Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Fair Value Information of Financial Instruments

The following table summarizes fair value estimates for our financial instruments (in thousands):

	December 31, 2013						December 31, 2012
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	58,499		$	44,349		$	45,289		$	36,700
Loans(1)		351,607			358,277			334,693			335,595
Debt, net		(1,421,681	)		(1,486,090	)		(1,025,160	)		(1,082,333	)

(1) Excludes loans related to Ernest Transaction since they are recorded at fair value and discussed below.

Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis

At December 31, 2013. these amounts were as follows (in thousands):

Asset (Liability)	Fair Value		Cost		Asset Type Classification
Mortgage loans	$	100,000	$	100,000	Mortgage loans
Acquisition loan		98,033		98,033	Other loans
Equity investments		3,300		3,300	Other assets
	$	201,333	$	201,333

Summary Showing Sensitivity Analysis by Using Basis Point Variations

To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands):

Basis Point Change in Marketability Discount	Estimated Increase (Decrease) In Fair Value
+100 basis points	$(320)
- 100 basis points	320