Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Fair value measurements, recurring and nonrecurring
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011(in thousands):
 
 
Balance as of
June 30, 2012
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$
2,770

 
$
—

 
$
2,770

 
$
—


 
 
Balance as of
December 31, 2011
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$
3,558

 
$
—

 
$
3,558

 
$
—

A summary of such real estate assets measured at fair value on a non-recurring basis during the three and six months ended June 30, 2012 is as follows (in thousands):
 
Balance as of
June 30, 2012
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Losses
Description:
 
 
 
 
 
 
 
 
 
Investment in real estate assets
$
1,751

 
$
—

 
$
—

 
$
1,751

 
$
1,979
Fair value, assets measured on recurring basis, unobservable input reconciliation
The following table shows a reconciliation of the change in fair value of the Company’s financial assets and liabilities with significant unobservable inputs (Level 3) for the six months ended June 30, 2012 and 2011 (in thousands):
 
 
Six Months Ended June 30,
 
2012
 
2011
Balance at beginning of period
$
—

 
$
81,995

Total gains or losses
 
 
 
Realized gain included in earnings
—

 
15,587

Reclassification of previous unrealized gain out of other comprehensive income
—

 
(14,654
)
Unrealized loss included in other comprehensive income
—

 
(1,713
)
Purchases, issuances, settlements, sales and accretion
 
 
 
Purchases
—

 
—

Issuances
—

 
—

Settlements
—

 
(82,061
)
Accretion of discount included in earnings
—

 
846

Balance at end of period
$
—

 
$
—