Land held for Divestiture (Tables)

9 Months Ended

Oct. 31, 2013

Land Held for Divestiture disclosures [Abstract]

Schedule of Land Held for Divestiture Activity

The following table summarizes the net gain (loss) on land held for divestiture activity of consolidated entities:



	Three Months Ended October 31,					Nine Months Ended October 31,
	2013		2012			2013			2012
	(in thousands)
Sales of land held for divestiture	$	—	$	25,384		$	1,768		$	59,894
Cost of sales of land held for divestiture	—		(26,804		)	(323		)	(51,976		)
Gain on extinguishment of debt of land held for divestiture	—		2,227			—			2,227
Net gain on closed transactions of land held for divestiture	—		807			1,445			10,145
Bad debt expense	—		—			(9,000		)	—
Impairment of land held for divestiture	—		—			—			(15,796		)
Net gain (loss) on land held for divestiture activity	$	—	$	807		$	(7,555	)	$	(5,651	)

Unobservable Inputs Used to Determine Fair Value of Non Recurring Impairment of Real Estate [Table Text Block]

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of impairment of consolidated land held for divestiture for the nine months ended October 31, 2012:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value October 31, 2012		Valuation Technique	Unobservable Input	Range of Input Values
	(in thousands)
Impairment of land held for divestiture	$	15,663	Indicative bids	Indicative bids	N/A⁽¹⁾
Impairment of land held for divestiture	$	926	Discounted cash flows⁽²⁾	N/A	N/A


(1)	These fair value measurements were developed by third party sources, subject to the Company’s corroboration for reasonableness.


(2)	The Company used a discounted cash flow technique to estimate fair value; however, due to the estimated holding period being less than twelve months, the impact of discounting was deemed immaterial.

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate (including discontinued operations) for the nine months ended October 31, 2013 and 2012:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation Technique	Unobservable Input	Range of Input Values
	(in thousands)
October 31, 2013
Impairment of real estate	$	212,204	Indicative Bids	Indicative Bids	N/A ⁽¹⁾
Impairment of real estate	$	29,500	Comparable Property Market Analysis	Price Per Square Foot	$22 to $55 per square foot ⁽²⁾
October 31, 2012
Impairment of real estate	$	83,193	Indicative Bids	Indicative Bids	N/A ⁽¹⁾
Impairment of real estate	$	10,500	Discounted Cash Flow	Discount Rate	10.0%


(1)	These fair value measurements were derived from bona fide purchase offers from third party prospective buyers, subject to the Company’s corroboration for reasonableness.


(2)	Weighted average price is $45 per square foot.

Schedule of Land Held For Divestiture Unconsolidated Entities Activity

The following table summarizes the net gain (loss) on investments in unconsolidated entities which are part of the land divestiture strategy:



	Three Months Ended October 31,					Nine Months Ended October 31,
	2013		2012			2013		2012
	(in thousands)
Net gain (loss) on sales of land held for divestiture of unconsolidated entities	$	186	$	(283	)	$	867	$	(1,764	)
Impairment of investments in unconsolidated entities	—		—			—		(40,406		)
Net gain (loss) on land held for divestiture activity of unconsolidated entities	$	186	$	(283	)	$	867	$	(42,170	)