13. IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS

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.

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 for the year ended December 31, 2012, as amended.

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

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

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

—

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.