It's the coraline algae bleaching. Common reasons include:
Low Alkalinity (<8dKH)
Phosphate (>0.03ppm)
Low Calcium (<350ppm)
Ammonia (any)
Poor Flowrate (diminshed flow through clogged pump inlets)
High Specific Gravity (>1.028sg or >36ppt... Make sure you verify your measuring device here)
Low Specific Gravity (see above, but it has to be really low.)
Predation (rare, but possible that you have a snail, nudibranch, or nearby coral attacking it)
Lighting (dirty reflectors, dirty bulbs, old burnt out bulbs, a new type of bulb, etc...)