Notes and Other Receivables

12 Months Ended

Dec. 31, 2011

Notes and Other Receivables [Abstract]

NOTES AND OTHER RECEIVABLES

9. NOTES AND OTHER RECEIVABLES

At December 31, 2011 and 2010, Notes and Other Receivables included the following (in thousands):

		September 30,			September 30,
	2011			2010
Notes receivable, net of allowance for doubtful accounts of $3,109 and $3,671 in 2011 and 2010, respectively	$	3,286		$	3,797
Cumulative rental revenue recognized on a straight-line basis in excess of revenue accrued in accordance with lease terms (see Note 2)		37,141			34,231
Tenant and other receivables		10,064			12,983
Allowance for doubtful accounts related to straight-line rents, tenant and other receivables		(1,991	)		(2,616	)
	$	48,500		$	48,395

Fair Value

At December 31, 2011 and 2010, the fair value of the Company’s notes receivable approximated the cost basis. Fair value was calculated by discounting future cash flows from the notes receivable at estimated rates in which similar loans would have been made at December 31, 2011 and 2010. This fair value calculation is considered to be a Level 3 calculation under the accounting guidelines, as the Company utilizes internally generated assumptions regarding current interest rates at which similar instruments would be executed.