Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value of Financial Instruments

Schedule of fair value by balance sheet groupings

We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, lines of credit payable and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales or acquired in connection with an acquisition, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions):

	Carrying value per		Estimated fair
At December 31, 2012	balance sheet		value
Notes receivable issued in connection with property sales	$	18.9	$	20.1
Note receivable issued in connection with an acquisition	$	8.8	$	8.8
Mortgages payable assumed in connection with acquisitions	$	175.9	$	176.7
Notes payable	$	2,550.0	$	2,827.1
	Carrying value per		Estimated fair
At December 31, 2011	balance sheet		value
Notes receivable issued in connection with property sales	$	19.0	$	19.6
Note receivable issued in connection with an acquisition	$	8.8	$	8.8
Mortgages payable assumed in connection with acquisitions	$	67.8	$	68.2
Notes payable	$	1,750.0	$	1,901.9