Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR7.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR6.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR2.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR8.htm
EX-31.1 - EXHIBIT 31.1 - Cole Credit Property Trust Incccpt93012ex311.htm
EX-31.2 - EXHIBIT 31.2 - Cole Credit Property Trust Incccpt93012ex312.htm
EX-32.1 - EXHIBIT 32.1 - Cole Credit Property Trust Incccpt93012ex321.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR12.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR5.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR3.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR4.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR1.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR19.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR10.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR15.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR16.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR20.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR14.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR21.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR18.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR17.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR11.htm
10-Q - FORM 10-Q - Cole Credit Property Trust Incccpt9301210q.htm
XML - IDEA: XBRL DOCUMENT - Cole Credit Property Trust IncR13.htm
v2.4.0.6
Fair Value Measurements
9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:
Cash and cash equivalents and restricted cash – The Company considers the carrying values of these financial assets to approximate fair value because of the short period of time between their origination and their expected realization.
Notes payable and lines of credit – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of September 30, 2012 and December 31, 2011. The estimated fair value of the notes payable was $83.7 million as of September 30, 2012, as compared to the carrying value of $80.5 million. The estimated fair value of the notes payable and the lines of credit with an affiliate was $106.1 million and $2.0 million, respectively, as of December 31, 2011, as compared to the carrying value of $103.5 million and $1.9 million, respectively. The fair value of the Company’s notes payable and lines of credit is estimated using Level 2 inputs.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for on disposition of the financial assets and liabilities.