Securities Carried at Fair Value

6 Months Ended

Jun. 30, 2011

Securities Carried at Fair Value [Abstract]

Securities Carried at Fair Value

Securities carried at fair value are summarized in the table below (in thousands):


	June 30, 2011				December 31, 2010
	Cost		Fair Value		Cost		Fair Value

REIT Preferred shares	$	2,067	$	4,333	$	15,757	$	28,547
REIT Common shares		2,935		3,280		3,590		4,485

		5,002		7,613		19,347		33,032

Loan securities		1,661		5,418		7,574		11,981

	$	6,663	$	13,031	$	26,921	$	45,013

During the three and six months ended June 30, 2011, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $15,114,000 and $35,029,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $7,000 and $131,000, in the three and six months ended June 30, 2011, respectively.

During the three and six months ended June 30, 2010, available for sale securities, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $1,767,000 and $13,174,000 respectively. The gross realized gains on these sales and payoffs totaled approximately $78,000 and $773,000, in the three and six months ended June 30, 2010, respectively.

For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the six months ended June 30, 2011, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $3,010,000, as the result of the change in fair value of the financial assets for which the fair value option was elected. For the three months ended June 30, 2011, the Trust recognized net unrealized losses of $689,000.

For the three and six months ended June 30, 2010, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $2,875,000, and $4,802,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.