Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Financial Liabilities at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial liabilities that were accounted for at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | | Fair Value | | Level 1 | | Level 2 | | Level 3 | December 31, 2015 | | | | | | | | Derivatives: | | | | | | | | Interest rate swaps financial liabilities | $ | (934 | ) | | $ | — |
| | $ | (934 | ) | | $ | — |
|
|
| Schedule of Assets at Fair Value on Nonrecurring Basis |
The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | | Impairment Charges (1) | Description | Fair Value | | Dispositions | | Level 1 | | Level 2 | | Level 3 | | September 30, 2016 | | | | | | | | | | | | Retail | $ | 7,772 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 7,772 |
| | $ | (12,612 | ) | Industrial | 3,753 |
| | — |
| | — |
| | — |
| | 3,753 |
| | (5,432 | ) | Long-lived assets held and used by asset type | 11,525 |
| | — |
| | — |
| | — |
| | 11,525 |
| | (18,044 | ) | Lease intangible assets | 5,059 |
| | — |
| | — |
| | — |
| | 5,059 |
| | (8,403 | ) | Other assets | — |
| | — |
| | — |
| | — |
| | — |
| | 301 |
| Long-lived assets held for sale | 9,746 |
| | (33,668 | ) | | — |
| | — |
| | 43,414 |
| | (15,250 | ) | | | | | | | | | | | | $ | (41,396 | ) | December 31, 2015 | | | | | | | | | | | | Retail | $ | 29,626 |
| | $ | (3,207 | ) | | $ | — |
| | $ | — |
| | $ | 32,833 |
| | $ | (20,727 | ) | Industrial | 9,598 |
| | — |
| | — |
| | — |
| | 9,598 |
| | (16,182 | ) | Office | 21,074 |
| | — |
| | — |
| | — |
| | 21,074 |
| | (14,093 | ) | Long-lived assets held and used by asset type | 60,298 |
| | (3,207 | ) | | — |
| | — |
| | 63,505 |
| | (51,002 | ) | Lease intangible assets | 3,843 |
| | — |
| | — |
| | — |
| | 3,843 |
| | (3,825 | ) | Other assets | — |
| | — |
| | — |
| | — |
| | — |
| | (324 | ) | Long-lived assets held for sale | 15,957 |
| | (33,563 | ) | | — |
| | — |
| | 49,520 |
| | (15,578 | ) | | | | | | | | | | | | $ | (70,729 | ) |
(1) Impairment charges are presented for the nine months ended September 30, 2016 and for the year ended December 31, 2015. |
| Sales Price of Comparable Properties Used to Estimate Fair Value |
The following table summarizes total impairment losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2016 | | 2015 | | 2016 | | 2015 | Real estate and intangible asset impairment | $ | 13,894 |
| | $ | 19,919 |
| | $ | 35,236 |
| | $ | 55,273 |
| Write-off of lease intangibles, net | 1,491 |
| | 713 |
| | 6,463 |
| | 1,268 |
| Loans receivable impairment (recovery) | — |
| | 338 |
| | (324 | ) | | 338 |
| Total impairments from real estate investment net assets | 15,385 |
| | 20,970 |
| | 41,375 |
| | 56,879 |
| Other impairment | 22 |
| | 57 |
| | 21 |
| | 153 |
| Total impairment loss in continuing and discontinued operations | $ | 15,407 |
| | $ | 21,027 |
| | $ | 41,396 |
| | $ | 57,032 |
|
The following table provides information about the weighted average sales price per square foot of comparable properties used to estimate fair value (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | September 30, 2016 | | December 31, 2015 | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held and used by asset type | | | | | | | | | | | Retail | $62.84 - $214.29 | | $ | 110.54 |
| | 91,817 |
| | $41.21 - $168.30 | | $ | 79.90 |
| | 153,008 |
| Industrial | $2.50 - $38.15 | | $ | 21.59 |
| | 160,477 |
| | $17.77 - $22.00 | | $ | 19.40 |
| | 375,076 |
| Office | N/A | | N/A | | N/A | | $58.17 - $133.61 | | $ | 104.53 |
| | 204,936 |
|
|
| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands): | | | | | | | | | | | | | | | | | | September 30, 2016 | | December 31, 2015 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Loans receivable, net | $ | 69,218 |
| | $ | 75,749 |
| | $ | 104,003 |
| | $ | 110,019 |
| Revolving Credit Facilities | 105,000 |
| | 107,841 |
| | — |
| | — |
| Term Loan, net (1) | 368,400 |
| | 378,223 |
| | 322,902 |
| | 338,366 |
| Senior Unsecured Notes, net (1) | 295,215 |
| | 300,186 |
| | — |
| | — |
| Mortgages and notes payable, net (1) | 2,241,783 |
| | 2,401,124 |
| | 3,079,787 |
| | 3,220,239 |
| Convertible Notes, net (1) | 699,465 |
| | 837,650 |
| | 690,098 |
| | 713,095 |
|
(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. |