11.	IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS

The Company recorded impairment charges during the three-month periods ended March 31, 2014 and 2013, 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 March 31,
	2014		2013
Undeveloped land	$	0.4	$	—
Assets marketed for sale ^(A)		10.4		—
Total continuing operations	$	10.8	$	—
Sold assets – discontinued operations		—		7.7
Joint venture investments ^(B)		9.1		—
Total impairment charges	$	19.9	$	7.7

(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.

(B)

Amount recorded in 2014 represents an “other than temporary impairment” charge on a development project in Canada that is owned through an unconsolidated joint venture. The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014.

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 12 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2013, 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 three-month period ended March 31, 2014 and the year ended December 31, 2013. 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
March 31, 2014:
Long-lived assets held and used	$	—	$	—	$	82.6	$	82.6	$	10.8
Unconsolidated joint venture investments		—		—		26.8		26.8		9.1
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

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

March 31,
2014

December 31,
2013

Valuation
Technique

Unobservable
Inputs

2014

2013

Impairment of consolidated assets

15.6

88.7

Indicative
Bid^(A)/
Contracted Price

N/A

67.0

75.5

Income
Capitalization
Approach^(B)

Market
Capitalization
Rate

8% – 10%

Price Per
Square Foot

N/A

$12 – $117

Impairment of joint venture investments			26.8				35.3			Discounted Cash Flow			Discount Rate			8% – 15%				8% – 15%
													Terminal Capitalization Rate			6%				6%

(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.