FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities that are measured at fair value on a recurring basis

	September 30, 2013								December 31, 2012
	Fair Value Measurements Using								Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)								(In thousands)
Liabilities
Warrants	$	272,279	$	—	$	—	$	272,279	$	123,573	$	—	$	—	$	123,573
Interest rate swaps	4,696		—		4,696		—		7,183		—		7,183		—

Schedule of reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3)

	2013		2012
	(In thousands)
Balance as of January 1,	$	123,573	$	127,764
Warrant liability loss	148,706		162,724
Balance as of September 30,	$	272,279	$	290,488

Schedule of significant unobservable input used in the fair value measurement of warrants designated as Level 3

The significant unobservable input used in the fair value measurement of our warrants designated as Level 3 as of September 30, 2013 is as follows:

	Fair Value		Valuation Technique	Unobservable Input	Volatility
	(In thousands)
Warrants	$	272,279	Option Pricing Valuation Model	Expected Volatility (a)	30.0	%

(a) Based on the asset volatility of comparable companies.

Schedule of estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis

	September 30, 2013					December 31, 2012
	Carrying Amount		Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(In thousands)
Assets:
Notes receivable, net	$	19,122	$	19,122		$	27,953	$	27,953
Tax indemnity receivable, including interest	316,504				(a)	319,622				(a)
Liabilities:
Fixed-rate debt	$	231,036	$	224,488		$	158,636	$	158,879
Variable-rate debt (b)	498,150		498,151			479,964		479,964
SID bonds	36,794		38,669			49,712		56,475
Total mortgages, notes and loans payable	$	765,980	$	761,308		$	688,312	$	695,318

(a) It is not practicable to estimate the fair value of the tax indemnity receivable, including interest, as the timing and ultimate amount received under agreement is highly dependent on numerous future events that cannot be reliably predicted.

(b) $172.0 million of variable-rate debt has been swapped to a fixed rate for the term of the related debt.