Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Information Regarding Assets Measured on a Nonrecurring Basis

The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges for the six months ended June 30, 2017:

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Loss
Long-lived assets	$	67,300	$	—	$	—	$	67,300	$	46,466

Schedule of Impairment on Real Estate Properties

During the six months ended June 30, 2017, the Company recognized impairments of real estate of $46,466 primarily related to a mall, a parcel project near an outlet center and one outparcel. The properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 9 for segment information.

Impairment Date	Property	Location	Segment Classification	Loss on Impairment		Fair Value
March	Vacant land (1)	Woodstock, GA	Malls	$	3,147	$	—	(2)
June	Acadiana Mall (3)	Lafayette, LA	Malls	43,007		67,300
June	Adjustments related to prior period sales (4)	Various	Malls/Office Buildings	196		—		(2)
				$	46,350	$	67,300

(1) The Company wrote down the book value of its interest in a consolidated joint venture that owned land adjacent to one of its outlet malls upon the divestiture of its interests in March 2017 to a fair value of $1,000. In conjunction with the divestiture and assignment of the Company's interests in this consolidated joint venture, the Company was relieved of its debt obligation by the joint venture partner. See Note 6 for more information.

(2) The long-lived asset is not included in the Company's condensed consolidated balance sheets at June 30, 2017 as the Company no longer has an interest in the property.

(3) In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $67,300 in the second quarter of 2017. Management determined the fair value of Acadiana Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of 10 years, with a sale at the end of the holding period, a capitalization rate of 15.50% and a discount rate of 15.75%. The mall has experienced declining tenant sales and cash flows as a result of the downturn of the economy in its market area and an anchor announced in the second quarter 2017 that it will close its store later in 2017. The revenues of Acadiana Mall accounted for approximately 1.9% of total consolidated revenues for the trailing twelve months ended June 30, 2017.

(4) Relates to true-ups of estimated expenses to actual expenses for properties sold in prior periods.