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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
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.