Disclosures About Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Disclosures About Fair Value of Financial Instruments

Disclosures About Fair Value of Financial Instruments

(19)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. Fair value of loans receivable, bank line of credit, mortgage debt and other debt are based on rates currently prevailing for similar instruments with similar maturities. The fair value of the marketable debt securities, interest-rate swaps and 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 were determined based on market quotes.

The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):

	June 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	125,521	$	125,233	$	110,253	$	111,073
Marketable debt securities(3)	214,860		214,860		—		—
Marketable equity securities(1)	17,396		17,396		17,053		17,053
Warrants(3)	1,385		1,385		1,334		1,334
Bank line of credit(2)	215,015		215,015		454,000		454,000
Senior unsecured notes(1)	5,615,979		6,198,028		5,416,063		5,819,304
Mortgage debt(2)	1,726,944		1,829,647		1,764,571		1,870,070
Other debt(2)	84,060		84,060		87,985		87,985
Interest-rate swap liabilities(2)	12,903		12,903		12,123		12,123

(1)Level I: Fair value calculated based on quoted prices in active markets.

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