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Impairment Charges and Impairment of Joint Venture Investments (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges on Assets or Investments

The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):

		For the Year Ended December 31,
		2013				2012				2011
Land held for development(A)		$	—			$	10.1			$	54.2
Undeveloped land(B)			3.0				20.1				9.0
Assets marketed for sale(B)			42.0				28.6				—
Total continuing operations		$	45.0			$	58.8			$	63.2
Sold assets or assets held for sale – discontinued operations			27.6				67.7				62.7
Joint venture investments(C)			1.0				26.7				2.9
Total impairment charges		$	73.6			$	153.2			$	128.8

(A) Amounts reported in the year ended December 31, 2012, primarily related to land held for development in Canada that was owned through a consolidated joint venture (Note 14).

Amounts reported in the year ended December 31, 2011, primarily were related to the investment in land held for development in Russia (the “Yaroslavl Project”) and land held for development in Canada that were owned through consolidated joint ventures. The Company’s proportionate share of the loss was $50.4 million after adjusting for the allocation of loss to the non-controlling interest in certain of the projects. The Company sold its interest in the land held for development in Canada in the fourth quarter of 2011 to its joint venture partner in the project (Note 14). The Yaroslavl Project was sold to a third party in the first quarter of 2012 (Note 14).

(B) These 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.

(C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments. In 2012, the charges related primarily to the investment in the Coventry II DDR Montgomery Farm LLC joint venture in which the Company has sold its interest.

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 years ended December 31, 2013, 2012 and 2011. 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
December 31, 2013
Long-lived assets held and used and held for sale		$	—			$	—			$	164.2			$	164.2			$	72.6
Unconsolidated joint venture investments			—				—				35.3				35.3				1.0
December 31, 2012
Long-lived assets held and used			—				—				180.7				180.7				126.5
Unconsolidated joint venture investments			—				—				4.7				4.7				26.7
Deconsolidated joint venture investment			—				—				56.1				56.1				9.3
December 31, 2011
Long-lived assets held and used and held for sale			—				—				212.0				212.0				125.9
Unconsolidated joint venture investments			—				—				5.5				5.5				2.9

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 December 31,								Valuation Technique		Unobservable Inputs		Range
Description		2013				2012								2013		2012
Impairment of consolidated assets		$	85.7			$	136.6			Indicative Bid(A)/ Contracted Price		Indicative Bid(A)/ Contracted Price		N/A		N/A
			75.5				44.1			Income Capitalization Approach(B)		Market Capitalization Rate		8% - 10%		8% - 12%
												Price Per Square Foot		$12 - $117		$15 - $47
Impairment of consolidated assets – held for sale			3.0				—			Indicative Bid		Indicative Bid		N/A		N/A
Impairment of joint venture investments(C)			35.3				4.7			Income Capitalization Approach		Market Capitalization Rate		N/A		8%
										Discounted Cash Flow		Discount Rate		8% - 15%		11%
												Terminal Capitalization Rate		N/A		5.5% - 8.5%
Deconsolidated joint venture investment(D)			—				56.1			Discounted Cash Flow		Discount Rate		N/A		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 based 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 (Note 2).

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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).

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