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Impairment Charges and Impairment of Joint Venture Investments (Tables) | 9 Months Ended
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Sep. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract] |
Impairment Charges on Consolidated Assets | The Company recorded impairment charges during the three- and nine-month periods ended September 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 September 30, |  |  | Nine-Month Periods Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Land held for development |  | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 8.0 |
Undeveloped land |  |  | — |  |  |  | 1.0 |  |  |  | 2.6 |  |  |  | 20.1 |
Assets marketed for sale (A) |  |  | 24.1 |  |  |  | — |  |  |  | 51.5 |  |  |  | 16.6 |
Total continuing operations |  | $ | 24.1 |  |  | $ | 2.6 |  |  | $ | 54.1 |  |  | $ | 44.7 |
Sold assets or assets held for sale |  |  | — |  |  |  | 5.7 |  |  |  | 12.7 |  |  |  | 61.1 |
Total discontinued operations |  | $ | — |  |  | $ | 5.7 |  |  | $ | 12.7 |  |  | $ | 61.1 |
Joint venture investments |  |  | — |  |  |  | 26.1 |  |  |  | — |  |  |  | 26.7 |
Total impairment charges |  | $ | 24.1 |  |  | $ | 34.4 |  |  | $ | 66.8 |  |  | $ | 132.5 |
(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 one or more potential transactions.
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 nine-month period ended September 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 |
September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used |  | $ | — |  |  | $ | — |  |  | $ | 161.4 |  |  | $ | 161.4 |  |  | $ | 66.8 |
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 at |  |  |  |  |  |  | Range
Description |  | September 30, 2013 |  |  | December 31, 2012 |  |  | Valuation Technique |  | Unobservable Inputs |  | 2013 |  | 2012
Impairment of consolidated assets |  | $ | 87.1 |  |  | $ | 136.6 |  |  | Indicative Bid(A) / Contracted Price |  | Indicative Bid(A) / Contracted Price |  | N/A |  | N/A
|  |  | 74.3 |  |  |  | 44.1 |  |  | Income Capitalization Approach(B) |  | Market Capitalization Rate |  | 7.7 – 10% |  | 8 – 12%
|  |  |  |  |  |  |  |  |  |  |  | Price Per Square Foot |  | $12 – $117 |  | $15 – $47
Impairment of joint venture investments(C) |  |  | — |  |  |  | 4.7 |  |  | Income Capitalization Approach |  | Market Capitalization Rate |  | — |  | 8%
|  |  |  |  |  |  |  |  |  | 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 determination of 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 include 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 Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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