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Fair Value Measurements
 12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 6. Fair Value Measurements

     The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued expenses approximate fair value. The fair value of the Company's investments and liabilities related to deferred compensation plans were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The valuation of the liability for the Company's interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. The valuation of the assets for the Company's real estate held for sale/conveyance – discontinued operations, which is measured on a nonrecurring basis, have been determined to be (i) a Level 2 within the valuation hierarchy, based on the respective contracts of sale or (ii) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices determined by discounted cash flow analyses if no contract amounts were as yet being negotiated. The discounted cash flow analyses included all estimated cash inflows and outflows over a specific holding period and where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties.

     The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2011 and December 31, 2010, respectively:

                 
  Assets/Liabilities Measured at Fair Value on a
Recurring Basis
December 31, 2011
 
 
Description Level 1 Level 2 Level 3 Total
Investments $ 3,562,000 $ - $ - $ 3,562,000
 
Liabilities relating to deferred                
compensation plans $ 3,562,000 $ - $ - $ 3,562,000
Interest rate swaps liability $ - $ 2,053,000 $ - $ 2,053,000
 
  Assets/Liabilities Measured at Fair Value on a
Recurring Basis
December 31, 2010
 
 
Description Level 1 Level 2 Level 3 Total
Interest rate swaps liability $

-

 $

1,642,000

 $ - $ 1,642,000

 

     The fair value of the Company's fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2011 and December 31, 2010, the aggregate fair values of the Company's fixed rate mortgage loans were approximately $529.0 million and $490.1 million, respectively; the carrying values of such loans were $525.3 million and $488.0 million, respectively, at those dates.

     The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of December 31, 2011 and December 31, 2010, respectively:

 

                   
  Assets Measured at Fair Value on a
Non-Recurring Basis
December 31, 2011
 
 
Asset Description Level 1 Level 2 Level 3 Total
Real estate held for sale/conveyance $ - $ 124,154,000 $ 82,520,000 $ 206,674,000  
 
  Assets Measured at Fair Value on a
Non-Recurring Basis
December 31, 2010
 
 
Asset Description Level 1 Level 2 Level 3 Total
Real estate held for sale/conveyance $ - $ 22,773,000 $ 47,186,000 $ 69,959,000 (a)

 

(a) Excludes $278.8 million relating to properties subsequently treated as "held for sale/conveyance" as of December 31, 2011 and recorded at fair value as of that date.