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Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2012
Fair Value of Assets and Liabilities  
Assets and liabilities measured at fair value

 

 

 

 

 

Quoted Prices in
Active Markets for
Identical Assets

 

Significant Other
Observable
Inputs

 

Description

 

Total

 

(Level 1)

 

(Level 2)

 

 

 

 

 

 

 

 

 

Assets held for sale(1)

 

$

1,715

 

$

—

 

$

1,715

 

Long-lived assets held and used(2)

 

$

1,986

 

$

—

 

$

1,986

 

Investments in available for sale securities(3)

 

$

19,096

 

$

19,096

 

$

—

 

Unsecured senior notes(4)

 

$

787,077

 

$

787,077

 

$

—

 

 

(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 the fair value of these properties.  We have recorded cumulative impairments of approximately $8,621 to these properties in order to reduce their book values to fair value.

(2)          Long-lived assets held and used consist of one of our properties.  We used broker information and comparable sales transactions (Level 2 inputs) to determine the fair value of this property and recognized an impairment of assets charge of $3,071 to reduce its carrying value to the amount stated.

(3)          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 March 31, 2012 in active markets (Level 1 inputs).

(4)          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 March 31, 2012.  The fair values of these senior note obligations exceed their book values of $741,091 by $45,986 because these notes were trading at a premium to their face amounts.