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.