Net Investments in Properties and Real Estate Under Construction (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Schedule of Real Estate Properties

Operating real estate, which consists primarily of our domestic hotel and self-storage operations, at cost, is summarized as follows (in thousands):

	June 30, 2014			December 31, 2013
Land	$	66,066		$	66,066
Buildings	205,670			217,304
Less: Accumulated depreciation	(18,244		)	(15,354		)
	$	253,492		$	268,016

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands):

	June 30, 2014			December 31, 2013
Land	$	525,783		$	553,389
Buildings	1,902,223			1,848,926
Less: Accumulated depreciation	(156,019		)	(129,051		)
	$	2,271,987		$	2,273,264

Other Real Estate, Roll Forward

The following table provides the activity of our Real estate under construction (in thousands):

	Six Months Ended			Year Ended
	June 30, 2014			December 31, 2013
Beginning balance	$	127,935		$	71,285
Capitalized funds	58,172			90,007
Placed into service	(57,131		)	(42,225		)
Capitalized interest	3,865			5,208
Building improvements and other	(78		)	3,660
Ending balance	$	132,763		$	127,935