Summary of Critical and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Critical and Significant Accounting Policies [Abstract]

Depreciable life of various categories of fixed assets

Significant expenditures, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized.  Operating real estate assets are stated at cost and consist of land, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition.  Expenditures for maintenance and repairs are charged to expense as incurred.

The depreciable life of various categories of fixed assets is as follows:

Computer software and equipment	3 - 5 years
Interior unit improvements	5 years
Land improvements and certain exterior components of real property	10 years
Real estate structures	30 years

Components of Marketable Securities

As of December 31, 2012 and 2011 marketable securities consist of the following ($ in thousands):

	December 31, 2012
			Gross
	Amortized		Unrealized		Carrying
	Cost		Gain		Value
Available for sale:
Investment-grade unsecured bonds	$	5,143	$	98	$	5,241
Investment funds - US treasuries		14,120		729		14,849
Common stock		18,917		1,704		20,621
Held to maturity:
Mortgage backed securities		52,002		-		52,002
Total	$	90,182	$	2,531	$	92,713
	December 31, 2011
			Gross
	Amortized		Unrealized		Carrying
	Cost		Gain		Value
Available for sale:
Investment-grade unsecured bonds	$	3,615	$	399	$	4,014
Investment funds - US treasuries		11,783		121		11,904
Common stock		10,067		1,552		11,619
Held to maturity:
Mortgage backed securities		46,738		-		46,738
Total	$	72,203	$	2,072	$	74,275

Components of Interest and Other Income

Interest income is generated primarily from cash balances and marketable securities as well as notes receivables.  Other income primarily consists of gains on sales of marketable securities.  Total interest and other income is comprised of the following for the years ended December 31 ($ in thousands):

	2012		2011		2010
Interest income	$	10,715	$	10,501	$	15,350
Co-investment promote fee		2,299		-		-
Gains on sales of marketable securities		819		4,956		12,491
Tax benefit - taxable REIT subsidiary		-		1,682		-
	$	13,833	$	17,139	$	27,841

Status of cash dividends distributed

The status of cash dividends distributed for the years ended December 31, 2012, 2011, and 2010 related to common stock, Series F, Series G, and Series H preferred stock are classified for tax purposes as follows:

	2012			2011			2010
Common Stock
Ordinary income		70.58	%		63.68	%		82.46	%
Capital gain		8.75	%		11.16	%		5.61	%
Unrecaptured section 1250 capital gain		7.97	%		0.74	%		0.00	%
Return of capital		12.70	%		24.42	%		11.93	%
		100.00	%		100.00	%		100.00	%
		2012			2011			2010
Series F, G, and H Preferred stock
Ordinary income		80.85	%		100.00	%		93.63	%
Capital gains		10.02	%		0.00	%		6.37	%
Unrecaptured section 1250 capital gain		9.13	%		0.00	%		0.00	%
		100.00	%		100.00	%		100.00	%