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Impairment Charges | 12 Months Ended
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Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract] |
Impairment Charges |
15. | Impairment Charges
Real Estate Properties We recorded no impairment charges during 2014 or 2013. During the year ended December 31, 2012, we recognized impairment charges related to certain of our real estate properties totaling $283.5 million. Land In 2012, we recognized impairment charges of $77.5 million on land parcels located in Central and Eastern Europe. This impairment was based on a review that resulted in a change in our intent from develop and hold to sell for certain land parcels. We based the fair value of the land parcels on internal valuations, which were corroborated primarily from brokers’ opinion of value and comparable land sales, if available. We also recorded impairment charges of $11.4 million in 2012 on land parcels that we expected to sell as the carrying value exceeded the fair value at that time. We based the fair value of the land on purchase and sale agreements. Operating Properties In the fourth quarter of 2012, we announced the signing of a definitive agreement for the formation of a new fund in Europe, PELP. Based on this agreement, we assessed the recoverability of the portfolio of assets we expected to contribute to PELP by comparing the total expected proceeds to the carrying value of the portfolio of assets at December 31, 2012. As a result, we recorded impairment charges of $135.3 million in continuing operations. During 2012, we also recorded impairment charges for properties we expected to sell to third parties or contribute to co-investment ventures of $30.6 million in discontinued operations and $28.7 million in continuing operations, respectively. We calculated the impairment charges based on the carrying values of those assets compared to the fair value, which was primarily based upon letters of intent, purchase and sale agreements and third-party appraisals. Other Assets In 2012, we recorded an impairment charge of $16.1 million on land that was received in exchange for a note receivable from an entity in Europe that went into administration in 2011.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, 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 asset is reported. + References No definition available. + Details
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