FAIR VALUES OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2018

NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS

As of June 30, 2018 and December 31, 2017, the carrying amounts and fair values of our financial instruments were as follows:



	June 30, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	93,684	$	93,684	$	81,355	$	81,355
Secured mortgage loans and other, net	466,632		445,194		1,291,694		1,286,322
Non-mortgage loans receivable, net	49,972		49,575		59,857		58,849
Marketable debt securities	203,760		203,760		—		—
Government-sponsored pooled loan investments	59,921		59,921		54,665		54,665
Derivative instruments	11,342		11,342		7,248		7,248
Liabilities:
Senior notes payable and other debt, gross	10,504,977		10,417,455		11,365,633		11,600,750
Derivative instruments	14,986		14,986		5,435		5,435
Redeemable OP Unitholder Interests	137,575		137,575		146,252		146,252

For a discussion of the assumptions considered, refer to “NOTE 2—ACCOUNTING POLICIES.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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