6.	Securities and Loan Securities Carried at Fair Value

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


	2013				2012
	Cost		Fair Value		Cost		Fair Value

REIT Common shares	$	—	$	—	$	15,876	$	19,694

	$	—	$	—	$	15,876	$	19,694


Loan securities	$	161	$	226	$	161	$	11

	$	161	$	226	$	16,037	$	19,705

During the years ended December 31, 2013, 2012 and 2011 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 $19,918,000, $28,133,000 and $35,156,000, respectively. The gross realized gains on these sales and payoffs totaled approximately $742,000, $655,000 and $123,000 in 2013, 2012 and 2011, respectively. For purpose of determining gross realized gains, the cost of securities is based on specific identification.

For the years ended December 31, 2013, 2012 and 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 $73,000, $7,363,000 and $5,526,000, respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.