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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Assets And Liabilities Measured On Recurring Basis


	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 March 31, 2012
Assets:
Investments in grantor trusts	$	16,010					$	16,010
Derivative instruments:
Interest rate contracts			$	10,281				10,281

Total	$	16,010	$	10,281	$	-	$	26,291


Liabilities:
Derivative instruments:
Interest rate contracts			$	652			$	652
Deferred compensation plan obligations	$	16,010						16,010

Total	$	16,010	$	652	$	-	$	16,662


	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)


	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	$	-

(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 March 31, 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 held for sale			$	39,791			$	39,791	$	(3,171	)
Investment in real estate joint ventures and partnerships				24,231				24,231		(6,608	)

Total	$	-	$	64,022	$	-	$	64,022	$	(9,779	)

(1)

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

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


	March 31,		December 31,
	2012		2011
Carrying value	$	92,216	$	149,204
Fair value, using significant unobservable inputs (Level 3)		94,384		153,532

Schedule Of Fair Value Of Tax Increment Revenue Bonds


	March 31,		December 31,
	2012		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


	Credit Loss Recognized
Beginning balance, January 1, 2011	$	11,717
Additions		19,305

Ending balance, December 31, 2011		31,022
Additions		-

Ending balance, March 31, 2012	$	31,022

Schedule Of Fair Value Of Debt


	March 31, 2012		December 31, 2011
Fixed-rate debt:
Carrying value	$	1,981,494	$	2,014,834
Fair value, using significant unobservable inputs (Level 3)		2,121,724		2,054,670

Variable-rate debt:
Carrying value	$	516,067	$	517,003
Fair value, using significant unobservable inputs (Level 3)		529,783		531,353

- 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

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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