Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets held for sale⁽¹⁾	$	850	$	—	$	850	$	—
Long-lived assets held and used⁽²⁾	$	1,966	$	—	$	1,966	$	—
Investments in available for sale securities⁽³⁾	$	25,177	$	25,177	$	—	$	—
Unsecured senior notes⁽⁴⁾	$	1,185,085	$	1,185,085	$	—	$	—
Secured debt⁽⁵⁾	$	814,591	$	—	$	—	$	814,591

(1): Assets held for sale consist of one of our properties that we expect to sell that is reported at fair value. We used offers to purchase the property made by third parties or comparable sales transactions (Level 2 inputs) to determine the fair value of this property. We have previously recorded cumulative impairments of approximately $5,738 to this property in order to reduce its book value 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 during the year ended December 31, 2012 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 December 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 then outstanding four issuances of senior notes (Level 1 inputs) on or about December 31, 2012. The fair values of these senior note obligations exceed their book values of $1,092,053 by $93,032 because these notes were trading at a premium to their face amounts.
(5): We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms as of the measurement date (Level 3 inputs). Because our inputs are unobservable, our estimated fair value may differ materially from the actual fair value.