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&lt;p style="MARGIN: 0in 0in 0pt;"&gt;&lt;font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2"&gt;The following disclosures of estimated fair value were determined by management using available market information and appropriate valuation methodologies as discussed in Note 2, &amp;#8220;Significant Accounting Policies.&amp;#8221;&amp;#160; Considerable judgment is necessary to interpret market data and develop estimated fair value.&amp;#160; Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments.&amp;#160; The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="MARGIN: 0in 0in 0pt;"&gt;&lt;font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2"&gt;Cash and cash equivalents, restricted cash, accounts receivable and accounts payable balances reasonably approximate their fair values due to the short maturities of these items.&amp;#160; Mortgages and other loans payable, junior subordinate deferrable interest debentures and the senior unsecured notes had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $6.2 billion, compared to the book value of the related fixed rate debt of approximately $5.8 billion at June&amp;#160;30, 2013.&amp;#160; Our floating rate debt, inclusive of our 2012 credit facility, other than the $30.0 million that was swapped, had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $0.9 billion, compared to the book value of the related floating rate debt of approximately $0.9 billion at June&amp;#160;30, 2013. Our debt and preferred equity investments had an estimated fair value ranging between $1.2 billion and $1.3 billion, compared to the book value of the related debt and preferred equity investments of approximately $1.2 billion at June&amp;#160;30, 2013, based on Level 3 inputs.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="MARGIN: 0in 0in 0pt;"&gt;&lt;font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2"&gt;Disclosure about fair value of financial instruments is based on pertinent information available to us as of June&amp;#160;30, 2013.&amp;#160; Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.&lt;/font&gt;&lt;/p&gt;
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