Combined Guarantor Subsidiaries - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Condensed Financial Statements, Captions [Line Items]

Schedule of Assets Measured on a Nonrecurring Basis

The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges for the three months ended March 31, 2019:



			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 Loss on Impairment
Long-lived assets	$	70,800	$	—	$	—	$	70,800	$	24,825

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 three months ended March 31, 2018:



			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 Loss on Impairment
Long-lived assets	$	—	$	—	$	—	$	—	$	18,061

Schedule of Impairment on Real Estate Properties

During the three months ended March 31, 2019, the Company recognized an impairment total of $25,054 related to two malls.



Impairment Date	Property	Location	Segment Classification	Loss on Impairment			Fair Value
January/March	Other adjustments ⁽¹⁾	Various	Malls	(229		)	$	—
March	Greenbrier Mall ⁽²⁾	Chesapeake, VA	Malls	22,770			$	56,300
March	Honey Creek Mall ⁽³⁾	Terre Haute, IN	Malls	2,284			14,500
				$	24,825		$	70,800


(1)	Relates to closing costs incurred for the sale of properties during the three months ended March 31, 2019, that were impaired in prior periods.

(2)

In accordance with the Company's quarterly impairment process, the Company wrote down the book value of the mall to its estimated fair value of $56,300. The mall has experienced a decline of NOI due to store closures and rent reductions. Additionally, one anchor was vacant as of March 31, 2019. Management determined the fair value of Greenbrier Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 11.0% and a discount rate 11.5%.


(3)	The Company adjusted the book value of the mall to the net sales price of $14,500 based on a signed contract with a third party buyer, adjusted to reflect estimated disposition costs.

During the three months ended March 31, 2018, the Company recognized an impairment of real estate of $18,061 related to one mall:

Impairment Date

Property

Location

Segment

Classification

Loss on

Impairment

Fair

Value

March

Janesville Mall ⁽¹⁾

Janesville, WI

Malls

18,061

—

⁽²⁾


(1)	The Company adjusted the book value of the mall to the net sales price of $17,640 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The mall was sold in July 2018. See Note 6 for additional information.


(2)	The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2018 as the Company no longer had an interest in the property.

Guarantor Subsidiaries

Condensed Financial Statements, Captions [Line Items]

Schedule of Assets Measured on a Nonrecurring Basis

The following table sets forth information regarding the Combined Guarantor Subsidiaries' assets that are measured at fair value on a nonrecurring basis and related impairment charges for the three months ended March 31, 2019:



			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 Loss on Impairment
Long-lived assets	$	56,300	$	—	$	—	$	56,300	$	22,770

Schedule of Impairment on Real Estate Properties

During the three months ended March 31, 2019, the Combined Guarantor Subsidiaries recognized an impairment of $22,770 related to one mall.

Impairment Date

Property

Location

Segment

Classification

Loss on

Impairment

Fair

Value

March

Greenbrier Mall ⁽¹⁾

Chesapeake, VA

Malls

22,770

56,300

(1)

In accordance with the Combined Guarantor Subsidiaries' quarterly impairment process, the Combined Guarantor Subsidiaries wrote down the book value of the mall to its estimated fair value of $56,300. The mall has experienced a decline of NOI due to store closures and rent reductions. Additionally, one anchor was vacant as of March 31, 2019. Management determined the fair value of Greenbrier Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 11.0% and a discount rate 11.5%.