FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s liabilities that are measured at fair value on a recurring basis:

	June 30, 2020								December 31, 2019
	Fair Value Measurements Using								Fair Value Measurements Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate derivative liabilities	$	77,737	$	—	$	77,737	$	—	$	40,135	$	—	$	40,135	$	—

Summary of assets and liabilities that were measured at fair value on a recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:

		June 30, 2020				December 31, 2019
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,188,284	$	1,188,284	$	620,135	$	620,135
Accounts receivable, net (a)	Level 3	17,711		17,711		12,279		12,279
Notes receivable, net (b)	Level 3	56,511		56,511		36,379		36,379
Liabilities:
Fixed-rate debt (c)	Level 2	1,902,175		1,829,057		1,908,660		1,949,773
Variable-rate debt (c)	Level 2	2,536,978		2,536,978		2,229,958		2,229,958

(a) Accounts receivable, net is shown net of an allowance of $15.7 million and $15.6 million at June 30, 2020, and December 31, 2019, respectively.

(b) Notes receivable, net is shown net of an allowance of $0.2 million at June 30, 2020, and December 31, 2019.

(c) Excludes related unamortized financing costs.

Summary of non-financial asset measure at fair value on a non-recurring basis

The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired during the six months ended June 30, 2020:

			Fair Value Measurements Using
(In thousands)	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Operating Assets:
Outlet Collection at Riverwalk (a)	$	46,794	$	—	$	—	$	46,794

(a)

The fair value was measured as of the impairment date based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs. Refer to Note 5 - Impairment for additional information.