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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:


	June 30, 2020						December 31, 2019
	Carrying Amounts		Fair Value		Carrying Amounts		Fair Value

Secured loan	$	—	$	—	$	7,174	$	7,306
Notes payable	4,520,694		4,667,236		4,205,952		4,422,513
Unsecured Credit Facility and term loans	786,833		792,064		648,059		658,490
Total debt obligations, net	$	5,307,527	$	5,459,300	$	4,861,185	$	5,088,309

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis:


	Fair Value Measurements as of June 30, 2020
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities⁽¹⁾	$	20,765	$	4,683	$	16,082	$	—


Liabilities:
Interest rate derivatives	$	(34,367)	$	—	$	(34,367)	$	—

	Fair Value Measurements as of December 31, 2019
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Marketable securities⁽¹⁾	$	18,054	$	1,459	$	16,595	$	—
Interest rate derivatives	$	3,795	$	—	$	3,795	$	—

Liabilities:
Interest rate derivatives	$	(13,449)	$	—	$	(13,449)	$	—

(1)As of June 30, 2020 and December 31, 2019, marketable securities included $0.3 million and $0.1 million of net unrealized gains, respectively. As of June 30, 2020, the contractual maturities of the Company’s marketable securities are within the next five years.

Fair Value Measurements, Nonrecurring

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the six months ended June 30, 2020 and during the year ended December 31, 2019, excluding the properties sold prior to June 30, 2020 and December 31, 2019, respectively:


	Fair Value Measurements as of June 30, 2020
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Impairment of Real Estate Assets
Assets:
Properties^(1)(2)(3)	$	13,155	$	—	$	—	$	13,155	$	10,546

	Fair Value Measurements as of December 31, 2019
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Impairment of Real Estate Assets
Assets:
Properties⁽⁴⁾⁽⁵⁾	$	23,533	$	—	$	—	$	23,533	$	7,983

⁽¹⁾Excludes properties disposed of prior to June 30, 2020.

⁽²⁾The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the six months ended June 30, 2020 includes: (i) $6.1 million related to 30th Street Plaza; and (ii) $2.2 million related to Chamberlain Plaza.

⁽³⁾The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the six months ended June 30, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the investment.

⁽⁴⁾Excludes properties disposed of prior to December 31, 2019.

⁽⁵⁾The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2019 includes: (i) $9.7 million related to Brice Park; (ii) $9.1 million related to Mohawk Acres Plaza; (iii) $3.4 million related to Lincoln Plaza; and (iv) $1.3 million related to a parcel at Lakes Crossing.