6.	Securities Carried at Fair Value

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


	September 30, 2013				December 31, 2012
	Cost		Fair Value		Cost		Fair Value

REIT Common shares	$	6,318	$	7,074	$	15,876	$	19,694

Loan securities		161		226		161		11

	$	6,479	$	7,300	$	16,037	$	19,705

During the three and nine months ended September 30, 2013, securities carried at fair value were sold for total proceeds of approximately $3,255,000 and $12,345,000, respectively. The Trust recorded a loss on these sales of approximately $31,000 and $133,000, respectively, in the three and nine months ended September 30, 2013.

No securities carried at fair value were sold during the three months ended September 30, 2012. During the nine months ended September 30, 2012, securities carried at fair value were sold for total proceeds of approximately $4,614,000. The Trust recorded a gain on these sales of approximately $41,000 in the nine months ended September 30, 2012.

For purpose of determining gains or losses, the cost of securities is based on specific identification. For the three months ended September 30, 2013 and 2012, the Trust recognized net unrealized losses on securities carried at fair value and loan securities carried at fair value of $0 and $3,484,000, respectively as the result of the change in fair value of the financial assets for which the fair value option was elected. For the nine months ended September 30, 2013 and 2012, the Trust recognized net unrealized gains on securities carried at fair value and loan securities carried at fair value of $73,000, and $7,701,000, respectively.