XML 46 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measure at fair value on a recurring basis
The following tables set forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2019 and December 31, 2018:
Assets/(Liabilities)
 
Total Fair Value
 
Quoted Prices in Active Markets for Identical Assets and Liabilities
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
June 30, 2019
 
 
 
 
 
 
 
 
Interest Rate Swap Asset
 
$
704

 
$
—

 
$
704

 
$
—

Interest Rate Swap Liability
 
$
(23,245
)
 
$
—

 
$
(23,245
)
 
$
—

Earn-out Liability (due to affiliates)
 
$
(4,380
)
 
$
—

 
$
—

 
$
(4,380
)
Corporate Owned Life Insurance Asset
 
$
2,024

 
$
—

 
$
2,024

 
$
—

Mutual Funds Asset
 
$
6,406

 
$
6,406

 
$
—

 
$
—

Deferred Compensation Liability
 
$
(8,570
)
 
$
—

 
$
(8,570
)
 
$
—

 
 
 
 
 
 
 
 
 
December 31, 2018
 

 
 
 

 
 
Interest Rate Swap Asset
 
$
5,245

 
$
—

 
$
5,245

 
$
—

Interest Rate Swap Liability
 
$
(6,962
)
 
$
—

 
$
(6,962
)
 
$
—

Earn-out Liability (due to affiliates)
 
$
(29,380
)
 
$
—

 
$
—

 
$
(29,380
)
Schedule of carrying values and estimated fair values of financial instruments
The fair value of the six mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.
 
June 30, 2019
 
December 31, 2018
 
Fair Value

Carrying Value (1)
 
Fair Value
 
Carrying Value (1)
Samsonite
$
22,627

 
$
21,626

 
$
22,440

 
$
22,085

Highway 94 loan
$
15,490

 
$
16,058

 
$
15,601

 
$
16,497

AIG Loan II
$
121,336

 
$
126,970

 
$
—

 
$
—

BOA Loan
$
369,054

 
$
375,000

 
$
361,917

 
$
375,000

BOA/KeyBank Loan
$
264,824

 
$
250,000

 
$
—

 
$
—

AIG Loan
$
104,172

 
$
106,673

 
$
108,032

 
$
107,562

(1)
The carrying values do not include the debt premium/(discount) or deferred financing costs as of June 30, 2019 and December 31, 2018. See Note 6, Debt, for details.