Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value of Financial Assets and Liabilities

Schedule of fair value by balance sheet groupings

We believe that the carrying values reflected on our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loan 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, mortgages payable (which includes net mortgage premiums) and our senior notes and bonds payable, which are disclosed below (dollars in millions):

	Carrying value per		Estimated fair
At September 30, 2014	balance sheet		value
Notes receivable issued in connection with property sales	$	18.4	$	20.3
Mortgages payable assumed in connection with acquisitions	862.2		869.2
Notes and bonds payable, net of unamortized original issuance discounts	3,785.0		4,044.0
	Carrying value per		Estimated fair
At December 31, 2013	balance sheet		value
Notes receivable issued in connection with property sales	$	19.1	$	21.1
Mortgages payable assumed in connection with acquisitions	783.4		780.0
Notes and bonds payable, net of unamortized original issuance discounts	3,185.5		3,340.7