Fair Values (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of June 30, 2012
Recurring basis:
Derivative assets	$	8,660	$	—	$	8,660	$	—
Non-recurring basis:
Impaired loans	$	93,100	$	—	$	—	$	93,100
Impaired net lease assets	$	5,235	$	—	$	—	$	5,235
As of December 31, 2011
Recurring basis:
Derivative liabilities	$	2,373	$	—	$	2,373	$	—
Non-recurring basis:
Impaired loans	$	271,968	$	—	$	—	$	271,968
Impaired OREO	$	43,660	$	—	$	—	$	43,660

Schedule of quantitative information about Level 3 fair value measures of the entity's non-recurring financial and non-financial assets

The following table provides quantitative information about Level 3 fair value measures of the Company's non-recurring financial and non-financial assets ($ in thousands):

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value as of June 30, 2012		Valuation Technique(s)	Unobservable Input	Weighted Average
Impaired loans—income producing properties	$	93,100	Discounted cash flow	Discount rate	9.9	%
				Capitalization rate	8.5	%
				Average annual percentage market rate growth	1.7	%
				Average annual increase in occupancy	2.2	%
Impaired net lease assets—income producing properties	5,235		Discounted cash flow	Discount rate	10.5	%
				Capitalization rate	8.5	%
				Average annual percentage market rate growth	2.5	%
				Average annual increase in occupancy	12.4	%
Total	$	98,335

Schedule of book and estimated fair values of financial instruments

The book and estimated fair values of financial instruments were as follows ($ in thousands)(1):

	As of
	June 30, 2012				December 31, 2011
	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Loans and other lending investments, net	$	2,300,810	$	2,318,406	$	2,860,762	$	2,786,595
Financial liabilities:
Debt obligations, net	$	5,603,939	$	5,582,526	$	5,837,540	$	5,495,197

Explanatory Note:

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(1) The carrying values of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities and marketable securities are included in the previous fair value hierarchy table.