Securities Carried at Fair Value

12 Months Ended

Dec. 31, 2012

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):

	2012				2011
	Cost		Fair Value		Cost		Fair Value
REIT Preferred shares	$	—	$	—	$	2,067	$	4,277
REIT Common shares		15,876		19,694		21,492		24,579
		15,876		19,694		23,559		28,856
Loan securities		161		11		1,661		5,309
	$	16,037	$	19,705	$	25,220	$	34,165

During the years ended December 31, 2012, 2011 and 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 $28,133,000, $35,156,000 and $33,726,000, respectively. The gross realized gains on these sales and payoffs totaled approximately $655,000, $123,000 and $1,027,000 in 2012, 2011 and 2010, respectively. For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the years ended December 31, 2012, 2011 and 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 $7,363,000, $5,526,000 and $10,071,000, respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.