Impairment Charges and Reserves (Tables)

9 Months Ended

Sep. 30, 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):  

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2019		2018		2019		2018
Assets marketed for sale(A)	$	—	$	5.8	$	0.6	$	5.8
Assets included in the spin-off of RVI(B)		—		14.1		—		62.6
Undeveloped land(A)		2.8		—		2.8		—
Reserve of preferred equity interests(C)		6.4		2.2		12.1		4.5
Total impairment charges	$	9.2	$	22.1	$	15.5	$	72.9

(A) The impairments recorded during the nine months ended September 30, 2019, were triggered by indicative bids received.

(B) 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 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 nine months ended September 30, 2019.  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
September 30, 2019
Long-lived assets held and used	$	—	$	—	$	5.0	$	5.0	$	3.4
Preferred equity interests		—		—		158.5		158.5		12.1

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
Description	September 30, 2019		Valuation Technique	Unobservable Inputs	Range
Impairment of consolidated assets	$	5.0	Indicative Bid(A)	Indicative Bid(A)	N/A
Reserve of preferred equity interests		158.5	Discounted Cash Flow	Discount Rate	8.8%-9.6%
				Terminal Capitalization Rate	8.0%-8.9%
				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.