FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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 September 30, 2012 and December 31, 2011 whose carrying amounts do not approximate their fair value:

	September 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	$	21,897	$	22,092	$	22,796	$	—	$	—	$	—
Financial liabilities:
Senior Notes	325,000		330,861		354,250		225,000		225,000		227,813
Mortgage indebtedness	157,025		157,513		167,632		157,898		158,398		172,829

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

⁽²⁾ Carrying amount represents the book value of financial instruments as of the date specified. Carrying amount of financial liabilities includes net unamortized premiums and carrying amount of financial assets includes net unamortized origination costs.

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 September 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	$	22,796	$	—	$	—	$	22,796
Financial liabilities:
Senior Notes	354,250		—		354,250		—
Mortgage indebtedness	167,632		—		—		167,632