XML 57 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2011
Fair Value of Assets and Liabilities  
Assets and liabilities measured at fair value
Description
  Total   Quoted Prices in Active
Markets for Identical
Assets (Level 1) 		  Significant Other
Observable Inputs
(Level 2) 		 

Assets held for sale(1)

   $ 1,715   $ —   $ 1,715  

Investments in available for sale securities(2)

   $ 16,865   $ 16,865   $ —  

Unsecured senior notes(3)

   $ 991,889   $ 991,889   $ —  

(1)     Assets held for sale consist of two of our properties that we expect to sell that are reported at fair value. We used offers to purchase the properties made by third parties or comparable sales transactions (Level 2 inputs) to determine fair value of these properties and, during the year ended December 31, 2011, we recorded an impairment of assets charge of $1,824 to reduce their values to the amount stated. We have recorded cumulative impairments of approximately $8,621 to these properties in order to reduce their book values to fair value. In addition, during 2011 we recorded an impairment of assets charge of $166 related to two properties that we sold in May and June 2011.

(2)   Our investments in available for sale securities include our 250,000 common shares of CWH and 4,235,000 common shares of Five Star. The fair values of these shares are based on quoted prices at December 31, 2011 in active markets (Level 1 inputs). 

(3)   We estimate the fair values of our unsecured senior notes using an average of the bid and ask price of our three issuances of senior notes (Level 1 inputs) on or about December 31, 2011. The fair values of these senior note obligations exceed their book values of $965,770 by $26,119 because these notes were trading at a premium to their face amounts.