Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

NOTE 7. FAIR VALUE OF FINANCIAL INSTRUMENTS

        The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term nature.  We estimate the fair values of other financial instruments using quoted market prices and discounted cash flow techniques.  At December 31, 2011 and 2010, there were no material differences between the carrying amounts and fair values of our financial instruments, which also included our mortgage notes receivable and borrowings under our credit facility.

    The Company has segregated all assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below.

    Entities have the option to measure many financial instruments and certain other items at fair value.  Entities that choose the fair value option will recognize unrealized gains and losses on items for which the fair value option was elected in earnings at each subsequent reporting date.  We have currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value.

Assets measured at fair value on a recurring basis are summarized below (in thousands):
		Fair Value Measurements at December 31, 2011 Using
				Quoted Prices in		Significant Other		Significant
				Active Markets for			Observable	Unobservable
					Identical Assets		Inputs		Inputs
Description			Total		(Level 1)		(Level 2)		(Level 3)
	Common and preferred stocks of other REITs	$	11,364	$	11,364	$	-	$	-
	Total Marketable Securities	$	11,364	$	11,364	$	-	$	-
		Fair Value Measurements at December 31, 2010 Using
				Quoted Prices in		Significant Other		Significant
				Active Markets for			Observable	Unobservable
					Identical Assets		Inputs		Inputs
Description			Total		(Level 1)		(Level 2)		(Level 3)
	Common and preferred stocks of other REITs	$	21,156	$	21,156	$	-	$	-
	NHC convertible preferred stock		1,320		1,320		-		-
	Total Marketable Securities	$	22,476	$	22,476	$	-	$	-

    Common and preferred stocks – The fair value of our common and preferred stock investments classified as marketable securities are derived using quoted market prices of identical securities or other observable inputs such as trading prices of identical securities in active markets.

    Realized gains and losses are included in earnings and are reported as investment income and other in the Consolidated Statements of Income.  Unrealized gains and losses are reported as other comprehensive gains and losses in the Consolidated Statements of Stockholders' Equity.