Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

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:

	June 30, 2021											December 31, 2020
	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)
Assets:
Interest rate derivative assets	$	164		$	—		$	164		$	—	$	—		$	—		$	—		$	—
Liabilities:
Interest rate derivative liabilities	$	39,827		$	—		$	39,827		$	—	$	51,920		$	—		$	51,920		$	—

Summary of assets and liabilities not 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, 2021				December 31, 2020
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,282,744	$	1,282,744	$	1,242,997	$	1,242,997
Accounts receivable, net (a)	Level 3	81,503		81,503		66,726		66,726
Notes receivable, net (b)	Level 3	3,235		3,235		622		622
Liabilities:
Fixed-rate debt (c)	Level 2	2,726,121		2,766,762		2,374,822		2,461,155
Variable-rate debt (c)	Level 2	1,768,062		1,768,062		1,945,344		1,945,344

(a)Accounts receivable, net is shown net of an allowance of $30.6 million at June 30, 2021, and $33.0 million at December 31, 2020. 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 June 30, 2021, and $0.2 million at December 31, 2020. 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 asset measured at fair value on a non-recurring basis

The below table includes non-financial assets that were measured at fair value on a non-recurring basis resulting in the properties being impaired:

				Fair Value Measurements Using
thousands	Segment	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)
2021
Century Park (a)	Strategic Developments	$	32,000	$	—	$	—	$	32,000
2020
Outlet Collection at Riverwalk (b)	Operating Assets	46,794		—		—		46,794

(a)The fair value was measured using weighted income and market valuation techniques as of the impairment date in the second quarter of 2021. Refer to Note 4 -Impairment for additional information.

(b)The fair value was measured as of the impairment date in 2020 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.