Securities Carried at Fair Value

3 Months Ended

Mar. 31, 2013

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):

	March 31, 2013				December 31, 2012
	Cost		Fair Value		Cost		Fair Value
REIT Common shares	$	8,920	$	12,220	$	15,876	$	19,694
Loan securities		161		11		161		11
	$	9,081	$	12,231	$	16,037	$	19,705

During the three months ended March 31, 2013, securities carried at fair value were sold for total proceeds of approximately $9,090,000. The Trust recorded a loss on these sales of approximately $102,000 in the three months ended March 31, 2013.

During the three months ended March 31, 2012, securities carried at fair value were sold for total proceeds of approximately $4,302,000. The Trust recorded a gain on these sales of approximately $26,000 in the three months ended March 31, 2012.

For purpose of determining gains or losses, the cost of securities is based on specific identification. For the three months ended March 31, 2013 and 2012, the Trust recognized net unrealized gains on securities carried at fair value and loan securities carried at fair value of $1,718,000, and $5,096,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.