Impairment Charges and Impairment of Joint Venture Investments (Tables)

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges on Consolidated Assets

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.

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 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

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		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.