v2.3.0.11
Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2011
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The carrying values of cash and cash equivalents, restricted cash, receivables, payables, and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for notes payable are estimates based on rates currently prevailing for similar instruments of similar maturities. The estimated fair values of interest-rate contract/cap arrangements were derived from estimated values based on observable market data for similar instruments.
 
 
June 30, 2011
 
December 31, 2010
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Notes payable
$
275,002


 
$
275,100


 
$
342,060


 
$
342,153


Derivative assets, disclosed as “Interest rate contracts”
631


 
631


 


 


Derivative liabilities, disclosed as “Interest rate contracts”


 


 
71


 
71