Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2012

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities and related deferred compensation plan liability as of March 31, 2012 and December 31, 2011:



	Fair Value (Level 1)⁽¹⁾
Description	March 31, 2012		December 31, 2011
	(in thousands)
Marketable securities ⁽²⁾	$	6,459	$	5,691
Deferred compensation plan liability ⁽³⁾	6,364		5,597

________________________


(1)	Based on quoted prices in active markets for identical securities.


(2)	The marketable securities are held in a limited rabbi trust.


(3)	The deferred compensation plan liability is reported on our consolidated balance sheets in accounts payable, accrued expenses, and other liabilities.

Fair value adjustment of marketable securities and deferred compensation plan liability

The following table sets forth the related amounts recorded during the three months ended March 31, 2012 and 2011:



	Three Months Ended
Description	March 31, 2012			March 31, 2011
	(in thousands)
Net gain on marketable securities	$	435		$	187
(Increase) to compensation cost	(435		)	(187		)

Carrying value and fair value of company's remaining financial assets and liabilities

The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2012 and December 31, 2011:



	Carrying Value		Fair Value		Carrying Value		Fair Value
	March 31, 2012				December 31, 2011
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	350,219	$	367,287	$	351,825	$	367,402
Exchangeable notes ⁽¹⁾	308,689		326,842		306,892		320,919
Unsecured debt ⁽²⁾	1,130,651		1,215,425		980,569		1,011,982
Unsecured line of credit ⁽¹⁾	—		—		182,000		182,299
7.80% Series E and 7.50% Series F Cumulative Redeemable Preferred stock, called for redemption ⁽³⁾	126,500		126,500		—		—

________________________


(1)	Fair value calculated using Level II inputs which are based on model−derived valuations in which significant inputs and significant value drivers are observable in active markets.

(2)

Fair value calculated primarily using Level I inputs which are based on quoted prices for identical instruments in active markets. The fair value of the Series B unsecured senior notes and the Unsecured Term Loan Facility are calculated using Level II inputs which are based on model−derived valuations in which significant inputs and significant value drivers are observable in active markets. The carrying value and fair value of these Level II instruments is $233.0 million and $240.6 million, respectively, as of March 31, 2012. The carrying value and fair value of the Level II instruments, which only included the Series B unsecured senior notes at December 31,2011, was $83.0 million and $88.9 million, respectively.


(3)	Fair value calculated using Level I inputs

- Definition

This element represents the disclosure related to assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (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). 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

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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