FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

As of June 30, 2016 and December 31, 2015, the carrying amounts and fair values of our financial instruments were as follows:



	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	57,322	$	57,322	$	53,023	$	53,023
Secured loans receivable, net	939,171		965,807		793,433		816,849
Non-mortgage loans receivable, net	38,363		39,750		37,926		38,806
Government-sponsored pooled loan investments	64,390		64,390		63,679		63,679
Liabilities:
Senior notes payable and other debt, gross	10,968,271		11,440,378		11,271,020		11,384,880
Derivative instruments and other liabilities	5,505		5,505		2,696		2,696
Redeemable OP unitholder interests	209,511		209,511		188,546		188,546