Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2012

Fair Value Measurements [Abstract]

Company's financial assets and liabilities and redeemable noncontrolling interests on a recurring basis

The following table presents information about the Company’s financial assets and liabilities and redeemable noncontrolling interest that were measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

		XXXX,XX		XXXX,XX			XXXX,XX			XXXX,XX
	Fair Value Measurements April 30, 2012
	Level 1		Level 2			Level 3			Total
	(in thousands)
Interest rate caps	$	—	$	17		$	—		$	17
Interest rate swap agreements (positive fair value)		—		894			—			894
Interest rate swap agreements (negative fair value)		—		(4,628	)		(136,517	)		(141,145	)
TRS (positive fair value)		—		—			13,500			13,500
TRS (negative fair value)		—		—			(24,355	)		(24,355	)
Fair value adjustment to the borrowings subject to TRS		—		—			9,325			9,325
Redeemable noncontrolling interest		—		—			(230,438	)		(230,438	)
Total	$	—	$	(3,717	)	$	(368,485	)	$	(372,202	)
	January 31, 2012
	(in thousands)
Interest rate caps	$	—	$	13		$	—		$	13
Interest rate swap agreements (positive fair value)		—		1,083			—			1,083
Interest rate swap agreements (negative fair value)		—		(5,396	)		(143,303	)		(148,699	)
TRS (positive fair value)		—		—			10,308			10,308
TRS (negative fair value)		—		—			(25,321	)		(25,321	)
Fair value adjustment to the borrowings subject to TRS		—		—			9,180			9,180
Redeemable noncontrolling interest		—		—			(229,149	)		(229,149	)
Total	$	—	$	(4,300	)	$	(378,285	)	$	(382,585	)

Reconciliation of financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis using significant unobservable inputs

The table below presents a reconciliation of all financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

	Fair Value Measurements
	Redeemable Noncontrolling Interest			Interest Rate Swaps			Net TRS			Fair value adjustment to the borrowings subject to TRS			Total TRS Related			Total
	(in thousands)
Three months ended April 30, 2012
Balance, February 1, 2012	$	(229,149	)	$	(143,303	)	$	(15,013	)	$	9,180		$	(5,833	)	$	(378,285	)
Loss attributable to redeemable noncontrolling interest		1,691			—			—			—			—			1,691
Total realized and unrealized gains (losses):
Included in earnings		—			—			4,158			145			4,303			4,303
Included in other comprehensive income		—			6,786			—			—			—			6,786
Included in additional paid-in capital		(2,980	)		—			—			—			—			(2,980	)
Balance, April 30, 2012	$	(230,438	)	$	(136,517	)	$	(10,855	)	$	9,325		$	(1,530	)	$	(368,485	)
Three months ended April 30, 2011
Balance, February 1, 2011	$	(226,829	)	$	(102,387	)	$	(30,034	)	$	21,938		$	(8,096	)	$	(337,312	)
Loss attributable to redeemable noncontrolling interest		666			—			—			—			—			666
Total realized and unrealized gains (losses):
Included in earnings		—			—			2,522			(1,482	)		1,040			1,040
Included in other comprehensive income		—			(1,750	)		—			—			—			(1,750	)
Included in additional paid-in capital		(619	)		—			—			—			—			(619	)
Balance, April 30, 2011	$	(226,782	)	$	(104,137	)	$	(27,512	)	$	20,456		$	(7,056	)	$	(337,975	)

Fair value of financial instruments measured on a recurring basis

The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of April 30, 2012.

	Quantitative Information about Level 3 Fair Value  Measurements
	Fair Value April 30, 2012			Valuation Technique	Unobservable Input	Range of Input Values
	(in thousands)
Credit valuation adjustment of interest rate swap	$	14,712		Potential future exposure	Credit spreads		2.72%(1)  -4.25%
TRS	$	(10,855	)	Third party bond pricing	Bond quote		84.41-102.28	(1)
Fair value adjustment to the borrowings subject to TRS	$	9,325		Third party bond pricing	Bond quote		84.41-100.79	(1)
Redeemable noncontrolling interest	$	(230,438	)	Discounted cash flows	Discount rate		10.3	%

(1) This fair value measurement was developed by third party service providers, subject to the Company’s corroboration for reasonableness.

Schedule of fair value of nonrecourse mortgage debt and notes payable, bank revolving credit facility and senior and subordinated debt

The following table summarizes the fair value of nonrecourse mortgage debt and notes payable, bank revolving facility, senior and subordinated debt and nonrecourse mortgage debt and notes payable of land held for divestiture:

	April 30, 2012				January 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)				(in thousands)
Fixed Rate Debt	$	4,622,503	$	4,917,174	$	4,458,214	$	4,719,636
Variable Rate Debt		2,105,983		2,193,283		2,239,838		2,341,862
Total	$	6,728,486	$	7,110,457	$	6,698,052	$	7,061,498