Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
Schedule of fair value assets and liabilities measured on recurring basis
The table below sets forth our financial assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2013 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):
Description
 
Quoted Prices in
Active Markets for
Identical Assets(Level 1)
 
Significant Other
Observable Inputs(Level 2)
 
Significant
Unobservable Inputs(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Marketable securities in deferred compensation plan (1)
 
 

 
 

 
 

 
 

Mutual funds
 
$
6,606

 
$
—

 
$
—

 
$
6,606

Common stocks
 
239

 
—

 
—

 
239

Other
 
213

 
—

 
—

 
213

Common stock (1)
 
743

 
—

 
—

 
743

Interest rate derivatives (2)
 
—

 
260

 
—

 
260

Warrants to purchase common stock (2)
 
—

 
420

 
—

 
420

Assets
 
$
7,801

 
$
680

 
$
—

 
$
8,481

Liabilities:
 
 

 
 

 
 

 
 

Deferred compensation plan liability (3)
 
$
7,058

 
$
—

 
$
—

 
$
7,058

Interest rate derivatives
 
—

 
5,340

 
—

 
5,340

Liabilities
 
$
7,058

 
$
5,340

 
$
—

 
$
12,398

Redeemable noncontrolling interest
 
$
—

 
$
—

 
$
10,356

 
$
10,356


(1) Included in the line entitled “restricted cash and marketable securities” on our consolidated balance sheet.
(2) Included in the line entitled “prepaid expenses and other assets” on our consolidated balance sheet.
(3) Included in the line entitled “other liabilities” on our consolidated balance sheet.
Schedule of fair value hierarchy of impaired properties and other assets associated with such properties
The table below sets forth the fair value hierarchy of the valuation techniques used by us in determining such fair values for the three months ended March 31, 2012 (dollars in thousands):
 
 
Quoted Prices in
 
 
 
Significant
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Unobservable
 
 
 
Impairment
 
 
Identical Assets
 
Observable Inputs
 
Inputs
 
 
 
Losses
Description
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
Recognized (1)
Assets (2):
 
 

 
 

 
 

 
 

 
 

Properties, net
 
$
—

 
$
—

 
$
92,176

 
$
92,176

 
$
5,479


(1) Represents impairment losses, excluding exit costs incurred of $1.1 million.
(2) Reflects balance sheet classifications of assets at time of fair value measurement, excluding the effect of held for sale classifications.
The table below sets forth the fair value hierarchy of the valuation technique used by us in determining the fair value of the property (dollars in thousands):
 
 
Quoted Prices in
 
 
 
Significant
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Unobservable
 
 
 
Impairment
 
 
Identical Assets
 
Observable Inputs
 
Inputs
 
 
 
Losses
Description
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
Recognized
Assets (1):
 
 

 
 

 
 

 
 

 
 

Properties, net
 
$
—

 
$
—

 
$
7,250

 
$
7,250

 
$
1,857


(1) Reflects balance sheet classifications of assets at time of fair value measurement, excluding the effect of held for sale classifications.
Schedule of quantitative information about significant unobservable inputs used for Level 3 fair value measurements
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above (dollars in thousands):
Description
 
Fair Value on 
Measurement Date
 
Valuation Technique
 
 Unobservable Input
 
Range (Weighted Average)
Properties on which impairment losses were recognized
 
$
92,176

 
Bid for properties indicative of value
 
Indicative bid (1)
 
(1)
 
 
 
 
Contract of sale
 
Contract price (1)
 
(1)
 
 
 
 
Discounted cash flow
 
Discount rate
 
11.0% (2)
 
 
 
 
 
 
Terminal capitalization rate
 
9.0% (2)
 
 
 
 
 
 
Market rent growth rate
 
3.0% (2)
 
 
 
 
 
 
Expense growth rate
 
3.0% (2)
 
 
 
 
Yield Analysis
 
Yield
 
12% (2)
 
 
 
 
 
 
Market rent rate
 
$8.50 per square foot (2)
 
 
 
 
 
 
Leasing costs
 
$20.00 per square foot (2)
(1) These fair value measurements were developed by third party sources, subject to our corroboration for reasonableness.
(2) Only one value applied for this unobservable input.
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above (dollars in thousands):
Description
 
Fair Value on 
Measurement Date
 
Valuation Technique
 
 Unobservable Input
 
Range (Weighted Average)
Property on which impairment loss was recognized
 
$
7,250

 
Bid for property indicative of value
 
Indicative bid (1)
 
(1)

(1) This fair value measurement was developed by a third party source, subject to our corroboration for reasonableness.