Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Fair Values of Financial Assets and Liabilities by Levels Table

			As of September 30, 2012
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	485,001	$	485,001	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		482,442		-		-		482,442
	Deferred compensation plan assets (included in other assets)			103,003		42,236		-		60,767
	J.C. Penney derivative position (included in other assets)⁽¹⁾			8,524		-		8,524		-
		Total assets	$	1,078,970	$	527,237	$	8,524	$	543,209

	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			52,935		-		52,935		-
		Total liabilities	$	108,032	$	55,097	$	52,935	$	-


	(1) Represents the cash deposited with the counterparty in excess of the mark-to-market loss on the derivative position.

			As of December 31, 2011
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	741,321	$	741,321	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		346,650		-		-		346,650
	Deferred compensation plan assets (included in other assets)			95,457		39,236		-		56,221
	J.C. Penney derivative position (included in other assets)⁽¹⁾			30,600		-		30,600		-
		Total assets	$	1,214,028	$	780,557	$	30,600	$	402,871

	Mandatorily redeemable instruments (included in other liabilities)		$	54,865	$	54,865	$	-	$	-
	Interest rate swap (included in other liabilities)			44,114		-		44,114		-
		Total liabilities	$	98,979	$	54,865	$	44,114	$	-


	(1) Represents the mark-to-market gain on the derivative position.

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	12.5% to 23.3%	14.6%
	Terminal capitalization rates	5.3% to 6.8%	6.0%

Schedule Of Carrying Amounts And Fair Values Of Financial Instruments

			As of September 30, 2012				As of December 31, 2011
			Carrying		Fair		Carrying		Fair
(Amounts in thousands)			Amount		Value		Amount		Value
	Assets:
	Mezzanine loans receivable		$	131,585	$	127,000	$	133,948	$	129,000
	Stock purchase warrant (residential property)			-		35,000		-		-
			$	131,585	$	162,000	$	133,948	$	129,000

	Liabilities:
		Notes and mortgages payable	$	7,852,657	$	7,900,000	$	8,065,576	$	8,181,000
		Senior unsecured notes		1,357,921		1,476,000		1,357,661		1,426,000
		Revolving credit facility debt		600,000		600,000		138,000		138,000
		Exchangeable senior debentures		-		-		497,898		510,000
		Convertible senior debentures		-		-		10,168		10,000
			$	9,810,578	$	9,976,000	$	10,069,303	$	10,265,000

Real Estate Fund Investments [Member]

Summary of Changes in Level 3 Assets [Table Text Block]

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
(Amounts in thousands)		2012		2011	2012		2011
Beginning balance	$	388,455	$	255,795	$	346,650	$	144,423
Purchases		88,429		-		163,021		123,047
Sales/Returns		-		-		(61,052)		(12,831)
Realized gains		-		-		-		3,085
Unrealized gains		5,558		5,639		33,537		19,209
Other, net		-		(17)		286		(15,516)
Ending balance	$	482,442	$	261,417	$	482,442	$	261,417

Deferred Compensation Plan Assets [Member]

Summary of Changes in Level 3 Assets [Table Text Block]

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
(Amounts in thousands)		2012		2011	2012		2011
Beginning balance	$	58,313	$	53,724	$	56,221	$	47,850
Purchases		1,650		3,155		5,416		22,259
Sales		(276)		(1,044)		(4,287)		(18,538)
Realized and unrealized gain (loss)		1,080		(2,051)		3,349		2,166
Other, net		-		103		68		150
Ending balance	$	60,767	$	53,887	$	60,767	$	53,887

- 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

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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-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

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-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)

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-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

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-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

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