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Impairment Charges and Impairment of Joint Venture Investments (Tables) | 12 Months Ended
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Dec. 31, 2015
Asset Impairment Charges [Abstract] |
Impairment Charges on Assets or Investments | The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
| For the Year Ended December 31, |
| 2015 |  |  | 2014 |  |  | 2013 |
Assets marketed for sale or assets sold(A) | $ | 179.7 |  |  | $ | 10.6 |  |  | $ | 16.0 |
Undeveloped land previously held for development(B) |  | 99.3 |  |  |  | 18.6 |  |  |  | 3.0 |
Total continuing operations | $ | 279.0 |  |  | $ | 29.2 |  |  | $ | 19.0 |
Sold assets – discontinued operations |  | — |  |  |  | 8.9 |  |  |  | 53.6 |
Joint venture investments(C) |  | 1.9 |  |  |  | 30.7 |  |  |  | 1.0 |
Total impairment charges | $ | 280.9 |  |  | $ | 68.8 |  |  | $ | 73.6 |
(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 the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2015, the Company concluded that certain assets were impaired. The Company recorded impairment charges on 25 operating shopping centers that management identified as disposition candidates over the 12 to 24-month period following March 2015. The impairment charges for the years ended December 31, 2014 and 2013, were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions.
(B) | Amounts recorded primarily were related to land previously held for future development. The asset impairments were triggered primarily by the decision made by the Company’s senior management to sell the land and no longer consider development alternatives.
(C) | Represents “other than temporary impairment” charges on unconsolidated joint venture investments. Amount recorded in 2014 represents a charge on a joint venture development project in Canada. The impairment primarily was triggered as a result of a major retailer’s decision to exit the Canadian market, as well as changes in the timing of the project and development assumptions.
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 years ended December 31, 2015, 2014 and 2013. 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 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 407.1 |  |  | $ | 407.1 |  |  | $ | 279.0 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.9 |
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 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used/held for sale |  |  | — |  |  |  | — |  |  |  | 164.2 |  |  |  | 164.2 |  |  |  | 72.6 |
Unconsolidated joint venture investments |  |  | — |  |  |  | — |  |  |  | 35.3 |  |  |  | 35.3 |  |  |  | 1.0 |
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, which is in thousands):
|  | Quantitative Information About Level 3 Fair Value Measurements |
|  | Fair Value at December 31, |  |  |  |  |  |  | Range |
Description |  | 2015 |  |  | 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 |  |  | — |  |  |  | 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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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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