v2.3.0.15
Fair Values of Financial Instruments
9 Months Ended
Sep. 30, 2011
Fair Values of Financial Instruments [Abstract] 
FAIR VALUES OF FINANCIAL INSTRUMENTS
NOTE 9 — FAIR VALUES OF FINANCIAL INSTRUMENTS
As of September 30, 2011 and December 31, 2010, the carrying amounts and fair values of our financial instruments were as follows:
                                 
    September 30, 2011     December 31, 2010  
    Carrying             Carrying        
    Amount     Fair Value     Amount     Fair Value  
    (In thousands)  
 
                               
Assets:
                               
Cash and cash equivalents
  $ 57,482     $ 57,482     $ 21,812     $ 21,812  
Secured loans receivable, net
    302,264       302,393       149,263       155,377  
Derivative instruments
    8,536       8,536       99       99  
Marketable debt securities
    42,788       42,788       66,675       66,675  
Unsecured loans receivable, net
    65,384       65,384       —       —  
 
                               
Liabilities:
                               
Senior notes payable and other debt, gross
    6,065,856       6,415,640       2,926,954       3,055,435  
Derivative instruments
    24,537       24,537       3,722       3,722  
Contingent consideration liabilities
    56,218       56,218       —       —  
 
                               
Redeemable OP unitholder interests
    92,817       92,817       —       —  
Fair value estimates are subjective in nature and depend upon several important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.
At September 30, 2011, we held corporate marketable debt securities, classified as available-for-sale and included within other assets on our Consolidated Balance Sheets, having an aggregate amortized cost basis and fair value of $41.0 million and $42.8 million, respectively. At December 31, 2010, our marketable debt securities had an aggregate amortized cost basis and fair value of $61.9 million and $66.7 million, respectively. The contractual maturities of our marketable debt securities range from October 1, 2012 to April 15, 2016. In the first quarter of 2011, we sold certain marketable debt securities and received proceeds of approximately $23.1 million. We recognized aggregate gains from these sales of approximately $1.8 million (included in income from loans and investments on our Consolidated Statements of Income) during the first quarter of 2011.