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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2012
Assets:
Investments in grantor trusts	$	15,692					$	15,692
Derivative instruments:
Interest rate contracts			$	10,854			10,854
Total	$	15,692	$	10,854	$	—	$	26,546
Liabilities:
Derivative instruments:
Interest rate contracts			$	783			$	783
Deferred compensation plan obligations	$	15,692					15,692
Total	$	15,692	$	783	$	—	$	16,475
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2011
Assets:
Investments in grantor trusts	$	14,693					$	14,693
Derivative instruments:
Interest rate contracts			$	10,816			10,816
Total	$	14,693	$	10,816	$	—	$	25,509
Liabilities:
Derivative instruments:
Interest rate contracts			$	674			$	674
Deferred compensation plan obligations	$	14,693					14,693
Total	$	14,693	$	674	$	—	$	15,367

Reconciliation Of Subordinate Tax Increment Revenue Bonds Using Significant Unobservable Inputs (Level 3)

A reconciliation of the outstanding balance of the subordinate tax increment revenue bonds using significant unobservable inputs (Level 3) is as follows (in thousands):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Outstanding, January 1, 2011	$	10,700
Settlement of recalled bonds (1)	(10,700		)
Outstanding, December 31, 2011	$	—

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(1)	Settlement of recalled bonds represents the recall of previously issued subordinated tax increment revenue bonds that were available for sale and were replaced with held to maturity subordinated tax increment revenue bonds associated with the exchange transaction in April 2011.

Assets Measured On Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis at June 30, 2012, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)					$	46,375	$	46,375	$	(4,293	)
Property held for sale (3)			$	39,131			39,131		(3,929		)
Investment in real estate joint ventures and partnerships (4)			24,231				24,231		(6,608		)
Total	$	—	$	63,362	$	46,375	$	109,737	$	(14,830	)

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(1)	Total gains (losses) exclude impairments on disposed assets because they are no longer held by us.

(2)

In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $50.7 million was written down to a fair value of $46.4 million, resulting in a loss of $4.3 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using Level 3 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

(3)

Property held for sale with a carrying amount of $42.2 million was written down to a fair value of $39.1 million less costs to sell of $0.8 million, resulting in a loss of $3.9 million, which was included in discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offers for the Level 2 inputs.

(4)

Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of the fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs.

Assets measured at fair value on a nonrecurring basis at December 31, 2011, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property			$	389	$	98,207	$	98,596	$	(36,907	)
Property held for sale			43,657		1,500		45,157		(13,799		)
Investment in real estate joint ventures and partnerships					6,311		6,311		(1,752		)
Subordinate tax increment revenue bonds					26,723		26,723		(18,737		)
Total	$	—	$	44,046	$	132,741	$	176,787	$	(71,195	)

_______________


(1)	Total gains (losses) are reflected throughout 2011 and exclude impairments on disposed assets because they are no longer held by us.

Schedule Of Fair Value Of Notes Receivable From Real Estate Joint Ventures And Partnerships

Schedule of the fair value of our notes is as follows (in thousands):



	June 30, 2012		December 31, 2011
Carrying value	$	89,363	$	149,204
Fair value, using significant unobservable inputs (Level 3)	91,177		153,532

Schedule Of Fair Value Of Tax Increment Revenue Bonds

Schedule of the fair value of our tax increment revenue bonds is as follows (in thousands):



	June 30, 2012		December 31, 2011
Carrying value	$	26,505	$	26,505
Fair value, using significant unobservable inputs (Level 3)	26,505		26,505

Reconciliation Of The Credit Loss Recognized On Tax Increment Revenue Bonds

A reconciliation of the credit loss recognized on our tax increment revenue bonds at June 30, 2012 is as follows (in thousands):



	Credit Loss Recognized
Beginning balance, January 1, 2011	$	11,717
Additions	19,305
Ending balance, December 31, 2011	31,022
Additions	—
Ending Balance, June 30, 2012	$	31,022

Schedule Of Fair Value Of Debt

Schedule of the fair value of our debt is as follows (in thousands):



	June 30, 2012		December 31, 2011
Fixed-rate debt:
Carrying value	$	1,819,541	$	2,014,834
Fair value, using significant unobservable inputs (Level 3)	1,958,305		2,054,670
Variable-rate debt:
Carrying value	$	375,144	$	517,003
Fair value, using significant unobservable inputs (Level 3)	388,486		531,353

Quantitative Infromation About Level 3 Fair Value Measurements

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of June 30, 2012 reported in the above tables, is as follows:



Description	Fair Value at June 30, 2012		Valuation Technique	Unobservable Inputs	Range
Description	Fair Value at June 30, 2012		Valuation Technique	Unobservable Inputs	Minimum		Maximum
Impaired property	$	46,375	Broker valuation estimate	Indicative bid (1)
			Bona fide purchase offers	Contract prices (1)
			Discounted cash flows	Discount rates	9.5	%	10.0		%
				Capitalization rates	9.0	%	10.5		%
				Holding period (years)			1
				Expected future inflation rates (2)			3.0		%
				Market rent growth rate (2)			3.0		%
				Expense growth rate (2)			3.0		%
				Vacancy rate (2)			5.0		%
				Renewal rate (2)			75.0		%
				Average market rent rate (2)			$	10.52
				Average leasing costs per square foot (2)			$	16.50
Notes receivable from real estate joint ventures and partnerships	91,177		Discounted cash flows	Discount rate			2.8		%
Tax increment revenue bonds	26,505		Discounted cash flows	Discount rate			7.5		%
				Expected future growth rates	1.0	%	4.0		%
				Expected future inflation rates	1.0	%	2.0		%
Fixed-rate debt	1,958,305		Discounted cash flows	Discount rates	1.0	%	6.4		%
Variable-rate debt	388,486		Discounted cash flows	Discount rates	1.4	%	5.0		%

_______________


(1)	These fair values were developed by third parties, subject to our corroboration for reasonableness.


(2)	Only applies to one property valuation.

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

+ Details

- Definition

Summarization of information required and determined to be disclosed as a tabular roll forward of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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