Impairment of Real Estate and Impairment of Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2014

Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]

Schedule of Impairment of Real Estate Included in Continuing Operations

The following table summarizes the Company’s impairment of real estate included in continuing operations:

		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
		(in thousands)
Avenue at Tower City Center (Specialty Retail Center)	Cleveland, Ohio	$	72,473	$	—	$	72,473	$	—
Office Buildings:
Terminal Tower	Cleveland, Ohio	42,208		—		42,208		—
Post Office Plaza	Cleveland, Ohio	14,378		—		14,378		—
Other		770		1,175		770		1,175
		$	129,829	$	1,175	$	129,829	$	1,175

Unobservable Inputs Used to Determine the Fair Value of the Non-recurring Impairment of Real Estate

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate for the six months ended June 30, 2014 and 2013:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value of Real Estate		Valuation Technique	Unobservable Input	Range of Input Values
	(in thousands)
June 30, 2014
Impairment of real estate	$	44,200	Discounted Cash Flows	Market Capitalization Rate	8.0% - 10.0%
				Discount Rate	10.5% - 12.0%
Impairment of real estate	$	34,750	Indicative Bids	Indicative Bids	N/A (1)
June 30, 2013
Impairment of real estate	$	1,700	Indicative Bids	Indicative Bids	N/A (1)

(1) This fair value measurement was derived from a bona fide purchase offer from third party prospective buyers, subject to the Company's corroboration for reasonableness.