Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of fair value by balance sheet groupings

We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):



At December 31, 2019	Carrying value		Estimated fair value
Mortgages payable assumed in connection with acquisitions ⁽¹⁾	$	408.4	$	417.7
Notes and bonds payable ⁽²⁾	6,317.6		6,826.1

At December 31, 2018	Carrying value		Estimated fair value
Mortgages payable assumed in connection with acquisitions ⁽¹⁾	$	298.4	$	305.7
Notes and bonds payable ⁽²⁾	5,400.0		5,430.0

⁽¹⁾ Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $3.0 million at December 31, 2019, and $4.4 million at December 31, 2018. Also excludes deferred financing costs of $1.3 million at December 31, 2019, and $183,000 at December 31, 2018.

⁽²⁾ Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $6.3 million at December 31, 2019, and $10.5 million at December 31, 2018. Also excludes deferred financing costs of $35.9 million at December 31, 2019 and $33.7 million at December 31, 2018.

Schedule of derivative financial instruments

The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2019 and December 31, 2018 (dollars in millions):



Derivative Type	Hedge Designation	Notional Amount				Strike	Effective Date	Maturity Date	Fair Value - asset (liability)
		December 31,		December 31,					December 31,			December 31,
		2019		2018					2019			2018
Interest rate swap	Cash flow	$	7.0	$	7.2	6.03%	09/25/2012	09/03/2021	$	(0.2	)	$	(0.2	)
Interest rate swap	Cash flow	250.0		250.0		1.72%	06/30/2015	06/30/2020	(0.1		)	3.0
Interest rate swap	Cash flow	250.0		250.0		3.04%	10/24/2018	03/24/2024	(14.7		)	(6.8		)
Cross-currency swap ⁽¹⁾	Cash flow	41.6		—		⁽²⁾	05/20/2019	05/22/2034	(2.6		)	—
Cross-currency swap ⁽¹⁾	Cash flow	41.6		—		⁽³⁾	05/20/2019	05/22/2034	(2.6		)	—
Cross-currency swap ⁽¹⁾	Cash flow	41.6		—		⁽⁴⁾	05/20/2019	05/22/2034	(2.9		)	—
Cross-currency swap ⁽¹⁾	Cash flow	41.6		—		⁽⁵⁾	05/20/2019	05/22/2034	(3.2		)	—
		$	673.4	$	507.2				$	(26.3	)	$	(4.0	)


⁽¹⁾	Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap.


⁽²⁾	GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%.


⁽³⁾	GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%.


⁽⁴⁾	GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%.

⁽⁵⁾

GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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