Disclosures About Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2012

Disclosures About Fair Value of Financial Instruments

Disclosures About Fair Value of Financial Instruments

(19)Disclosures About Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable 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, term loan, mortgage debt and other debt are based on rates currently prevailing for similar instruments with similar maturities. The fair value of the marketable debt securities, interest-rate and currency swap contracts as well as common stock warrants were determined based on observable and unobservable market assumptions using standardized pricing models. The fair values of the senior unsecured notes and marketable equity securities were determined utilizing market quotes.

The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):

	September 30, 2012				December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	240,929	$	252,032	$	110,253	$	111,073
Marketable debt securities(3)	221,018		221,018		—		—
Marketable equity securities(1)	22,769		22,769		17,053		17,053
Warrants(3)	1,290		1,290		1,334		1,334
Bank line of credit(2)	—		—		454,000		454,000
Term loan(2)	221,214		221,214		—		—
Senior unsecured notes(1)	5,913,690		6,623,609		5,416,063		5,819,304
Mortgage debt(2)	1,684,514		1,786,940		1,764,571		1,870,070
Other debt(2)	84,580		84,580		87,985		87,985
Interest-rate swap liabilities(2)	13,319		13,319		12,123		12,123
Currency swap liabilities(2)	2,317		2,317		—		—

(1)Level 1: Fair value calculated based on quoted prices in active markets.

(2)Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing model-derived valuations in which significant inputs or value drivers are observable in active markets.

(3)Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.