Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015						December 31, 2014
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	46,939		$	46,858		$	41,137		$	41,005
Loans(1)		508,851			543,859			773,311			803,824
Debt, net(2)		(3,322,541	)		(3,372,773	)		(2,174,648	)		(2,258,721	)

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

(2) Includes debt issue costs.

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

At December 31, 2015, the amounts recorded under the fair value option method were as follows (in thousands):

Asset (Liability)	Fair Value		Cost		Asset Type Classification
Mortgage loan	$	310,000	$	310,000	Mortgage loans
Acquisition loans		603,552		603,552	Other loans
Equity investment		7,349		7,349	Other assets
	$	920,901	$	920,901

At December 31, 2014, the amounts recorded under the fair value option method were as follows (in thousands):

Asset (Liability)	Fair Value		Cost		Asset Type Classification
Mortgage loan	$	100,000	$	100,000	Mortgage loans
Acquisition loans		97,450		97,450	Other loans
Equity investment		3,300		3,300	Other assets
	$	200,750	$	200,750

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	$(122)
- 100 basis points	122