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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
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 nine months ended September 30, 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 | $ | 160,740 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,740 |  |  | $ | 202,121 |
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 nine months ended September 30, 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 | $ | 42,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,100 |  |  | $ | 84,644 |
Schedule of Impairment on Real Estate Properties | During the nine months ended September 30, 2019, the Company recognized impairments of real estate of $202,121 related to five malls and one community center.
Impairment Date |  | Property |  | Location |  | Segment Classification |  | Loss on Impairment |  | Fair Value
March |  | Greenbrier Mall (1) |  | Chesapeake, VA |  | Malls |  | $ | 22,770 |  |  | $ | 56,300 |
March/April |  | Honey Creek Mall (2) |  | Terre Haute, IN |  | Malls |  | 2,045 |  |  | — |
June |  | The Forum at Grandview (3) |  | Madison, MS |  | All Other |  | 8,582 |  |  | — |
June |  | EastGate Mall (4) |  | Cincinnati, OH |  | Malls |  | 33,265 |  |  | 25,100 |
September |  | Mid Rivers Mall (5) |  | St. Peters, MO |  | Malls |  | 83,621 |  |  | 53,340 |
September |  | Laurel Park Place (6) |  | Livonia, MI |  | Malls |  | 52,067 |  |  | 26,000 |
January/March |  | Other adjustments (7) |  | Various |  | Malls |  | (229 | ) |  | — |
|  |  |  |  |  |  |  | $ | 202,121 |  |  | $ | 160,740 |
(1) | 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 in cash flows due to store closures and rent reductions. Additionally, one anchor was vacant as of the date of impairment. 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%.
(2) | During the quarter ended March 31, 2019, the Company adjusted the book value of the mall to the net sales price of $14,360 based on a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The mall was sold in April 2019 and $(239) was recorded related to a true-up of closing costs. See Note 6 for additional information.
(3) | The Company adjusted the book value to the net sales price of $31,559 based on a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The property was classified as held for sale at June 30, 2019 and was sold in July 2019. See Note 6 for additional information.
(4) | 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 $25,100. The mall has experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of EastGate 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 14.5% and a discount rate 15.0%.
(5) | 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 $53,340. The mall has experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Mid Rivers 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 12.5% and a discount rate 13.25%.
(6) | 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 $26,000. The mall has experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Laurel Park Place 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 13.5% and a discount rate 14.0%.
(7) Related to true-ups of estimated expenses to actual expenses for properties sold in prior periods. During the nine months ended September 30, 2018, the Company recognized impairments of real estate of $84,644 related to two malls and undeveloped land:
Impairment Date |  | Property |  | Location |  | Segment Classification |  | Loss on Impairment |  | Fair Value
March |  | Janesville Mall (1) |  | Janesville, WI |  | Malls |  | $ | 18,061 |  |  | $ | — |  | (2)
June |  | Cary Towne Center (3) |  | Cary, NC |  | Malls |  | 51,985 |  |  | 34,000 |  |
September |  | Vacant land (4) |  | D'Iberville, MS |  | All Other |  | 14,598 |  |  | 8,100 |  |
|  |  |  |  |  |  |  | $ | 84,644 |  |  | $ | 42,100 |  |
(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.
(2) | The long-lived asset was not included in the Company's condensed consolidated balance sheets at December 31, 2018 as the Company no longer had an interest in the property.
(3) | In June 2018, the Company was notified by IKEA that, as a result of a shift in its corporate strategy, it was terminating the contract to purchase land at the mall upon which it would develop and open a store. Under the terms of the interest-only non-recourse loan secured by the mall, the loan matures on the date the IKEA contract terminates if that date is prior to the scheduled maturity date of March 5, 2019. The Company engaged in conversations with the lender regarding a potential restructure of the loan. Based on the results of these conversations, the Company concluded that an impairment was required because it was unlikely to recover the asset's net carrying value through future cash flows. The Company wrote down the book value of the mall to its estimated fair value of $34,000. Management determined the fair value of Cary Towne Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a 10-year holding period, a capitalization rate of 12.0% and a discount rate of 13%. See Note 8 for additional information.
(4) In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of land to its estimated value of $8,100. The Company evaluated comparable land parcel transactions and determined that $8,100 was the land's estimated fair value.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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