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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2019
Assets:
Cash equivalents, primarily money market funds ⁽¹⁾	$	28,330					$	28,330
Restricted cash, primarily money market funds ⁽¹⁾	9,916						9,916
Investments, mutual funds held in a grantor trust ⁽¹⁾	38,378						38,378
Total	$	76,624	$	—	$	—	$	76,624
Liabilities:
Deferred compensation plan obligations	$	38,378					$	38,378
Total	$	38,378	$	—	$	—	$	38,378

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(1)	For the year ended December 31, 2019, a net gain of $9.4 million was included in Interest and Other Income, net, of which $6.7 million represented an unrealized gain.



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2018
Assets:
Cash equivalents, primarily money market funds ⁽¹⁾	$	54,848					$	54,848
Restricted cash, primarily money market funds ⁽¹⁾	5,254						5,254
Investments, mutual funds held in a grantor trust ⁽¹⁾	30,996						30,996
Investments, mutual funds ⁽¹⁾	6,635						6,635
Total	$	97,733	$	—	$	—	$	97,733
Liabilities:
Deferred compensation plan obligations	$	30,996					$	30,996
Total	$	30,996	$	—	$	—	$	30,996

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(1)

For the year ended December 31, 2018, a net gain of $1.4 million was included in Interest and Other Income, net, of which $(3.0) million represented an unrealized loss.

Fair Value Measurements, Nonrecurring

No assets were measured at fair value on a nonrecurring basis at December 31, 2018. Assets measured at fair value on a nonrecurring basis at December 31, 2019 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) ⁽¹⁾
Investment in real estate joint ventures and partnerships⁽²⁾			$	1,830	$	24,154	$	25,984	$	(3,070	)
Total	$	—	$	1,830	$	24,154	$	25,984	$	(3,070	)

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(1)	Total gains (losses) presented in this table relate to assets that are still held by us at December 31, 2019.

(2)

In accordance with our policy of evaluating and recording impairments on the disposal of investments in real estate joint ventures and partnerships, investments with a carrying amount of $29.1 million were written down to a fair value of $26.0 million, resulting in a loss of $3.1 million, which was included in earnings for the fourth quarter of 2019. Management’s estimate of fair value of these investments were determined using a bona fide purchase offer for the Level 2 inputs, and see the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements in the table below.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):



	December 31,
	2019						2018
	Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Other Assets:
Tax increment revenue bonds ⁽¹⁾	$	17,277			$	25,000	$	20,009			$	25,000
Investments, held to maturity ⁽²⁾	—		$	—			3,000		$	2,988
Debt:
Fixed-rate debt	1,714,890				1,787,663		1,771,999				1,761,215
Variable-rate debt	17,448				17,426		22,685				23,131

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(1)	At December 31, 2019 and 2018, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2)

Investments held to maturity are recorded at cost. As of December 31, 2018, these investments had unrealized losses of $12 thousand.

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The quantitative information about the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements as of December 31, 2019 reported in the above table, is as follows:



	Fair Value at December 31,				Range
	2019				Minimum		Maximum
Description	(in thousands)		Valuation Technique	Unobservable Inputs	2019		2019
Investment in real estate joint ventures and partnerships	$	24,154	Discounted cash flows	Discount rate	7.3	%	7.5	%
				Capitalization rate	5.8	%	8.0	%
				Noncontrolling interest discount			15.0	%