XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2015
Fair Value Measurements [Abstract] |
Fair Value Measurements | Note 5. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued liabilities, and variable-rate debt approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The fair value of the Company’s fixed rate mortgage loans were estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2015 and December 31, 2014, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be Level 3 within the valuation hierarchy, were approximately $308.1 million and $410.8 million, respectively; the carrying values of such loans were $299.0 million and $393.4 million, respectively. As of December 31, 2015 and December 31, 2014, respectively, the aggregate fair values of the Company’s variable-rate unsecured revolving credit facility and term loan approximated their carrying values. The valuation of the liabilities for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and user-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, 2015, 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 consist of real estate held for sale, which are measured on a nonrecurring basis, have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) 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. Valuations were prepared using internally-developed valuation models. These valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from the acquisition, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate. In addition, the Company may engage third party valuation experts to assist with the preparation of certain of its valuations. The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 201 5 and December 31, 201 4, respectively:
|  | December 31, 2015
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments related to deferred |  |  |  |  |  |  |  |
compensation liabilities (a) | $ | 539,000 | $ | - | $ | - | $ | 539,000
Share-based compensation liabilities (b) | $ | 529,000 | $ | - | $ | - | $ | 529,000
Interest rate swaps liability (b) | $ | - | $ | 3,945,000 | $ | - | $ | 3,945,000
|  | December 31, 2014
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments related to deferred |  |  |  |  |  |  |  |
compensation liabilities (a) | $ | 492,000 | $ | - | $ | - | $ | 492,000
Share-based compensation liabilities (b) | $ | 487,000 | $ | - | $ | - | $ | 487,000
Interest rate swaps liability (b) | $ | - | $ | 2,777,000 | $ | - | $ | 2,777,000
(a) Included in other assets and deferred charges, net in the accompanying consolidated balance sheets.
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.
The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of December 31, 201 5 and December 31, 201 4, respectively:
|  | December 31, 2015
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Real estate held for sale | $ | - | $ | 14,402,000 | $ | - | $ | 14,402,000
|  | December 31, 2014
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Real estate held for sale | $ | - | $ | 3,424,000 | $ | 13,084,000 | $ | 16,508,000
The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of December 31, 201 4:
December 31, 2014
|  |  |  | Valuation |  | Unobservable |  |
Description |  | Fair value |  | Technique |  | inputs |  | Rate
Retail property |  | $ 13,084,000 |  | Discounted cash flow |  | Capitalization rate |  | 8.3%
|  |  |  |  |  | Discount rate |  | 9.6%

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=36462937&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 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: 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=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration