Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

General Discussion Of Derivative Instruments And Hedging Activities Tables [Abstract]

Derivative activity

The following table summarizes the activity in our derivative instruments (in millions) for the six months endedJune 30:

	2011				2010
	Interest Rate Swaps		Interest Rate Caps		Interest Rate Swaps		Interest Rate Caps
Notional amounts at January 1	$	268.1	$	-	$	157.7	$	-
Acquired contracts (1)		1,337.3		25.7		-
Matured or expired contracts		(9.6)				(44.6)
Notional amounts at June 30	$	1,595.8	$	25.7	$	113.1	$	-

(1) To the extent these contracts previously qualified for hedge accounting, they were redesignated at the time of the Merger or PEPR acquisition to qualify for hedge accounting post merger and acquisition.

Summary of effect of derivative instruments

The table below aggregates the fair value of these assets at June 30, 2011by the levels in the fair value hierarchy (in thousands):

	Level 1		Level 2		Level 3		Total
Real estate assets	$	-	$	-	$	51,511	$	51,511
Investments in and advances to other unconsolidated investees	$	-	$	-	$	44,863	$	44,863

Fair value of financial instruments

The following table reflects the carrying amounts and estimated fair values of our debt (in thousands):

	June 30, 2011				December 31, 2010
Debt:
Credit Facilities	$	802,880	$	798,783	$	520,141	$	526,684
Senior notes		4,803,441		5,120,436		3,195,724		3,403,353
Exchangeable senior notes		1,475,689		1,649,240		1,521,568		1,591,976
Secured mortgage debt		1,681,361		1,764,209		1,223,312		1,294,331
Secured mortgage debt of consolidated investees		1,798,500		1,823,605		26,417		25,753
Other debt of consolidated investees		1,156,430		1,149,940		-		-
Other debt		401,651		400,896		18,867		17,995
Total debt	$	12,119,952	$	12,707,109	$	6,506,029	$	6,860,092