Impairment Charges (Tables)

6 Months Ended

Jun. 30, 2011

Impairment Charges (Tables) [Abstract]

Impairment charges on consolidated assets

	Three-Month Periods				Six-Month Periods
	Ended June 30,				Ended June 30,
	2011		2010		2011		2010
Land held for development (A)	$	—	$	54.3	$	—	$	54.3
Undeveloped land (B)		—		4.9		3.8		4.9
Assets marketed for sale (B)		18.4		15.8		18.4		15.8
Total continuing operations	$	18.4	$	75.0	$	22.2	$	75.0
Sold assets or assets held for sale		1.9		22.6		3.9		25.7
Assets formerly occupied by Mervyns (C)		—		35.3		—		35.3
Total impairment charges	$	20.3	$	132.9	$	26.1	$	136.0

(A)	Amounts reported in the second quarter of 2010 related to land held for development in Togliatti and Yaroslavl, Russia, of which the Company’s proportionate share was $41.9 million after adjusting for the allocation of loss to the non-controlling interest in this consolidated joint venture. The asset impairments were triggered primarily due to a change in the Company’s investment plans for these projects. Both investments relate to large-scale development projects in Russia. During the second quarter of 2010, the Company determined that it was no longer committed to invest the necessary amount of capital to complete the projects without alternative sources of capital from third-party investors or lending institutions.
(B)	The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment as to the likelihood and timing.
(C)	The Company’s proportionate share of these impairments was $16.5 million after adjusting for the allocation of loss to the non-controlling interest in this consolidated joint venture and including those assets classified as discontinued operations, for the three- and six-month periods ended June 30, 2010. The 2010 impairment charges were triggered in the second quarter of 2010 primarily due to a change in the Company’s business plans for these assets and the resulting impact on its holding period assumptions for this substantially vacant portfolio. During the second quarter of 2010, the Company determined it was no longer committed to the long-term management and investment of these assets. As discussed in Note 13, these assets were deconsolidated in 2010 and all operating results, including the impairment charges, have been reclassified as discontinued operations.

Impairment charges measured at fair value on a non-recurring basis

	Fair Value Measurement at June 30, 2011
									Total
	Level 1		Level 2		Level 3		Total		Losses
Long-lived assets — held and used and held for sale	$	—	$	—	$	51.9	$	51.9	$	26.1