XML 45 R31.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall:



(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Total
June 30, 2014
Interest rate swaps, net	$	—	$	(1,545	)	$	—		$	(1,545	)
Investment securities	$	4,376	$	—		$	—		$	4,376
Listing Note	$	—	$	—		$	(38,100	)	$	(38,100	)
December 31, 2013
Interest rate swaps, net	$	—	$	(385	)	$	—		$	(385	)
Investment securities	$	1,048	$	—		$	—		$	1,048

The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of June 30, 2014, aggregated by the level in the fair value hierarchy within which the instrument falls:



(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3			Total
June 30, 2014
OPP	$	—	$	—	$	(33,500	)	$	(33,500	)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balance for the changes in the instrument with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2014:



(In thousands)	Listing Note
Beginning balance as of December 31, 2013	$	—
Fair value at issuance	29,400
Fair value adjustment	8,700
Ending balance as of June 30, 2014	$	38,100

The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2014:



(In thousands)	OPP
Beginning balance as of December 31, 2013	$	—
Fair value at issuance	31,500
Fair value adjustment	2,000
OPP amortization	(1,802		)
Unamortized balance as of June 30, 2014	$	31,698

Share-Based Compensation

The following table provides quantitative information about the significant Level 3 input used (in thousands):



Financial Instrument	Fair Value at June 30, 2014		Principal Valuation Technique	Unobservable Inputs	Input Value
Listing Note	$	38,100	Monte Carlo Simulation	Expected volatility	29.3%

The following table provides quantitative information about significant Level 3 input used:



Financial Instrument	Fair Value at June 30, 2014		Principal Valuation Technique	Unobservable Inputs	Input Value
	(In thousands)
OPP	$	33,500	Monte Carlo Simulation	Expected volatility	34.0%

Fair Value, by Balance Sheet Grouping

The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below.



		Carrying Amount at		Fair Value at		Carrying Amount at		Fair Value at
(In thousands)	Level	June 30, 2014		June 30, 2014		December 31, 2013		December 31, 2013
Mortgage notes payable	3	$	172,482	$	173,403	$	172,716	$	173,427
Credit facility	3	$	305,000	$	305,000	$	305,000	$	305,000
Preferred equity investment	3	$	33,600	$	33,600	$	30,000	$	30,000

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details