FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value 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:

	December 31, 2020								December 31, 2019
	Fair Value Measurements Using								Fair Value Measurements Using
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	$	51,920	$	—	$	51,920	$	—	$	40,135	$	—	$	40,135	$	—

Summary of financial instruments not measured at fair value on 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:

		December 31, 2020				December 31, 2019
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,242,997	$	1,242,997	$	620,135	$	620,135
Accounts receivable, net (a)	Level 3	7,437		7,437		12,279		12,279
Notes receivable, net (b)	Level 3	622		622		36,379		36,379
Liabilities:
Fixed-rate debt (c)	Level 2	2,374,822		2,461,155		1,908,660		1,949,773
Variable-rate debt (c)	Level 2	1,945,344		1,945,344		2,229,958		2,229,958

(a)Accounts receivable, net is shown net of an allowance of $24.0 million at December 31, 2020, and $15.6 million at December 31, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an allowance of $0.2 million at December 31, 2020, and $0.2 million at December 31, 2019. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(c)Excludes related unamortized financing costs.

Summary of non-financial assets measured 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 year ended December 31, 2020:

			Fair Value Measurements Using
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 4 - Impairment for additional information.