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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Measurements of Assets and Liabilities

The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2013 and 2012:



			Fair Value Measurements at Reporting Date Using
	Fair Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities	$	13,973	$	13,973	$	—	$	—
Interest rate cap	—		—		—		—

Liabilities:
Interest rate swaps	$	4,007	$	—	$	4,007	$	—



			Fair Value Measurements at Reporting Date Using
	Fair Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities	$	27,679	$	16,556	$	—	$	11,123
Privately-held debt and equity securities	2,475		—		—		2,475
Interest rate cap	—		—		—		—

Liabilities:
Interest rate swaps	$	5,805	$	—	$	5,805	$	—

Reconciliation of Available-for-sale Securities

The following table provides a reconciliation of changes between the beginning and ending balances of the TIF bonds (Level 3):



	Year Ended December 31,
Available-for-sale securities (Level 3):	2013			2012
Balance, beginning of period	$	11,123		$	11,829
Redemption of TIF bonds	(11,002		)	—
Reclassification adjustment AOCI	—			1,542
Transfer out of Level 3 ⁽¹⁾	(121		)	(2,248		)
Balance, end of period	$	—		$	11,123


(1)	The TIF bonds were adjusted to their net realizable value as of December 31, 2012 and redeemed in January 2013. The difference in estimate was recorded as a transfer to long-lived assets.

Reconciliation of Privately-held Debt and Equity Securities

The following table provides a reconciliation of changes between the beginning and ending balances of the Jinsheng note (Level 3):



	Year Ended December 31,
Privately-held debt and equity securities (Level 3):	2013			2012
Balance, beginning of period	$	2,475		$	2,475
Net settlement	(4,875		)	—
Realized gain recorded in earnings	2,400			—
Balance, end of period	$	—		$	2,475

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

The following table sets forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2013 and 2012:



			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses
2013:
Long-lived assets	$	31,900	$	—	$	—	$	31,900	$	67,665

2012:
Long-lived assets	$	8,173	$	—	$	—	$	8,173	$	23,315

Schedule of Changes in Level 3

A reconciliation of each Property's carrying values for the year ended December 31, 2012 is as follows:



	Imperial Valley Commons L.P. ⁽¹⁾			The Courtyard at Hickory Hollow ⁽²⁾			Total
Beginning carrying value, January 1, 2012	$	25,403		$	5,754		$	31,157
Capital expenditures	264			644			908
Depreciation expense	(22		)	(124		)	(146		)
Loss on impairment of real estate	(20,315		)	(3,000		)	(23,315		)
Ending carrying value, December 31, 2012	$	5,330		$	3,274		$	8,604

(1) Imperial Valley Commons L.P. had no revenue for the year ended December 31, 2012 because it consists of land available for expansion.

(2) The revenues of The Courtyard at Hickory Hollow accounted for approximately 0.03% of total consolidated revenues for the year ended December 31, 2012.

A reconciliation of each Property's carrying values for the year ended December 31, 2013 is as follows:



	Madison Square ⁽¹⁾			Citadel Mall ⁽²⁾			Total
Beginning carrying value, January 1, 2013	$	57,231		$	45,178		$	102,409
Capital expenditures	5			262			267
Depreciation expense	(2,024		)	(1,380		)	(3,404		)
Loss on impairment of real estate	(47,212		)	(20,453		)	(67,665		)
Ending carrying value, December 31, 2013	$	8,000		$	23,607		$	31,607

(1) The revenues of Madison Square accounted for approximately 0.7% of total consolidated revenues for the year ended December 31, 2013.

(2) The revenues of Citadel Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2013.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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