Disclosures About Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

Disclosures About Fair Value of Financial Instruments

Disclosures About Fair Value of Financial Instruments

(23) Disclosures About Fair Value of Financial Instruments

        The carrying values of cash and cash equivalents, restricted cash, receivables, payables, and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair value of loans receivable, bank line of credit, mortgage debt and other debt are based on rates currently prevailing for similar instruments with similar maturities. The fair value of the interest-rate swaps and warrants were determined based on observable and unobservable market assumptions using standardized derivative pricing models. The fair values of the senior unsecured notes and marketable equity securities were determined based on market quotes.

        The table below summarizes the carrying amounts and fair values of the Company's financial instruments:

	December 31,
	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Loans receivable, net	$	110,253	$	111,073	$	2,002,866	$	2,026,389
Marketable equity securities		17,053		17,053		—		—
Warrants		1,334		1,334		1,500		1,500
Bank line of credit		454,000		454,000		—		—
Senior unsecured notes		5,416,063		5,819,304		3,318,379		3,536,413
Mortgage debt		1,764,571		1,870,070		1,235,779		1,258,185
Other debt		87,985		87,985		92,187		92,187
Interest-rate swap assets		—		—		3,865		3,865
Interest-rate swap liabilities		12,123		12,123		7,920		7,920