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Impairment Charges and Impairment of Joint Venture Investments (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges on Assets or Investments

The Company recorded impairment charges during the three-month periods ended March 31, 2015 and 2014, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):  

	Three-Month Periods Ended March 31,
	2015				2014
Assets marketed for sale or assets sold(A)	$	179.7			$	1.9
Undeveloped land previously held for development(B)		99.3				0.4
Total continuing operations	$	279.0			$	2.3
Sold assets – discontinued operations		—				8.5
Joint venture investments(C)		—				9.1
Total impairment charges	$	279.0			$	19.9

(A) In March 2015, the Company’s new senior management team initiated changes in the Company’s investment strategy.  Senior management took steps to accelerate the Company’s portfolio quality improvement initiative, which it intends to accomplish in part through the acceleration of disposition plans of lower quality assets that do not have strong long-term growth profiles.  As a result, in connection with the preparation of this Quarterly Report on Form 10-Q, the Company concluded that the assets were impaired.  The Company recorded impairment charges on 25 operating shopping centers that management identified as disposition candidates over the following 12 to 24-month period.

(B) Amounts reported in the three-month period ended March 31, 2015, primarily related to five parcels of land previously held for future development.  The asset impairments were triggered primarily by the decision made by the Company’s senior management in the first quarter to sell the land and no longer consider development.

(C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments.  

Impairment Charges Measured at Fair Value on Non-Recurring Basis

The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the three-month period ended March 31, 2015, and the year ended December 31, 2014.  The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions).  

		Fair Value Measurements
		Level 1				Level 2				Level 3				Total				Total Losses
March 31, 2015
Long-lived assets held and used		$	—			$	—			$	407.1			$	407.1			$	279.0
December 31, 2014
Long-lived assets held and used			—				—				141.2				141.2				38.1
Unconsolidated joint venture investments			—				—				6.4				6.4				30.7

Summary of Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions, except price per square foot and price per acre which is in thousands):

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at

Range

Description

March 31, 2015

December 31, 2014

Valuation Technique

Unobservable Inputs

2015

2014

Impairment of consolidated assets

$

33.8

$

74.2

Indicative Bid(A)/ Contracted Price

Indicative Bid(A)/ Contracted Price

N/A

N/A

$

287.6

$

67.0

Income Capitalization Approach(B)/ Sales Comparison Approach

Market Capitalization Rate

8%–9%

8%

Price per Square Foot

$10–$40

N/A

$

51.5

N/A

Indicative Bid(A)

Indicative Bid(A)

N/A

N/A

Discounted Cash Flow

Discount Rate

10%–14%

N/A

Terminal Capitalization Rate

8%–10%

N/A

$

34.2

N/A

Indicative Bid(A)/ Sales Comparison Approach

Indicative Bid(A)

N/A

N/A

Impairment of joint venture investments

N/A

$

6.4

Discounted Cash Flow

Discount Rate

N/A

15%

Terminal Capitalization Rate

N/A

6%

(A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness.  The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.  

(B) Vacant space in certain assets was valued based on a price per square foot.  

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Impairment charges on consolidated assets.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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