FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

As of March 31, 2016 and December 31, 2015, the carrying amounts and fair values of our financial instruments were as follows:



	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	51,701	$	51,701	$	53,023	$	53,023
Secured loans receivable, net	938,516		967,776		793,433		816,849
Non-mortgage loans receivable, net	38,096		39,289		37,926		38,806
Government-sponsored pooled loan investments	64,082		64,082		63,679		63,679
Liabilities:
Senior notes payable and other debt, gross	11,310,026		11,608,231		11,271,020		11,384,880
Derivative instruments and other liabilities	4,194		4,194		2,696		2,696
Redeemable OP unitholder interests	183,658		183,658		188,546		188,546