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Fair Value Measurements
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements

8.

Fair Value Measurements

The Company utilized the methods and assumptions described below in estimating fair value disclosures of debt.  The fair market value of senior notes is determined using the trading price of the Company’s public debt.  The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value.  The Company’s senior notes and all other debt are classified as Level 2 and Level 3, respectively, in the fair value hierarchy.  

Considerable judgment is necessary to develop estimated fair values of financial instruments.  Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.  

The carrying values and the estimated fair values are summarized as follows (in thousands):

 

 

September 30, 2019

 

 

December 31, 2018

 

 

Carrying

Amount

 

 

Fair

Value

 

 

Carrying

Amount

 

 

Fair

Value

 

Senior Notes

$

1,647,474

 

 

$

1,753,587

 

 

$

1,646,007

 

 

$

1,639,827

 

Revolving Credit Facilities and term loans

 

99,417

 

 

 

100,179

 

 

 

149,655

 

 

 

150,533

 

Mortgage Indebtedness

 

86,392

 

 

 

88,118

 

 

 

88,743

 

 

 

89,228

 

 

$

1,833,283

 

 

$

1,941,884

 

 

$

1,884,405

 

 

$

1,879,588