XML 48 R29.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Impairment Charges and Reserves (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Asset Impairment Charges [Abstract] |
Impairment Charges and Reserves on Assets or Investments | The Company recorded impairment charges and reserves based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
| Three Months |
| Ended March 31, |
| 2017 |  |  | 2016 |
Assets marketed for sale(A) | $ | 22.0 |  |  | $ | — |
Reserve of preferred equity interests(B) |  | 76.0 |  |  |  | — |
Total impairment charges | $ | 98.0 |  |  | $ | — |
(A) | Triggered by changes in asset hold-period assumptions and/or expected future cash flows.
(B) | In March 2017, the Company recorded an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 2).
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 months ended March 31, 2017, and the year ended December 31, 2016. 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, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 14.8 |  |  | $ | 14.8 |  |  | $ | 22.0 |
Reserve of preferred equity interests |  |  | — |  |  |  | — |  |  |  | 319.3 |  |  |  | 319.3 |  |  |  | 76.0 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  |  | — |  |  |  | — |  |  |  | 438.2 |  |  |  | 438.2 |  |  |  | 110.9 |
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 |  |  |  |  |  |  | Range
|  | March 31, |  |  | December 31, |  |  | Valuation |  | Unobservable |  |  |  |  |  |
Description |  | 2017 |  |  | 2016 |  |  | Technique |  | Inputs |  | 2017 |  |  | 2016
Impairment of consolidated assets |  | $ | — |  |  | $ | 13.4 |  |  | Indicative Bid(A)/ Contracted Price |  | Indicative Bid(A)/ Contracted Price |  | N/A |  |  | N/A
|  |  | — |  |  |  | 398.2 |  |  | Income Capitalization Approach(B)/ Sales Comparison Approach |  | Market Capitalization Rate |  | N/A |  |  | 7%–10%
|  |  |  |  |  |  |  |  |  |  |  | Price per Square Foot |  | N/A |  |  | $15–$31
|  |  | 14.8 |  |  |  | 26.6 |  |  | Indicative Bid(A) |  | Indicative Bid(A) |  | N/A |  |  | N/A
|  |  |  |  |  |  |  |  |  | Discounted Cash Flow |  | Discount Rate |  |  | 9% |  |  | 10%–11%
|  |  |  |  |  |  |  |  |  |  |  | Terminal Capitalization Rate |  |  | 10% |  |  | 10%–12%
Reserve of preferred equity interests |  |  | 319.3 |  |  |  | — |  |  | Discounted Cash Flow |  | Discount Rate |  | 8.3%–8.6% |  |  | N/A
|  |  |  |  |  |  |  |  |  |  |  | Terminal Capitalization Rate |  | 5.3%–10.3% |  |  | N/A
|  |  |  |  |  |  |  |  |  |  |  | NOI Growth Rate |  |  | 1% |  |  | N/A
(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.

X
- References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=64862545&loc=d3e2921-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742 + Details
Name: | us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration