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Impairment Charges and Impairment of Joint Venture Investments | 6 Months Ended
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Jun. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract] |
Impairment Charges and Impairment of Joint Venture Investments |
13. |  | IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS
The Company recorded impairment charges during the three- and six-month periods ended June 30, 2013 and 2012, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):
|  | Three-Month Periods Ended June 30, |  |  | Six-Month Periods Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Land held for development |  | $ | — |  |  | $ | 6.4 |  |  | $ | — |  |  | $ | 6.4 |
Undeveloped land |  |  | 2.6 |  |  |  | 19.1 |  |  |  | 2.6 |  |  |  | 19.1 |
Assets marketed for sale(A) |  |  | 31.8 |  |  |  | 16.6 |  |  |  | 34.9 |  |  |  | 16.6 |
Total continuing operations |  | $ | 34.4 |  |  | $ | 42.1 |  |  | $ | 37.5 |  |  | $ | 42.1 |
Sold assets or assets held for sale |  |  | 0.5 |  |  |  | 38.1 |  |  |  | 5.1 |  |  |  | 55.5 |
Total discontinued operations |  | $ | 0.5 |  |  | $ | 38.1 |  |  | $ | 5.1 |  |  | $ | 55.5 |
Joint venture investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.6 |
Total impairment charges |  | $ | 34.9 |  |  | $ | 80.2 |  |  | $ | 42.6 |  |  | $ | 98.2 |
(A) | 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 a potential transaction.
Items Measured at Fair Value on a Non-Recurring Basis For a description of the Company’s methodology on determining fair value, refer to Note 11 of the Company’s Financial Statements filed on its Annual Report on Form 10-K, as amended, for the year ended December 31, 2012. 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 six-month period ended June 30, 2013 and the year ended December 31, 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 |
June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used and held for sale |  | $ | — |  |  | $ | — |  |  | $ | 93.3 |  |  | $ | 93.3 |  |  | $ | 42.6 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used and held for sale |  |  | — |  |  |  | — |  |  |  | 180.7 |  |  |  | 180.7 |  |  |  | 126.5 |
Unconsolidated joint venture investment |  |  | — |  |  |  | — |  |  |  | 4.7 |  |  |  | 4.7 |  |  |  | 26.7 |
Deconsolidated joint venture investment |  |  | — |  |  |  | — |  |  |  | 56.1 |  |  |  | 56.1 |  |  |  | 9.3 |
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 |  |  | Valuation Technique |  | Unobservable Input |  | Range
June 30, 2013 |  |  |  |  |  |  |  |  |  |
Impairment of consolidated assets(A) |  | $ | 64.7 |  |  | Indicative Bid / Contracted Price |  | Indicative Bid / Contracted Price |  | N/A
Impairment of consolidated assets |  |  | 26.6 |  |  | Income Capitalization Approach(B) |  | Market Capitalization Rate |  | 7.5% - 16.1%(B)
|  |  |  |  |  |  |  | Price Per Square Foot |  | $12 to $49 per square foot
Impairment of consolidated assets—Held for Sale(A) |  |  | 2.0 |  |  | Contracted Price |  | Contracted Price |  | N/A
December 31, 2012 |  |  |  |  |  |  |  |  |  |
Impairment of consolidated assets(A) |  | $ | 136.6 |  |  | Indicative Bid |  | Indicative Bid |  | N/A
Impairment of consolidated assets |  |  | 44.1 |  |  | Income Capitalization Approach(B) |  | Market Capitalization Rate |  | 8% - 12%(B)
|  |  |  |  |  |  |  | Price Per Square Foot |  | $15 to $47 per square foot
Impairment of joint venture investments(C) |  |  | 4.7 |  |  | Income Capitalization Approach |  | Market Capitalization Rate |  | 8%
Impairment of joint venture investments |  |  | — |  |  | Discounted Cash Flow |  | Discount Rate |  | 11%
|  |  |  |  |  |  |  | Terminal Capitalization Rate |  | 5.5% - 8.5%
Deconsolidated joint venture investment(D) |  |  | 56.1 |  |  | Discounted Cash Flow |  | Discount Rate |  | 8% - 15%
(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 on a price per square foot.
(C) | The fair value measurements also includes consideration of the fair market value of debt. These inputs are further described in the debt section of Note 8.
(D) | Related to loss reported in Change in Control and Sale of Interests recorded in 2012.

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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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