Disclosure About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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 or disclosed 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, 2016:
Assets:
Mortgages and notes receivable, at fair value (1)	$	8,833	$	—	$	8,833	$	—
Interest rate swaps (in prepaid expenses and other assets)	7,619		—		7,619		—
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)	2,451		2,451		—		—
Total Assets	$	18,903	$	2,451	$	16,452	$	—
Noncontrolling Interests in the Operating Partnership	$	144,802	$	144,802	$	—	$	—
Liabilities:
Mortgages and notes payable, net, at fair value (1)	$	1,965,611	$	—	$	1,965,611	$	—
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)	1,870		—		1,870		—
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)	2,451		2,451		—		—
Total Liabilities	$	1,969,932	$	2,451	$	1,967,481	$	—



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) (2)	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, net, at fair value (1)	$	2,517,589	$	—	$	2,517,589	$	—
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) (2)	7,402		—		—		7,402
Total Liabilities	$	2,530,800	$	2,736	$	2,520,662	$	7,402

__________

(1) Amounts recorded at historical cost on our Consolidated Balance Sheets at December 31, 2016 and 2015.

(2) Sold during 2016 in conjunction with the sales of the Plaza assets.

Fair Value Measurements, Unobservable Inputs Reconciliation

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



	December 31,
	2016			2015
Asset:
Tax Increment Financing Bond:
Beginning balance	$	11,197		$	12,447
Principal repayment	—			(1,695		)
Assigned to the buyer of the Plaza assets	(11,197		)	—
Unrealized gains (in accumulated other comprehensive loss)	—			445
Ending balance	$	—		$	11,197

Fair Value Measurements, Valuation Techniques

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



	Valuation Technique	Unobservable Input	Rate as of
	Valuation Technique	Unobservable Input	December 31, 2015
Asset:
Tax increment financing bond	Income approach	Discount rate	6.93%