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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 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 year ended December 31, 2020:
AFS Security |  | Amortized Cost |  |  | Allowance for credit losses (1) |  |  | Total unrealized gains/(losses) |  |  | Fair Value |
U.S. Treasury securities |  | $ | 233,053 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 233,071 |
(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 year ended December 31, 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 years ended December 31, 2020 and 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 |
2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets |  | $ | 268,830 |  |  | $ | — |  |  | $ | — |  |  | $ | 268,830 |  |  | $ | 213,358 |
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets |  | $ | 199,740 |  |  | $ | — |  |  | $ | — |  |  | $ | 199,740 |  |  | $ | 239,521 |
Schedule of Impairment on Real Estate Properties | During the year ended December 31, 2020, the Company recognized impairments of real estate of $213,358 related to six malls and one vacant land parcel. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information.
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 |  |  |  | — |  |
December |  | EastGate Mall (4) |  | Cincinnati, OH |  | Malls |  |  | 5,980 |  |  |  | 16,530 |  |
December |  | Greenbrier Mall (5) |  | Chesapeake, VA |  | Malls |  |  | 8,923 |  |  |  | 42,500 |  |
December |  | The Outlet Shoppes at Laredo (6) |  | Laredo, TX |  | Malls |  |  | 51,491 |  |  |  | 42,900 |  |
|  |  |  |  |  |  |  | $ | 213,358 |  |  | $ | 268,830 |  |
(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 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 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 in cash flows 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 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 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%.
(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 $16,530. The mall had experienced a decline in cash flows due to store closures and rent reductions. The Company expects to convey the property to the lender. 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 17.0% and a discount rate of 18.0%.
(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 $42,500. 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 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 12.5% and a discount rate of 13.0%.
(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 $42,900. 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 The Outlet Shoppes at Laredo 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 8.5% and a discount rate of 9.0%.
Long-lived Assets Measured at Fair Value in 2019 During the year ended December 31, 2019, the Company recognized impairments of real estate of $239,521 primarily related to six malls and one community center. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information.
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 |  |
December |  | Park Plaza Mall (7) |  | Little Rock, AR |  | Malls |  |  | 37,400 |  |  |  | 39,000 |  |
January/March |  | Other adjustments (8) |  | Various |  | Malls |  |  | (229 | ) |  |  | — |  |
|  |  |  |  |  |  |  | $ | 239,521 |  |  | $ | 199,740 |  |
(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. See Note 7 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 sold in July 2019. See Note 7 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 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 had 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) | 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 $39,000. 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 Park Plaza 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 13.0% and a discount rate of 14.0%.
(8) | Related to true-ups of estimated expenses to actual expenses for properties sold in prior periods.
Long-lived Assets Measured at Fair Value in 2018 During the year ended December 31, 2018, the Company recognized impairments of real estate of $174,529 primarily related to five malls and undeveloped land. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information.
Impairment Date |  | Property |  | Location |  | Segment Classification |  | Loss on Impairment |  |  | Fair Value |  |
March |  | Janesville Mall (1) |  | Janesville, WI |  | Malls |  | $ | 18,061 |  |  | $ | — |  | (2)
June/December |  | Cary Towne Center (3) |  | Cary, NC |  | Malls |  |  | 54,678 |  |  |  | 30,971 |  |
September |  | Vacant land (4) |  | D'Iberville, MS |  | All Other |  |  | 14,598 |  |  |  | 8,100 |  |
December |  | Acadiana Mall - Macy's & vacant land (5) |  | Lafayette, LA |  | Malls/All Other |  |  | 1,593 |  |  |  | 3,920 |  |
December |  | Eastland Mall (6) |  | Bloomington, IL |  | Malls |  |  | 36,525 |  |  |  | 26,450 |  |
December |  | Honey Creek Mall (7) |  | Terre Haute, IN |  | Malls |  |  | 48,640 |  |  |  | 16,400 |  |
December |  | Vacant land (8) |  | Port Orange, FL |  | All Other |  |  | 434 |  |  |  | 6,000 |  |
|  |  |  |  |  |  |  | $ | 174,529 |  |  | $ | 91,841 |  |
(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 for disposition costs. The mall was sold in July 2018. See Note 7 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.
(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 matured on the date the IKEA contract terminated if that date was 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. Management determined the fair value of Cary Towne Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, a capitalization rate of 12.0% and a discount rate of 13%. In December 2018, the Company adjusted the book value of the property to the net sales price of $30,971 based on a signed contract with a third-party buyer. The property sold in January 2019. See Note 9 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.
(5) | The Company adjusted the book value of the anchor parcel and the vacant land to the net sales price of $3,920 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The property was sold in January 2019.
(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 $26,450. The mall had experienced a deterioration in cash flows as a result of the downturn of the economy in its market area and four vacant anchors with no active prospects to replace these anchor stores. Management determined the fair value of Eastland Mall using a discounted cash flow methodology. The discount 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 15.0% and a discount rate of 17.0%.
(7) | 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 $16,400. The mall had experienced a decline in cash flows due to store closures and rent reductions. Additionally, two anchors were vacant as of December 31, 2018, and a third anchor announced during the fourth quarter of 2018 that it would be closing during the first quarter of 2019. Management determined the fair value of Honey Creek 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 18.0% and a discount rate of 20.0%.
(8) | The Company adjusted the book value of the land contributed to a joint venture to its agreed upon fair value based on the joint venture agreement with its partner, Continental 425 Fund LLC. See Note 8 for more information.

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