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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2012
Fair Value Measurements [Abstract] |
Fair Value Measurements | Note 6. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, and accounts payable and accrued liabilities approximate fair value. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The valuation of the liability for the Company’s interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of December 31, 2012, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consists of real estate held for sale/conveyance, which are measured on a nonrecurring basis, ha ve been determined to be (1) a Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) a Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, direct capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and direct capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach was utilized for certain land values and include comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The Company engage d third party valuation experts to assist with the preparation of certain of its valuation s. Other valuations were prepared using internally-developed valuation models. In addition, t hese valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from acquisitions, accounting, finance, operations, development and leasing departments, and the valuations are update d as appropriate. The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011, respectively:
|  | Assets/Liabilities Measured at Fair Value on a
|  | Recurring Basis
|  | December 31, 2012
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments related to share- |  |  |  |  |  |  |  |
based compensation liabilities (a) | $ | 450,000 | $ | - | $ | - | $ | 450,000
Share-based compensation liabilities (b) | $ | 445,000 | $ | - | $ | - | $ | 445,000
Interest rate swaps liability (b) | $ | - | $ | 1,577,000 | $ | - | $ | 1,577,000
|  | December 31, 2011
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments related to share- |  |  |  |  |  |  |  |
based compensation liabilities (a) | $ | 3,562,000 | $ | - | $ | - | $ | 3,562,000
Share-based compensation liabilities (b) | $ | 3,562,000 | $ | - | $ | - | $ | 3,562,000
Interest rate swaps liability (b) | $ | - | $ | 2,053,000 | $ | - | $ | 2,053,000
(a) Included in other assets in the accompanying consolidated balance sheets.
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.
The fair value of the Company’s fixed rate mortgage loans payable was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2012 and December 31, 2011, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be a Level 3 within the valuation hierarchy, were approximately $565.4 million and $526.7 million, respectively; the carrying values of such loans were $544.8 million and $523.0 million, respectively. The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of December 31, 2012 and December 31, 2011, respectively:
|  | Assets Measured at Fair Value on a |
|  | Non-Recurring Basis |
|  | December 31, 2012 |
Asset Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Real estate held for sale/conveyance | $ | - | $ | 15,574,000 | $ | 62,219,000 | $ | 77,793,000 |
|  | December 31, 2011 |
Asset Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Real estate held for sale/conveyance | $ | - | $ | 124,154,000 | $ | 82,520,000 | $ | 206,674,000 | (a)
(a) Excludes $5.0 million relating to properties subsequently treated as "held for sale/conveyance". |
The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2012:
Quantitative Information about Level 3 Fair Value Measurements
|  | Fair value at |  | Valuation |  | Unobservable |  | Range
|  | December 31, 2012 |  | Technique |  | inputs |  | (weighted average)
Real estate held for sale/conveyance: |  |  |  |  |  |  |  |
Operating retail real estate |  |  |  |  |  |  |  |
(seven properties) |  | $ 51,042,000 |  | Discounted cash flow |  | Capitalization rates |  | 7.8% to 12.0% (8.9%)
|  |  |  |  |  | Discount rates |  | 9.2% to 12.8% (10.0%)
Land development property |  | 9,587,000 |  | Discounted cash flow |  | Capitalization rate |  | 7.3%
|  |  |  |  |  | Discount rate |  | 7.8%
Land (three parcels) |  | 1,590,000 |  | Sales comparison approach |  | Price per acre |  | $25,000 to $156,000 per acre
|  |  |  |  |  |  |  | ($49,000 per acre)
|  | $ 62,219,000 |  |  |  |  |  |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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