NOTE 23. Disclosures About Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The fair values of loans receivable, CMBS, 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 values of interest-rate and currency swap contracts as well as common stock warrants are determined based on observable and unobservable market assumptions using standardized pricing models. The fair values of senior unsecured notes and marketable equity and debt securities, excluding CMBS, are determined utilizing market quotes.

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


	December 31,
	2014				2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Loans receivable, net(2)	$	906,961	$	898,522	$	366,001	$	373,441
Marketable debt securities(1)(3)		231,442		252,125		244,089		280,850
Marketable equity securities(1)		43		43		—		—
Warrants(3)		2,220		2,220		114		114
Bank line of credit(2)		838,516		838,516		—		—
Term loan(2)		213,610		213,610		226,858		226,858
Senior unsecured notes(1)		7,626,194		8,187,458		6,963,375		7,405,817
Mortgage debt(2)		984,431		1,025,091		1,396,485		1,421,214
Other debt(2)		97,022		97,022		74,909		74,909
Interest-rate swap asset(2)		178		178		2,325		2,325
Interest-rate swap liability(2)		7,663		7,663		8,384		8,384
Currency swap assets(2)		929		929		2,756		2,756

(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 standardized pricing models 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 or cash flow pricing models.