Disclosures About Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2012

Disclosures About Fair Value of Financial Instruments

Disclosures About Fair Value of Financial Instruments

(23) Disclosures About Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The fair values of loans receivable, bank line of credit, term loan, mortgage debt and other debt are based on rates currently prevailing for similar instruments with similar maturities. The fair values of the marketable debt securities, interest-rate and currency swap contracts as well as common stock warrants were determined based on observable and unobservable market assumptions using standardized pricing models. The fair values of the senior unsecured notes and marketable equity securities are determined utilizing market quotes.

The table below summarizes the carrying amounts and fair values of the Company's financial instruments:

	December 31,

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Loans receivable, net⁽²⁾	$	276,030	$	279,850	$	110,253	$	111,073
Marketable debt securities⁽³⁾		222,809		234,137		—		—
Marketable equity securities⁽¹⁾		24,829		24,829		17,053		17,053
Warrants⁽³⁾		670		670		1,334		1,334
Bank line of credit⁽²⁾		—		—		454,000		454,000
Term loan⁽²⁾		222,694		222,694		—		—
Senior unsecured notes⁽¹⁾		6,712,624		7,432,012		5,416,063		5,819,304
Mortgage debt⁽²⁾		1,676,544		1,771,155		1,764,571		1,870,070
Other debt⁽²⁾		81,958		81,958		87,985		87,985
Interest-rate swap asset⁽²⁾		89		89		—		—
Interest-rate swap liability⁽²⁾		12,699		12,699		12,123		12,123
Currency swap liabilities⁽²⁾		2,641		2,641		—		—

(1): Level 1: Fair value calculated based on quoted prices in active markets.
(2): Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing model-derived valuations in which significant inputs or value drivers are observable in active markets.

(3): Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.