Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Fair Value Disclosures [Abstract] |
|
| 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 | | March 31, 2017 | | | | | | | | | | | | | Retail | | $ | 19,281 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 19,281 |
| | $ | (18,506 | ) | Industrial | | 3,725 |
| | — |
| | — |
| | — |
| | 3,725 |
| | (3,293 | ) | Office | | 6,790 |
| | — |
| | — |
| | — |
| | 6,790 |
| | (1,374 | ) | Long-lived assets held and used | | 29,796 |
| | — |
| | — |
| | — |
| | 29,796 |
| | (23,173 | ) | Lease intangible assets | | 350 |
| | — |
| | — |
| | — |
| | 350 |
| | 322 |
| Long-lived assets held for sale | | 22,077 |
| | — |
| | — |
| | — |
| | 22,077 |
| | (11,525 | ) | | | | | | | | | | | | | $ | (34,376 | ) | December 31, 2016 | | | | | | | | | | | | | Retail | | $ | 33,766 |
| | $ | (4,168 | ) | | $ | — |
| | $ | — |
| | $ | 37,934 |
| | $ | (37,445 | ) | Industrial | | 2,394 |
| | (1,347 | ) | | — |
| | — |
| | 3,741 |
| | (5,948 | ) | Office | | 8,538 |
| | — |
| | — |
| | — |
| | 8,538 |
| | (10,121 | ) | Long-lived assets held and used | | 44,698 |
| | (5,515 | ) | | — |
| | — |
| | 50,213 |
| | (53,514 | ) | Lease intangible assets | | 6,384 |
| | — |
| | — |
| | — |
| | 6,384 |
| | (9,116 | ) | Other assets | | 27 |
| | — |
| | — |
| | — |
| | 27 |
| | (198 | ) | Long-lived assets held for sale | | 24,493 |
| | (36,907 | ) | | — |
| | — |
| | 61,400 |
| | (25,447 | ) | | | | | | | | | | | | | $ | (88,275 | ) |
(1) Impairment charges are presented for the three months ended March 31, 2017 and for the year ended December 31, 2016. |
| Sales Price of Comparable Properties Used to Estimate Fair Value |
The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations (in thousands): | | | | | | | | | | Three Months Ended
March 31, | | 2017 | | 2016 | Real estate and intangible asset impairment | $ | 35,220 |
| | $ | 12,630 |
| Write-off of lease intangibles, net | (844 | ) | | 309 |
| Loans receivable recovery | — |
| | (324 | ) | Total impairments from real estate investment net assets | 34,376 |
| | 12,615 |
| Other impairment | — |
| | 3 |
| Total impairment loss | $ | 34,376 |
| | $ | 12,618 |
|
The following table provides information about the weighted average listing price and broker opinion of value per square foot of comparable properties used to estimate fair value (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | | | March 31, 2017 | | December 31, 2016 | Description | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held and used by asset type | | | | | | | Retail | | $9.13 - $139.1 | | $ | 35.02 |
| | 376,426 |
| | $15.40 - $170.02 | | $ | 40.80 |
| | 516,916 |
| Industrial | | $4.01 - $14.61 | | $ | 6.33 |
| | 588,906 |
| | $9.09 | | $ | 9.09 |
| | 149,627 |
| Office | | $62.89 | | $ | 62.89 |
| | 141,525 |
| | 56.81 | | $ | 56.81 |
| | 34,992 |
|
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): | | | | | | | | | | | | | | | | | | | | | | March 31, 2017 | | December 31, 2016 | Description | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held and used by asset type | | | | | | | Retail | | $44.19 - $80.11 | | $ | 56.28 |
| | 113,943 |
| | $17.17 - $502.23 | | $ | 58.78 |
| | 290,770 |
| Industrial | | — | | — |
| | — |
| | $26.43 | | $ | 26.43 |
| | 104,864 |
| Office | | — | | — |
| | — |
| | $35.00 | | $ | 35.00 |
| | 135,675 |
|
|
| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands): | | | | | | | | | | | | | | | | | | March 31, 2017 | | December 31, 2016 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Loans receivable, net | $ | 67,880 |
| | $ | 72,865 |
| | $ | 66,578 |
| | $ | 71,895 |
| 2015 Credit Facility | 129,000 |
| | 129,007 |
| | 86,000 |
| | 87,718 |
| Term Loan, net (1) | 418,672 |
| | 420,051 |
| | 418,471 |
| | 428,441 |
| Senior Unsecured Notes, net (1) | 295,169 |
| | 295,692 |
| | 295,112 |
| | 283,473 |
| Mortgages and notes payable, net (1) | 2,109,117 |
| | 2,231,381 |
| | 2,162,403 |
| | 2,282,142 |
| Convertible Notes, net (1) | 705,899 |
| | 762,847 |
| | 702,642 |
| | 784,175 |
|
(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. |