Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, 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		Significant
	Identical		Other		Significant
	Assets		Observable		Unobservable		Fair Value at
	and Liabilities		Inputs		Inputs		March 31,
	(Level 1)		(Level 2)		(Level 3)		2020
Assets:
Cash equivalents, primarily money market funds (1)	$	473,502					$	473,502
Restricted cash, primarily money market funds (1)		9,096						9,096
Investments, mutual funds held in a grantor trust (1)		32,358						32,358
Total	$	514,956	$	—	$	—	$	514,956
Liabilities:
Deferred compensation plan obligations	$	32,358					$	32,358
Total	$	32,358	$	—	$	—	$	32,358

________________________________________

(1) For the three months ended March 31, 2020, a net loss of $6.0 million was included in Interest and Other (Expense) Income, net, of which $6.3 million represented an unrealized loss.

	Quoted Prices
	in Active
	Markets for		Significant
	Identical		Other		Significant
	Assets		Observable		Unobservable		Fair Value at
	and Liabilities		Inputs		Inputs		December 31,
	(Level 1)		(Level 2)		(Level 3)		2019
Assets:
Cash equivalents, primarily money market funds (1)	$	28,330					$	28,330
Restricted cash, primarily money market funds (1)		9,916						9,916
Investments, mutual funds held in a grantor trust (1)		38,378						38,378
Total	$	76,624	$	—	$	—	$	76,624
Liabilities:
Deferred compensation plan obligations	$	38,378					$	38,378
Total	$	38,378	$	—	$	—	$	38,378

________________________________________

(1) For the year ended December 31, 2019, a net gain of $9.4 million was included in Interest and Other Income, net, of which $6.7 million represented an unrealized gain. Included in these amounts for the three months ended March 31, 2019 was a net gain of $3.5 million, of which $3.0 million was an unrealized gain.

Assets Measured on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis at December 31, 2019 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		Significant
	Identical		Other		Significant
	Assets		Observable		Unobservable
	and Liabilities		Inputs		Inputs				Total Gains
	(Level 1)		(Level 2)		(Level 3)		Fair Value		(Losses) (1)
Investment in real estate joint ventures and partnerships (2)			$	1,830	$	24,154	$	25,984	$	(3,070)
Total	$	—	$	1,830	$	24,154	$	25,984	$	(3,070)

(1) Total gains (losses) presented in this table relate to assets that were held by us at December 31, 2019.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of investments in real estate joint ventures and partnerships, investments with a carrying amount of $29.1 million were written down to a fair value of $26.0 million, resulting in a loss of $3.1 million, which was included in earnings for the fourth quarter of 2019. Management’s estimate of fair value of these investments were determined using a bona fide purchase offer for the Level 2 inputs, and see the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements in the table below.

Schedule Of Fair Value Disclosures

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

	March 31, 2020					December 31, 2019
			Fair Value					Fair Value
			Using	Fair Value				Using	Fair Value
			Significant	Using				Significant	Using
			Other	Significant				Other	Significant
			Observable	Unobservable				Observable	Unobservable
	Carrying		Inputs	Inputs		Carrying		Inputs	Inputs
	Value		(Level 2)	(Level 3)		Value		(Level 2)	(Level 3)
Other Assets:
Tax increment revenue bonds (1)	$	17,277		$	21,000	$	17,277		$	25,000
Debt:
Fixed-rate debt		1,732,193			1,760,926		1,714,890			1,787,663
Variable-rate debt		497,000			497,000		17,448			17,426

(1) At December 31, 2019, prior to the adoption of ASC 326, the amortized cost basis was net of a previously recognized other-than-temporary impairment on our tax increment revenue bonds of $31.0 million.

Schedule of the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements

	Fair Value at
	December 31,				Range
	2019				Minimum		Maximum
Description	(in thousands)		Valuation Technique	Unobservable Inputs	2019		2019
Investment in real estate joint ventures and partnerships	$	24,154	Discounted cash flows	Discount rate	7.3	%	7.5	%
				Capitalization rate	5.8	%	8.0	%
				Noncontrolling interest discount			15.0	%