Impairment Charges

12 Months Ended

Dec. 31, 2013

Asset Impairment Charges [Abstract]

Impairment Charges

Impairment Charges

An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, that indicate that the recorded value might not be fully recoverable.

The Company recorded impairment charges on properties sold or classified as held for sale, which are included in discontinued operations, for the years ended December 31, 2013, 2012 and 2011 totaling $9.9 million, $14.9 million and $6.7 million, respectively. Both level 1 and level 3 fair value techniques were used to derive these impairment charges.

During 2013, the Company recorded impairment charges of approximately $3.3 million on one land parcel sold and approximately $6.6 million on five properties classified as held for sale during the third quarter of 2013. Two of the five properties were subsequently sold in the fourth quarter of 2013 resulting in gains.

During 2012, the Company recorded impairment charges totaling approximately $11.1 million on 12 properties that the Company sold during 2012 and $3.8 million on a property classified as held for sale.

During 2011, the Company recorded impairment charges totaling approximately $4.7 million on four properties that the Company decided to sell during the year, approximately $1.7 million on two properties sold in 2011, and $0.3 million on a property classified as held for sale.