Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Fair Value Disclosures [Abstract] |
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| Fair Value Measurements, Nonrecurring |
The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (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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Assets held at September 30, 2020 |
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|
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Impaired at March 31, 2020 |
|
$ |
41,171 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
41,171 |
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|
Impaired at June 30, 2020 |
|
$ |
8,055 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,055 |
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|
Impaired at September 30, 2020 |
|
$ |
18,097 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,097 |
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Assets held at December 31, 2019 |
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Impaired at June 30, 2019 |
|
$ |
1,893 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,893 |
|
|
Impaired at September 30, 2019 |
|
$ |
1,093 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,093 |
|
|
Impaired at December 31, 2019 |
|
$ |
11,594 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,594 |
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| Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale |
For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs and, for the properties valued using comparable properties during 2020, the price per square foot includes a discount of 0-10% to account for the market impact of COVID-19. The unobservable inputs for the remaining properties are as follows:
|
Unobservable Input |
|
Asset Type |
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Property Count |
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|
Price Per Square Foot Range |
|
Weighted Average Price Per Square Foot |
|
Square Footage |
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|
September 30, 2020 |
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Comparable Properties |
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Retail |
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|
14 |
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$4.35 - $320.89 |
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$49.77 |
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|
573,784 |
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|
PSA, LOI or BOV |
|
Retail |
|
|
11 |
|
|
$28.62 - $331.67 |
|
$50.41 |
|
|
418,139 |
|
|
PSA, LOI or BOV |
|
Office |
|
|
1 |
|
|
$71.23 |
|
$71.23 |
|
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4,310 |
|
|
|
|
|
|
|
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|
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|
|
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December 31, 2019 |
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|
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|
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|
|
|
|
|
|
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Comparable Properties |
|
Retail |
|
|
4 |
|
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$34.45 - $740.74 |
|
$104.84 |
|
|
35,885 |
|
|
PSA, LOI or BOV |
|
Retail |
|
|
10 |
|
|
$24.78 - $323.00 |
|
$50.71 |
|
|
165,773 |
|
|
PSA, LOI or BOV |
|
Office |
|
|
1 |
|
|
$99.37 |
|
$99.37 |
|
|
4,310 |
|
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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, 2020 |
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December 31, 2019 |
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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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
34,465 |
|
|
$ |
35,279 |
|
|
2019 Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
116,500 |
|
|
|
119,802 |
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|
2020 Term Loans, net (1) |
|
|
177,170 |
|
|
|
177,938 |
|
|
|
— |
|
|
|
— |
|
|
Senior Unsecured Notes, net (1) |
|
|
1,926,752 |
|
|
|
1,965,922 |
|
|
|
1,484,066 |
|
|
|
1,543,919 |
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|
Mortgages and notes payable, net (1) |
|
|
213,479 |
|
|
|
227,384 |
|
|
|
216,049 |
|
|
|
235,253 |
|
|
Convertible Notes, net (1) |
|
|
188,216 |
|
|
|
193,995 |
|
|
|
336,402 |
|
|
|
356,602 |
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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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