Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Fair Value Disclosures [Abstract] |
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Assets And Liabilities Measured On Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 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 | | December 31, | | | (Level 1) | | (Level 2) | | (Level 3) | | 2020 | Assets: | | | | | | | | | | | | | Cash equivalents, primarily money market funds (1) | | $ | 155 | | | | | | | | $ | 155 | Restricted cash, primarily money market funds (1) | | | 10,144 | | | | | | | | | 10,144 | Investments, mutual funds held in a grantor trust (1) | | | 43,412 | | | | | | | | | 43,412 | Total | | $ | 53,711 | | $ | — | | $ | — | | $ | 53,711 | Liabilities: | | | | | | | | | | | | | Deferred compensation plan obligations | | $ | 43,412 | | | | | | | | $ | 43,412 | Total | | $ | 43,412 | | $ | — | | $ | — | | $ | 43,412 |
(1) | For the year ended December 31, 2020, a net gain of $5.1 million was included in Interest and Other Income, net, of which $3.7 million represented an unrealized gain. |
| | | | | | | | | | | | | | | 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. |
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Assets Measured on Nonrecurring Basis |
Assets measured at fair value on a nonrecurring basis at December 31, 2020 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) | Property (2) | | | | | $ | 47,746 | | $ | — | | $ | 47,746 | | $ | (12,686) | Total | | $ | — | | $ | 47,746 | | $ | — | | $ | 47,746 | | $ | (12,686) |
(1) | Total gains (losses) presented in this table relate to assets that were held by us at December 31, 2020; however, we have subsequently sold one of these centers. |
(2) | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount $60.4 million was written down to a fair value of $47.7 million, resulting in a loss of $12.7 million, which was included in earnings for the fourth quarter of 2020. Management’s estimate of fair value of these properties were determined using bona fide purchase offers for the Level 2 inputs. |
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. |
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Schedule Of Fair Value Disclosures |
Schedule of our fair value disclosures is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | December 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) | | $ | 14,762 | | | | | $ | 19,000 | | $ | 17,277 | | | | | $ | 25,000 | Debt: | | | | | | | | | | | | | | | | | | | Fixed-rate debt | | | 1,798,419 | | | | | | 1,905,306 | | | 1,714,890 | | | | | | 1,787,663 | Variable-rate debt | | | 40,000 | | | | | | 40,000 | | | 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. |
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Schedule of the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements |
The quantitative information about the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements as of December 31, 2019 reported in the above table, is as follows: | | | | | | | | | | | | | | | 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 | % |
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