FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, by Balance Sheet Grouping

The following are the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2012 and December 31, 2011 whose carrying amounts do not approximate their fair value:

	June 30, 2012						December 31, 2011
	Face Value (1)		Carrying Amount (2)		Fair Value		Face Value (1)		Carrying Amount (2)		Fair Value
Financial assets:
Loans receivable	$	21,000	$	21,193	$	21,000	$	—	$	—	$	—
Financial liabilities:
Senior Notes	225,000		225,000		241,875		225,000		225,000		227,813
Mortgage indebtedness	157,380		157,872		173,548		157,898		158,398		172,829
Amended Secured Revolving Credit Facility	42,500		42,500		42,500		—		—		—

⁽¹⁾ Face value represents amounts contractually due under the terms of the respective agreements.

⁽²⁾ Carrying amount represents the book value of financial instruments and includes unamortized premiums (discounts).

Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements, Recurring and Nonrecurring

The Company determined the fair value of financial instruments as of June 30, 2012 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands):

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Loans receivable	$	21,000	$	—	$	—	$	21,000
Financial liabilities:
Senior Notes	241,875		—		241,875		—
Mortgage indebtedness	173,548		—		—		173,548
Amended Secured Revolving Credit Facility	42,500		—		—		42,500