Securities Carried at Fair Value

12 Months Ended

Dec. 31, 2011

Securities Carried at Fair Value [Abstract]

Securities Carried at Fair Value

6. Securities Carried at Fair Value

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

		September 30,		September 30,		September 30,		September 30,
	2011				2010
	Cost		Fair Value		Cost		Fair Value
REIT Preferred shares	$	2,067	$	4,277	$	15,757	$	28,547
REIT Common shares		21,492		24,579		3,590		4,485
		23,559		28,856		19,347		33,032
Loan securities		1,661		5,309		7,574		11,981
	$	25,220	$	34,165	$	26,921	$	45,013

During the years ended December 31, 2011, 2010 and 2009, 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 $35,156,000, $33,726,000 and $39,015,000, respectively. The gross realized gains on these sales and payoffs totaled approximately $123,000, $1,027,000 and $5,416,000 in 2011, 2010 and 2009, respectively. For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the years ended December 31, 2011, 2010 and 2009, the Trust recognized net unrealized gains on available for sale securities, securities carried at fair value and loan securities carried at fair value of $5,526,000, $10,071,000, and $17,862,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.