Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2012 and December 31, 2011:



	Fair Value (Level 1)⁽¹⁾
Description	September 30, 2012		December 31, 2011
	(in thousands)
Marketable securities ⁽²⁾	$	6,812	$	5,691
Deferred compensation plan liability ⁽³⁾	6,716		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 and nine months ended September 30, 2012 and 2011:



	Three Months Ended						Nine Months Ended
Description	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
	(in thousands)
Net gain (loss) on marketable securities	$	315		$	(642	)	$	595		$	(429	)
Decrease (increase) to compensation cost	(315		)	642			(595		)	429

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 September 30, 2012 and December 31, 2011:



	Carrying Value		Fair Value		Carrying Value		Fair Value
	September 30, 2012				December 31, 2011
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	520,867	$	547,378	$	351,825	$	367,402
Exchangeable senior notes, net ⁽¹⁾	162,885		179,945		306,892		320,919
Unsecured debt, net ⁽²⁾	1,130,814		1,245,462		980,569		1,011,982
Unsecured line of credit ⁽¹⁾	27,000		27,233		182,000		182,299

________________________


(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 carrying value and fair value of the Level I instruments was $897.8 million and $1.0 billion, respectively, as of September 30, 2012. The carrying value and fair value of the Level I instruments at December 31,2011, was $897.6 million and $923.1 million, respectively. The carrying value and fair value of the Level II instruments was $233.0 million and $241.6 million, respectively, as of September 30, 2012. The carrying value and fair value of the Level II instruments at December 31,2011, was $83.0 million and $88.9 million, respectively.

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

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-Name Statement of Financial Accounting Standard (FAS)

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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