Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| 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 as of March 31, 2018 and December 31, 2017. (in thousands): | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | Description | | Fair Value | | Level 1 | | Level 2 | | Level 3 | March 31, 2018 | | | | | | | | | Long-lived assets held and used | | $ | 27,346 |
| | — |
| | — |
| | $ | 27,346 |
| Long-lived assets held for sale | | $ | 1,005 |
| | — |
| | — |
| | $ | 1,005 |
| | | | | | | | | | December 31, 2017 | | | | | | | | | Long-lived assets held and used | | $ | 28,312 |
| | — |
| | — |
| | $ | 28,312 |
| Long-lived assets held for sale | | $ | 42,142 |
| | — |
| | — |
| | $ | 42,142 |
| | | | | | | | | |
|
| Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale |
The following table provides information about the price per square foot of comparable properties used as inputs (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | Description | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held and used by asset type | | | | | | | Retail | | $100.00 - $191.94 | | $ | 105.64 |
| | 196,544 |
| | $13.66 - $305.05 | | $ | 55.68 |
| | 364,940 |
| Industrial | | — | | — |
| | — |
| | $3.30 - $8.56 | | $ | 5.35 |
| | 370,824 |
| Office | | $225.04 | | $ | 225.04 |
| | 5,999 |
| | $24.82 - $244.86 | | $ | 40.14 |
| | 161,346 |
|
The Company estimated fair value of held for sale properties using price per square foot from the signed purchase and sale agreements as follows (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | Description | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held for sale by asset type | | | | | | | Retail | | $239.73 - $603.54 | | $ | 421.64 |
| | 2,336 |
| | $55.30 - $346.23 | | $ | 230.52 |
| | 150,376 |
| Industrial | | — | | — |
| | — |
| | $24.02 - $54.21 | | $ | 37.09 |
| | 223,747 |
|
The following table provides information about the price per square foot of listing price and broker opinion of value used as inputs (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | Description | | Range | | Weighted Average | | Square Footage | | Range | | Weighted Average | | Square Footage | Long-lived assets held and used by asset type | | | | | | | Retail | | $7.00 - $107.57 | | $ | 57.62 |
| | 102,742 |
| | $88.89 | | $ | 88.89 |
| | 22,500 |
|
|
| 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, 2018 | | December 31, 2017 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Loans receivable, net | $ | 111,062 |
| | $ | 118,306 |
| | $ | 79,967 |
| | $ | 82,886 |
| Revolving Credit Facility | 154,500 |
| | 154,491 |
| | 112,000 |
| | 111,997 |
| Term Loan, net | — |
| | — |
| | — |
| | — |
| Senior Unsecured Notes, net (1) | 295,431 |
| | 290,883 |
| | 295,321 |
| | 299,049 |
| Mortgages and notes payable, net (1) | 2,571,794 |
| | 2,684,410 |
| | 2,516,478 |
| | 2,657,599 |
| Convertible Notes, net (1) | 719,295 |
| | 750,980 |
| | 715,881 |
| | 761,440 |
|
(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. |