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Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes our assets and liabilities measured at fair value on a recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	320,676	$	—	$	320,676	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	5,465	$	—	$	5,465	$	—

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(1)	The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

(2)

The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table summarizes our assets and liabilities measured at fair value on a non-recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Land ⁽¹⁾	$	19,019	$	—	$	7,419	$	11,600

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(1)

The fair value of the de minimis land valued based on the contract price represents a level 2 measurement as defined in ASC 820, while the inputs for the de minimis land valued using the sales comparison approach represents level 3 measurements as defined in ASC 820.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments at September 30, 2018 and December 31, 2017 for which fair value is only disclosed are as follows:



	September 30, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	144,685	$	144,685	$	183,646	$	183,646
Restricted cash	58		58		13,760		13,760
Financial liabilities:
Debt ⁽¹⁾
Revolving Credit Facility	$	—	$	—	$	300,000	$	300,000
Term Loan B Facility	2,072,673		2,105,250		2,168,864		2,200,000
Second Lien Notes	498,480		550,820		766,892		853,167
CPLV CMBS Debt	1,550,000		1,529,405		1,550,000		1,559,486

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(1)

The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.The following table summarizes the significant unobservable inputs used in Level 3 fair value measurements:



				Significant Assumptions ($ in per sq. ft.)
Asset Type	Fair Value		Valuation Technique	Range	Weighted Average		Square Footage
Land	$	11,600	Sales comparison	$0.50 - 5.00	$	2.90	4,002,908