Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Values of Financial Instruments

Fair Values of Financial Instruments

Note 11—Fair Values of Financial Instruments

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

	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	45,807	$	45,807	$	21,812	$	21,812
Secured loans receivable, net		212,577		216,315		149,263		155,377
Derivative instruments		11		11		99		99
Marketable debt securities		43,331		43,331		66,675		66,675
Unsecured loans receivable, net		63,598		65,219		—		—
Liabilities:
Senior notes payable and other debt, gross		6,180,443		6,637,691		2,926,954		3,055,435
Derivative instruments and other liabilities		80,815		80,815		3,722		3,722
Redeemable OP unitholder interests		102,837		102,837		—		—

        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 December 31, 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 $41.2 million and $43.3 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 current marketable debt securities range from October 1, 2012 to April 15, 2016. During 2011, we sold certain marketable debt securities for $23.1 million in proceeds and recognized aggregate gains from these sales of approximately $1.8 million (included in income from loans and investments in our Consolidated Statements of Income).