Impairment Charges and Impairment of Joint Venture Investments (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill And Intangible Assets Disclosure [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,
	2014		2013		2012
Land held for development(A)	$	13.2	$	—	$	10.1
Undeveloped land(B)		5.4		3.0		20.1
Assets marketed for sale(B)		10.6		16.0		16.6
Total continuing operations	$	29.2	$	19.0	$	46.8
Sold assets or assets held for sale – discontinued operations		8.9		53.6		79.7
Joint venture investments(C)		30.7		1.0		26.7
Total impairment charges	$	68.8	$	73.6	$	153.2

(A) Amounts reported in the years ended December 31, 2014 and 2012, primarily related to land held for development in Canada that was owned through a consolidated joint venture.  The asset impairments were triggered primarily by the Company’s decision to sell the land.  

(B) The impairment charges 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.

(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 change in its strategy to exit the Canadian market, as well as changes in the timing of the project and development assumptions.  In 2012, the charges primarily related to the investment in the Coventry II DDR Montgomery Farm LLC joint venture in which the Company sold its interest in 2012.  

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, 2014, 2013 and 2012.  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, 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
December 31, 2012
Long-lived assets held and used		—		—		180.7		180.7		126.5
Unconsolidated joint venture investments		—		—		4.7		4.7		26.7
Deconsolidated joint venture investment		—		—		56.1		56.1		9.3

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):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at December 31,						Range
Description	2014		2013		Valuation Technique	Unobservable Inputs	2014		2013
Impairment of consolidated assets	$	74.2	$	88.7	Indicative Bid (A)/ Contracted Price	Indicative Bid (A)/ Contracted Price	N/A		N/A
		67.0		75.5	Income Capitalization Approach(B)	Market Capitalization Rate		8%	8%–10%
						Price per Square Foot	N/A		$12–$117
Impairment of joint venture investments		6.4		35.3	Discounted Cash Flow	Discount Rate		15%	8%–15%
						Terminal Capitalization Rate		6%	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.