Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at September 30, 2014
Assets:
Investments, mutual funds held in a grantor trust	$	19,086					$	19,086
Investments, mutual funds	7,714						7,714
Derivative instruments:
Interest rate contracts			$	4,038			4,038
Total	$	26,800	$	4,038	$	—	$	30,838
Liabilities:
Derivative instruments:
Interest rate contracts			$	337			$	337
Deferred compensation plan obligations	$	19,086					19,086
Total	$	19,086	$	337	$	—	$	19,423



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2013
Assets:
Investments, mutual funds held in a grantor trust	$	18,583					$	18,583
Investments, mutual funds and time deposit	8,408		$	50,034			58,442
Derivative instruments:
Interest rate contracts			5,282				5,282
Total	$	26,991	$	55,316	$	—	$	82,307
Liabilities:
Derivative instruments:
Interest rate contracts			$	476			$	476
Deferred compensation plan obligations	$	18,583					18,583
Total	$	18,583	$	476	$	—	$	19,059

Assets Measured On Nonrecurring Basis

No assets were measured at fair value on a nonrecurring basis at September 30, 2014. Assets measured at fair value on a nonrecurring basis at December 31, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) ⁽¹⁾
Property ⁽²⁾			$	3,300	$	8,576	$	11,876	$	(2,358	)
Total	$	—	$	3,300	$	8,576	$	11,876	$	(2,358	)

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(1)	Total gains (losses) are reflected throughout 2013 and exclude impairments on disposed assets because they are no longer held by us.

(2)

In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $14.3 million was written down to a fair value of $11.9 million, resulting in a loss of $2.4 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):



	September 30, 2014						December 31, 2013
	Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Unobservable Inputs (Level 3)
Notes receivable from real estate joint ventures and partnerships							$	13,330	$	13,549
Tax increment revenue bonds ⁽¹⁾	$	25,392			$	25,392	25,850		25,850
Investments, held to maturity ⁽²⁾	2,750		$	2,741
Debt:
Fixed-rate debt	1,676,607				1,734,523		2,136,265		2,150,891
Variable-rate debt	331,148				338,895		163,579		172,349

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(1)	At September 30, 2014 and December 31, 2013, the credit loss balance on our tax increment revenue bonds was $31.0 million.


(2)	Investments held to maturity are recorded at cost and have a gross unrealized loss of $9 thousand as of September 30, 2014.

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of September 30, 2014 and December 31, 2013 reported in the above tables, is as follows:



Description	Fair Value at					Unobservable Inputs	Range
	September 30, 2014		December 31, 2013				Minimum				Maximum
	(in thousands)				Valuation Technique		2014		2013		2014		2013
Property			$	8,576	Broker valuation estimate	Indicative bid
					Bona fide purchase offers	Contract price
Notes receivable from real estate joint ventures and partnerships			13,549		Discounted cash flows	Discount rate							2.7	%
Tax increment revenue bonds	$	25,392	25,850		Discounted cash flows	Discount rate					7.5	%	7.5	%
						Expected future growth rate	1.0	%	1.0	%	2.0	%	2.0	%
						Expected future inflation rate	1.0	%	1.0	%	2.0	%	2.0	%
Fixed-rate debt	1,734,523		2,150,891		Discounted cash flows	Discount rate	1.2	%	1.3	%	5.4	%	7.4	%
Variable-rate debt	338,895		172,349		Discounted cash flows	Discount rate	.8	%	.8	%	5.0	%	5.0	%

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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