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Investment in Marketable Securities
6 Months Ended
Jun. 30, 2012
Investment in Marketable Securities [Abstract]  
Investment in Marketable Securities

(7) Investment in Marketable Securities

Investment in marketable securities of $323,461 and $289,365 at June 30, 2012 and December 31, 2011, respectively, consists of primarily preferred and common stock investments in other REITs and certain real estate related bonds which are classified as available-for-sale securities and recorded at fair value. The cost basis net of impairments of available-for-sale securities was $252,707 and $245,131 as of June 30, 2012 and December 31, 2011, respectively.

Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of comprehensive income until realized. The Company has net accumulated other comprehensive income related to its marketable securities of $70,754 and $44,234, which includes gross unrealized losses of $2,203 and $9,990 related to its marketable securities as of June 30, 2012 and December 31, 2011, respectively.

The Company’s policy for assessing recoverability of its available-for-sale securities is to record a charge against net earnings when the Company determines that a decline in the fair value of a security drops below the cost basis and believes that decline to be other-than-temporary. Factors in the assessment of other-than-temporary impairment include determining whether (1) the Company has the ability and intent to hold the security until it recovers, and (2) the length of time and degree to which the security’s price has declined. During the six months ended June 30, 2012, the Company recorded impairment of $1,899 for other-than-temporary declines on available-for-sale securities. The Company did not record any impairment for other-than-temporary declines on available for sale securities during the six months ended June 30, 2011.

Dividend income is recognized when earned. During the six months ended June 30, 2012 and 2011, dividend income of $9,775 and $8,406, respectively, was recognized and is included in interest and dividend income on the consolidated statements of operations and other comprehensive income.