Impairment

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 24 for additional fair value information) (in thousands):



	Year Ended December 31,
	2012		2011			2010
Continuing operations:
Land held for development and undeveloped land ₍₁₎	$	—	$	23,646		$	2,827
Property marketed for sale or sold ₍₂₎	3,374		11,439			2,350
Investments in real estate joint ventures and partnerships ₍₃₎	6,608		1,752			15,825
Tax increment revenue bonds and notes ₍₄₎	—		18,737			12,315
Total reported in continuing operations	9,982		55,574			33,317
Discontinued operations:
Property held for sale or sold	5,454		20,300			—
Total impairment charges	15,436		75,874			33,317
Other financial statement captions impacted by impairment:
Equity in loss of real estate joint ventures and partnerships, net	19,946		7,022			115
Net loss attributable to noncontrolling interests	—		(4,459		)	—
Net impact of impairment charges	$	35,382	$	78,437		$	33,432


(1)	Impairment was prompted by changes in management's plans for these properties, recent comparable market transactions and/or a change in market conditions.


(2)	These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations.

(3)

Amounts reported in 2012 were based on third party offers to buy our interests in industrial real estate joint ventures. Amounts reported in 2011 relate to market conditions. The amount reported in 2010 represents an impairment loss recognized in connection with the revaluation of our 50% equity interest in a development project in Sheridan, Colorado, as a result of our assumption of control of the project as of April 1, 2010.

(4)

During 2011, the tax increment revenue bonds were remarketed by the Agency. All of the outstanding bonds were recalled, and new bonds were issued. We recorded an $18.7 million net credit loss on the exchange of bonds associated with our investment in the subordinated tax increment revenue bonds. In 2010, we wrote down the value of our subordinated tax increment revenue bonds and notes due to change in holding status of the bonds.