Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2019

Schedule of fair value assets measured on a non-recurring basis

These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:



in thousands	Level 1		Level 2		Level 3			Total
As of September 30, 2019
Deferred compensation plan assets ^(a)	$	—	$	1,970	$	—		$	1,970
Development projects in progress^(b)	—		—		84,982		^(c)	84,982
Land held for sale ^(b)	—		—		5,207		^(c)	5,207
As of September 30, 2018
Deferred compensation plan assets ^(a)	$	—	$	1,578	$	—		$	1,578
Development projects in progress ^(b)	—		—		1,312		^(c)	1,312
Land held for sale ^(b)	—		—		1,724		^(c)	1,724
Unconsolidated entity investments ^(b)	—		—		80			80
As of September 30, 2017
Deferred compensation plan assets ^(a)	$	—	$	1,114	$	—		$	1,114
Development projects in progress ^(b)	—		—		3,791		^(c)	3,791
Land held for sale ^(b)	—		—		325			325

^(a) Measured at fair value on a recurring basis.

^(b)Measured at fair value on a non-recurring basis, including the capitalized interest and indirect costs related to the asset.

^(c)Amount represents the impairment-date fair value of the development projects in progress and land held for sale assets that were impaired during the periods indicated.

Schedule of carrying values and estimated fair values of other financial assets and liabilities

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of September 30, 2019 and September 30, 2018:



	As of September 30, 2019				As of September 30, 2018
in thousands	Carrying Amount ^(a)		Fair Value		Carrying Amount ^(a)		Fair Value
Senior Notes ^(b)	$	1,111,085	$	1,115,011	$	1,163,138	$	1,096,214
Junior Subordinated Notes ^(c)	66,070		66,070		64,003		64,003
Total	$	1,177,155	$	1,181,081	$	1,227,141	$	1,160,217

^(a) Carrying amounts are net of unamortized debt premiums/discounts, debt issuance costs or accretion.

^(b) The estimated fair value for our publicly-held Senior Notes has been determined using quoted market rates (Level 2).

^(c)Since there is no trading market for our Junior Subordinated Notes, the fair value of these notes is estimated by discounting scheduled cash flows through maturity (level 3). The discount rate is estimated using market rates currently being offered on loans with similar terms and credit quality. Judgment is required in interpreting market data to develop these estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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