Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of 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):
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Fair Value Hierarchy Level |
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Description |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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September 30, 2019 |
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Derivatives: |
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Interest rate swaps financial liabilities |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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December 31, 2018 |
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Derivatives: |
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Interest rate swaps financial liabilities |
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$ |
7,159 |
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$ |
— |
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$ |
7,159 |
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$ |
— |
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| 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 September 30, 2019 and December 31, 2018 (in thousands):
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Fair Value Hierarchy Level |
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Description |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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September 30, 2019 |
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Long-lived assets held and used |
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$ |
11,214 |
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$ |
— |
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$ |
— |
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$ |
11,214 |
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Long-lived assets held for sale |
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$ |
992 |
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$ |
— |
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$ |
— |
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$ |
992 |
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December 31, 2018 |
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Long-lived assets held and used |
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$ |
14,866 |
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$ |
— |
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$ |
— |
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$ |
14,866 |
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Long-lived assets held for sale |
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$ |
7,695 |
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$ |
— |
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$ |
— |
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$ |
7,695 |
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| Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale |
The following tables provides information about the price per square foot of comparable properties input used:
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September 30, 2019 |
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December 31, 2018 |
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By Asset Type |
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Range |
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Weighted
Average |
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Square
Footage |
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Range |
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Weighted
Average |
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Square
Footage |
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Retail |
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$34.45 - $740.74 |
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$ |
76.17 |
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74,891 |
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$ |
— |
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$ |
— |
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— |
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The following table provides information about the price per square foot based on a letter of intent, listing price and broker opinion of value used as inputs (price per square foot in dollars):
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September 30, 2019 |
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December 31, 2018 |
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By Asset Type |
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Range |
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Weighted
Average |
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Square
Footage |
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Range |
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Weighted
Average |
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Square
Footage |
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Retail |
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$28.51 - $286.14 |
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$ |
44.90 |
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118,858 |
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$185.42 - $638.72 |
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$ |
507.11 |
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27,302 |
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Office |
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$ |
99.37 |
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$ |
99.37 |
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4,310 |
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$ |
225.04 |
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$ |
225.04 |
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5,999 |
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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):
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September 30, 2019 |
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December 31, 2018 |
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By Asset Type |
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Range |
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Weighted
Average |
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Square
Footage |
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Range |
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Weighted
Average |
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Square
Footage |
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Retail |
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$168.64 - $223.60 |
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$ |
197.41 |
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5,025 |
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$ |
126.73 |
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$ |
126.73 |
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63,128 |
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| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands):
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September 30, 2019 |
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December 31, 2018 |
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Carrying
Value |
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Estimated
Fair Value |
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Carrying
Value |
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Estimated
Fair Value |
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Loans receivable, net |
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$ |
36,570 |
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$ |
36,879 |
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$ |
47,044 |
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$ |
48,740 |
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Investment in Master Trust 2014 |
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— |
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— |
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33,535 |
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33,811 |
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Revolving credit facilities |
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— |
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— |
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146,300 |
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146,731 |
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Term loans, net (1) |
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— |
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— |
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419,560 |
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424,670 |
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Senior Unsecured Notes, net (1) |
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1,483,491 |
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1,532,065 |
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295,767 |
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291,696 |
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Mortgages and notes payable, net (1) |
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259,113 |
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281,432 |
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463,196 |
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487,548 |
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Convertible Notes, net (1) |
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334,904 |
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354,826 |
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729,814 |
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740,330 |
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(1) |
The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. |
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