Disclosure About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests

The following table sets forth our assets and liabilities and the Company's noncontrolling interests in the Operating Partnership that are measured at fair value within the fair value hierarchy.



			Level 1		Level 2		Level 3
	Total		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
Fair Value at December 31, 2015:
Assets:
Mortgages and notes receivable, at fair value (1)	$	2,096	$	—	$	2,096	$	—
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)	2,736		2,736		—		—
Tax increment financing bond (in real estate and other assets, net, held for sale)	11,197		—		—		11,197
Total Assets	$	16,029	$	2,736	$	2,096	$	11,197
Noncontrolling Interests in the Operating Partnership	$	126,429	$	126,429	$	—	$	—
Liabilities:
Mortgages and notes payable, at fair value (1)	$	2,525,390	$	—	$	2,525,390	$	—
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)	3,073		—		3,073		—
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)	2,736		2,736		—		—
Financing obligation, at fair value (in liabilities held for sale) (1)	7,402		—		—		7,402
Total Liabilities	$	2,538,601	$	2,736	$	2,528,463	$	7,402



Fair Value at December 31, 2014:
Assets:
Mortgages and notes receivable, at fair value (1)	$	13,142	$	—	$	2,247	$	10,895
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)	3,635		3,635		—		—
Tax increment financing bond (in real estate and other assets, net, held for sale)	12,447		—		—		12,447
Total Assets	$	29,224	$	3,635	$	2,247	$	23,342
Noncontrolling Interests in the Operating Partnership	$	130,048	$	130,048	$	—	$	—
Liabilities:
Mortgages and notes payable, at fair value (1)	$	2,141,334	$	—	$	2,141,334	$	—
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)	2,412		—		2,412		—
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)	3,635		3,635		—		—
Financing obligation, at fair value (in liabilities held for sale) (as revised) (1)	8,623		—		—		8,623
Total Liabilities (as revised)	$	2,156,004	$	3,635	$	2,143,746	$	8,623

__________

(1) Amounts recorded at historical cost on our Consolidated Balance Sheets at December 31, 2015 and 2014.

Fair Value Measurements, Unobservable Inputs Reconciliation

The following table sets forth the changes in our Level 3 asset, which is recorded at fair value on our Consolidated Balance Sheets:



	December 31,
	2015			2014
Asset:
Tax Increment Financing Bond:
Beginning balance	$	12,447		$	13,403
Principal repayment	(1,695		)	(1,540		)
Unrealized gains (in AOCL)	445			584
Ending balance	$	11,197		$	12,447

Fair Value Measurements, Valuation Techniques

The following table sets forth quantitative information about the unobservable inputs of our Level 3 assets, which were recorded at fair value on our Consolidated Balance Sheets:



	Valuation Technique	Unobservable Input	Rate/ Percentage
2015 Asset:
Tax increment financing bond	Income approach	Discount rate	6.93%
2014 Assets:
Tax increment financing bond	Income approach	Discount rate	8.4%
Impaired real estate assets	Income approach	Capitalization rate	9.5%
		Discount rate	10.0%