XML 141 R44.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Impairment Charges and Reserves (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
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, |
| 2019 |  |  | 2018 |  |  | 2017 |
Assets marketed for sale(A) | $ | 0.6 |  |  | $ | 5.8 |  |  | $ | 58.2 |
Undeveloped land(A) |  | 2.8 |  |  |  | 0.9 |  |  |  | 15.1 |
Assets included in the spin-off of RVI(A) |  | — |  |  |  | 62.6 |  |  |  | 267.2 |
Reserve of preferred equity interests(B) |  | 15.5 |  |  |  | 11.4 |  |  |  | 61.0 |
Total impairment charges | $ | 18.9 |  |  | $ | 80.7 |  |  | $ | 401.5 |
(A) | In 2019, impairments recorded were triggered by indicative bids received. In 2018 and 2017, impairments recorded were 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) | As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures (Note 3).
Impairment Charges and Reserves Measured at Fair Value on Non-Recurring Basis | The following table presents information about the Company’s impairment charges and reserves on both financial and nonfinancial assets that were measured on a fair value basis for the years ended December 31, 2019, 2018 and 2017. 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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 5.0 |  |  | $ | 5.0 |  |  | $ | 3.4 |
Preferred equity interests |  |  | — |  |  |  | — |  |  |  | 108.5 |  |  |  | 108.5 |  |  |  | 15.5 |
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 |
Summary of Significant Unobservable Inputs | The following tables present 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 acre, in thousands):
|  | Quantitative Information About Level 3 Fair Value Measurements |
|  | Fair Value at |  |  |  |  |  |  | Range |
Description |  | December 31, 2019 |  |  | Valuation Technique |  | Unobservable Inputs |  | 2019 |
Impairment of consolidated assets |  | $ | 5.0 |  |  | Indicative Bid(A) |  | Indicative Bid(A) |  | N/A |
Reserve of preferred equity interests |  |  | 108.5 |  |  | Discounted Cash Flow |  | Discount Rate |  | 8.9%–9.9% |
|  |  |  |  |  |  |  | Terminal Capitalization Rate |  | 8.3%–9.4% |
|  |  |  |  |  |  |  | NOI Growth Rate |  | 1% |
|  | 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% |
(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.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&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 input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration