FAIR VALUES OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2012

FAIR VALUES OF FINANCIAL INSTRUMENTS

FAIR VALUES OF FINANCIAL INSTRUMENTS

NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS

        As of March 31, 2012 and December 31, 2011, the carrying amounts and fair values of our financial instruments were as follows:

	March 31, 2012				December 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	53,224	$	53,224	$	45,807	$	45,807
Secured loans receivable, net		222,218		222,971		212,577		216,315
Derivative instruments		18		18		11		11
Marketable debt securities		43,294		43,294		43,331		43,331
Unsecured loans receivable, net		59,179		59,836		63,598		65,219
Liabilities:
Senior notes payable and other debt, gross		6,179,076		6,361,335		6,180,443		6,637,691
Derivative instruments and other liabilities		80,848		80,848		80,815		80,815
Redeemable OP unitholder interests		106,264		106,264		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.

        As of March 31, 2012, 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 $41.5 million and $43.3 million, respectively. As of December 31, 2011, our marketable debt securities had an aggregate amortized cost basis and fair value of $41.2 million and $43.3 million, respectively. The contractual maturities of our current marketable debt securities range from October 1, 2012 to April 15, 2016. During the first quarter of 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).