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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Debt Securities, Available-for-sale Measured at Fair Value

The following table sets forth information regarding the Company’s AFS securities that were measured at fair value for the nine months ended September 30, 2020:

AFS Security		Amortized Cost				Allowance for credit losses (1)				Total unrealized gains/(losses)				Fair Value
U.S. Treasury securities		$	151,762			$	—			$	33			$	151,795

(1) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S Treasury securities for the three and nine months ended September 30, 2020.

Schedule of Assets Measured at Fair Value on 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, 2020:

						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
2020:
Long-lived assets		$	166,900			$	—			$	—			$	166,900			$	146,964

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, 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
2019:
Long-lived assets		$	160,740			$	—			$	—			$	160,740			$	202,121

Schedule of Impairment on Real Estate Properties

During the nine months ended September 30, 2020, the Company recognized impairments of real estate of $146,964 related to three malls and one vacant land parcel.

Impairment Date

Property

Location

Segment Classification

Loss on Impairment

Fair Value

March

Burnsville Center (1)

Burnsville, MN

Malls

$

26,562

$

47,300

March

Monroeville Mall (2)

Pittsburgh, PA

Malls

107,082

67,000

June

Asheville Mall (3)

Asheville, NC

Malls

13,274

52,600

July

Vacant land

Pittsburgh, PA

Malls

46

—

$

146,964

$

166,900

(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 $47,300. The mall had experienced a decline of NOI due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Burnsville Center 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 of 15.5%.

(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 $67,000. The mall had experienced a decline of NOI due to store closures and rent reductions. Management determined the fair value of Monroeville 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 14.0% and a discount rate of 14.5%.

(3) 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 $52,600. The mall had experienced a decline of NOI due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Asheville 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 13.25% and a discount rate of 14.0%.

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. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. 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 11.5% and a discount rate of 11.5%.

(2) 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.

(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 sold in July 2019.

(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 had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. 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 of 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 of 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 of 14.0%.

(7) Related to true-ups of estimated expenses to actual expenses for properties sold in prior periods.

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Schedule of Impairment on Real Estate Properties [Table Text Block]

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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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).

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