Disclosures About Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Disclosures About Fair Value of Financial Instruments

Summary of the carrying values and fair values of financial instruments

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

	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	390,803	$	402,243	$	276,030	$	279,850
Marketable debt securities(1)	238,834		272,745		222,809		234,137
Marketable equity securities(1)	—		—		24,829		24,829
Warrants(3)	180		180		670		670
Bank line of credit(2)	285,000		285,000		—		—
Term loan(2)	221,748		221,748		222,694		222,694
Senior unsecured notes(1)	6,565,934		7,027,982		6,712,624		7,432,012
Mortgage debt(2)	1,410,407		1,452,732		1,676,544		1,771,155
Other debt(2)	77,503		77,503		81,958		81,958
Interest-rate swap assets(2)	1,564		1,564		89		89
Interest-rate swap liabilities(2)	9,283		9,283		12,699		12,699
Currency swap liabilities(2)	1,897		1,897		2,641		2,641

(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.