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Impairment Charges and Reserves (Tables)

12 Months Ended

Dec. 31, 2018

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):  

	For the Year Ended December 31,
	2018				2017				2016
Assets marketed for sale(A)	$	5.8			$	58.2			$	67.4
Assets included in the spin-off of RVI(B)		62.6				267.2				43.5
Undeveloped land		0.9				15.1				—
Reserve of preferred equity interests(C)		11.4				61.0				—
Total impairment charges	$	80.7			$	401.5			$	110.9

(A) The Company recorded impairment charges triggered by changes in asset hold-period assumptions and/or expected future cash flows in conjunction with the change in its executive management team and strategic direction to increase the volume of asset sales to accelerate progress on its deleveraging goal.

(B) In 2017, impairments were triggered related to changes in asset hold-period assumptions primarily in conjunction with the Company’s change in executive management team and strategic direction.  In 2018, charges were triggered by indicative bids received and changes in market assumptions due to the disposition process beginning in 2017.

(C) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 3).

Impairment Charges Measured at Fair Value on Non-Recurring Basis

The following tables present 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, 2018, 2017 and 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 Impairment Charges
December 31, 2018
Long-lived assets held and used		$	—			$	—			$	51.5			$	51.5			$	6.7
Assets included in the spin-off of RVI			—				—				1,028.0				1,028.0				62.6
Preferred equity interests			—				—				185.5				185.5				11.4
December 31, 2017
Long-lived assets held and used			—				—				307.1				307.1				73.3
Assets included in the spin-off of RVI			—				—				1,249.0				1,249.0				267.2
Preferred equity interests			—				—				272.0				272.0				61.0
December 31, 2016
Long-lived assets held and used			—				—				215.7				215.7				67.4
Assets included in the spin-off of RVI			—				—				222.5				222.5				43.5

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, in thousands):

		Quantitative Information About Level 3 Fair Value Measurements
		Fair Value at								Range
Description		December 31, 2018				Valuation Technique		Unobservable Inputs		2018
Impairment of consolidated assets		$	351.2			Indicative Bid(A)		Indicative Bid(A)		N/A
			694.1			Income Capitalization Approach		Market Capitalization Rate		7.38%–9.34%
			32.0			Discounted Cash Flow		Discount Rate		9.5%
								Terminal Capitalization Rate		10.5%–21.4%
			2.2			Sales Comparison Approach		Price per Acre		$35
Reserve of preferred equity interests			185.5			Discounted Cash Flow		Discount Rate		8.4%–9.0%
								Terminal Capitalization Rate		7.9%–9.1%
								NOI Growth Rate		1%

		Quantitative Information About Level 3 Fair Value Measurements
		Fair Value at								Range
Description		December 31, 2017				Valuation Technique		Unobservable Inputs		2017
Impairment of consolidated assets		$	166.8			Indicative Bid(A)/ Contracted Price		Indicative Bid(A)/ Contracted Price		N/A
			882.6			Income Capitalization Approach/ Sales Comparison Approach		Market Capitalization Rate		6.25%–10%
			499.3			Discounted Cash Flow		Discount Rate		7.75%–9.5%
								Terminal Capitalization Rate(B)		7.45%–21.39%
			7.4			Sales Comparison Approach		Price per Acre		$50–$218
Reserve of preferred equity interests			272.0			Discounted Cash Flow		Discount Rate		8.4%–8.8%
								Terminal Capitalization Rate		7.8%–8.5%
								NOI Growth Rate		1%

(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) Weighted-average rate 8.8% in 2017.

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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.

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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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