Fair Value Measurements (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Company's Assets Accounted for at Fair Value on a Nonrecurring Basis |
The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of December 31, 2017 and 2016 (in thousands): | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy Level | Description | Fair Value | | Level 1 | | Level 2 | | Level 3 | December 31, 2017 | | | | | | | | Retail | 21,598 |
| |
| |
| | 21,598 |
| Industrial | 750 |
| |
| |
| | 750 |
| Office | 5,964 |
| |
| |
| | 5,964 |
| Long-lived assets held and used | $ | 28,312 |
| | $ | — |
| | $ | — |
| | $ | 28,312 |
| Long-lived assets held for sale | 42,142 |
| | — |
| | — |
| | 42,142 |
| | | | | | | | | December 31, 2016 | | | | | | | | Retail | 33,766 |
| | — |
| | — |
| | 33,766 |
| Industrial | 2,394 |
| | — |
| | — |
| | 2,394 |
| Office | 8,538 |
| | — |
| | — |
| | 8,538 |
| Long-lived assets held and used | $ | 44,698 |
| | $ | — |
| | $ | — |
| | $ | 44,698 |
| Lease intangible assets | 6,384 |
| | — |
| | — |
| | 6,384 |
| Other assets | 27 |
| | — |
| | — |
| | 27 |
| Long-lived assets held for sale | 24,493 |
| | — |
| | — |
| | 24,493 |
|
|
| Schedule of Weighted Average Sales Price Per Square Foot of Income Producing and Vacant Properties Used To Estimate Fair Value |
| | | | | | | | | | | | | | | | | | | | | | December 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 | | $13.66 - $305.05 | | $ | 55.68 |
| | 364,940 |
| | $17.17 - $502.23 | | $ | 58.78 |
| | 290,770 |
| Industrial | | $3.30 - $8.56 | | $ | 5.35 |
| | 370,824 |
| | $26.43 | | $ | 26.43 |
| | 104,864 |
| Office | | $24.82 - $244.86 | | $ | 40.14 |
| | 161,346 |
| | $35.00 | | $ | 35.00 |
| | 135,675 |
|
For the remaining one held and used property impaired during the year ended December 31, 2017 and 17 held and used properties impaired during the year ended December 31, 2016, the Company estimated property fair value using price per square foot of the listing price or a broker opinion of value. The following table provides information about the price per square foot of listing price and broker opinion of value inputs used: | | | | | | | | | | | | | | | | | | | | | | December 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 | | $88.89 - $88.89 | | $ | 88.89 |
| | 22,500 |
| | $15.40 - $170.02 | | $ | 40.80 |
| | 516,916 |
| Industrial | | — | | — |
| | — |
| | $9.09 | | $ | 9.09 |
| | 149,627 |
| Office | | — | | — |
| | — |
| | $56.81 | | $ | 56.81 |
| | 34,992 |
|
For the years ended December 31, 2017 and 2016, we determined that 8 and 9 long-lived assets held for sale, respectively, were impaired. The Company estimated property fair value of held for sale properties using price per square foot from the signed purchase and sale agreements. The following table provides information about the price per square foot from signed purchase and sale agreements used: | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | 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 |
| | $19.66 - $393.02 | | $ | 95.11 |
| | 265,610 |
| Industrial | | $24.02 - $54.21 | | $ | 37.09 |
| | 223,747 |
| | — | | — |
| | — |
|
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| Summary of Fair Value Information for Financial Instruments |
The following table discloses fair value information for these financial instruments (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | Loans receivable, net | $ | 79,967 |
| | $ | 82,886 |
| | $ | 66,578 |
| | $ | 71,895 |
| Revolving Credit Facility, net | 112,000 |
| | 111,997 |
| | 86,000 |
| | 87,718 |
| Term Loan, net (2) | — |
|
| — |
| | 418,471 |
| | 428,441 |
| Senior Unsecured Notes (1) | 295,321 |
| | 299,049 |
| | 295,112 |
| | 283,473 |
| Convertible Notes, net (1) | 715,881 |
| | 761,440 |
| | 702,642 |
| | 784,175 |
| Mortgages and notes payable, net (1) | 2,516,478 |
| | 2,657,599 |
| | 2,162,403 |
| | 2,282,142 |
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(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums. (2) The carrying value of the debt instrument as of December 31, 2016 is net of unamortized deferred financing costs. |