Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, 2018 and December 31, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | Description | | Fair Value | | Level 1 | | Level 2 | | Level 3 | June 30, 2018 | | | | | | | | | Long-lived assets held and used | | $ | 4,818 |
| | $ | — |
| | $ | — |
| | $ | 4,818 |
| Long-lived assets held for sale | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | | | | | | | | 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): | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | $ | — |
| | $ | — |
| | — |
| | $13.66 - $305.05 | | $ | 55.68 |
| | 364,940 |
| Industrial | | $ | — |
| | $ | — |
| | — |
| | $3.30 - $8.56 | | $ | 5.35 |
| | 370,824 |
| Office | | $ | — |
| | $ | — |
| | — |
| | $24.82 - $244.86 | | $ | 40.14 |
| | 161,346 |
|
For the eight long-lived assets held for sale impaired during the year ended December 31, 2017, 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): | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | $ | — |
| | $ | — |
| | — |
| | $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 based on a listing price and broker opinion of value used as inputs (price per square foot in dollars): | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | $ | 232.81 |
| | $ | 232.81 |
| | 16,000 |
| | $ | 88.89 |
| | $ | 88.89 |
| | 22,500 |
| Office | | $ | 225.04 |
| | $ | 225.04 |
| | 5,999 |
| | $ | — |
| | $ | — |
| | — |
|
|
| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands): | | | | | | | | | | | | | | | | | | June 30, 2018 | | December 31, 2017 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Loans receivable, net | $ | 55,438 |
| | $ | 58,408 |
| | $ | 79,967 |
| | $ | 82,886 |
| Revolving Credit Facility | 346,500 |
| | 346,470 |
| | 112,000 |
| | 111,997 |
| Term Loan, net | — |
| | — |
| | — |
| | — |
| Senior Unsecured Notes, net (1) | 295,542 |
| | 289,236 |
| | 295,321 |
| | 299,049 |
| Mortgages and notes payable, net (1) | 467,334 |
| | 495,046 |
| | 2,516,478 |
| | 2,657,599 |
| Convertible Notes, net (1) | 722,756 |
| | 750,624 |
| | 715,881 |
| | 761,440 |
| Investment in Master Trust 2014 | 33,581 |
| | 33,581 |
| | — |
| | — |
|
(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. |