Fair Values of Financial Instruments

9 Months Ended

Sep. 30, 2011

Fair Values of Financial Instruments [Abstract]

FAIR VALUES OF FINANCIAL INSTRUMENTS

NOTE 9 — FAIR VALUES OF FINANCIAL INSTRUMENTS

As of September 30, 2011 and December 31, 2010, the carrying amounts and fair values of our financial instruments were as follows:

	September 30, 2011				December 31, 2010
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	57,482	$	57,482	$	21,812	$	21,812
Secured loans receivable, net		302,264		302,393		149,263		155,377
Derivative instruments		8,536		8,536		99		99
Marketable debt securities		42,788		42,788		66,675		66,675
Unsecured loans receivable, net		65,384		65,384		—		—
Liabilities:
Senior notes payable and other debt, gross		6,065,856		6,415,640		2,926,954		3,055,435
Derivative instruments		24,537		24,537		3,722		3,722
Contingent consideration liabilities		56,218		56,218		—		—
Redeemable OP unitholder interests		92,817		92,817		—		—

Fair value estimates are subjective in nature and depend upon several important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

At September 30, 2011, we held corporate marketable debt securities, classified as available-for-sale and included within other assets on our Consolidated Balance Sheets, having an aggregate amortized cost basis and fair value of $41.0 million and $42.8 million, respectively. At December 31, 2010, our marketable debt securities had an aggregate amortized cost basis and fair value of $61.9 million and $66.7 million, respectively. The contractual maturities of our marketable debt securities range from October 1, 2012 to April 15, 2016. In the first quarter of 2011, we sold certain marketable debt securities and received proceeds of approximately $23.1 million. We recognized aggregate gains from these sales of approximately $1.8 million (included in income from loans and investments on our Consolidated Statements of Income) during the first quarter of 2011.