212 | ) |  | (20,453 | ) |  | (67,665 | )
Ending carrying value, December 31, 2013 | $ | 8,000 |  |  | $ | 23,607 |  |  | $ | 31,607 |
(1) | The revenues of Madison Square accounted for approximately 0.7% of total consolidated revenues for the year ended December 31, 2013.
(2) | The revenues of Citadel Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2013.
A reconciliation of each Property's carrying values for the year ended December 31, 2014 is as follows:
| Chapel Hill Mall (1) |  | Lakeshore Mall (2) |  | Pemberton Plaza (3) |  | Total
Beginning carrying value, January 1, 2014 | $ | 66,120 |  |  | $ | 19,127 |  |  | $ | 2,541 |  |  | $ | 87,788 |
Capital expenditures | — |  |  | 12 |  |  | 31 |  |  | 43 |
Disposals | (33 | ) |  | — |  |  | (125 | ) |  | (158 | )
Depreciation expense | (1,809 | ) |  | (320 | ) |  | (64 | ) |  | (2,193 | )
Net sales proceeds | — |  |  | (13,613 | ) |  | (1,886 | ) |  | (15,499 | )
Other | (1,961 | ) |  | — |  |  | — |  |  | (1,961 | )
Non-recourse debt | (68,563 | ) |  | — |  |  | — |  |  | (68,563 | )
Loss on impairment of real estate | (12,050 | ) |  | (5,206 | ) |  | (497 | ) |  | (17,753 | )
Gain on extinguishment of debt | 18,296 |  |  | — |  |  | — |  |  | 18,296 |
Ending carrying value, December 31, 2014 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1) | The revenues of Chapel Hill Mall accounted for approximately 0.4% of total consolidated revenues for the year ended December 31, 2014.
(2) | The revenues of Lakeshore Mall accounted for approximately 0.2% of total consolidated revenues for the year ended December 31, 2014.
(3) | The revenues of Pemberton Plaza accounted for approximately 0.0% of total consolidated revenues for the year ended December 31, 2014.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + 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=36462937&loc=d3e19296-110258 + Details
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