Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016						December 31, 2015
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	57,698		$	57,707		$	46,939		$	46,858
Loans(1)		986,987			1,017,428			508,851			543,859
Debt, net		(2,909,341	)		(2,966,759	)		(3,322,541	)		(3,372,773	)

(1) Excludes loans related to Ernest and Capella (2015 only) since they are recorded at fair value as discussed below.

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

At December 31, 2016, the amounts recorded under the fair value option method were as follows (in thousands):

Asset (Liability)	Fair Value		Cost		Asset Type Classification
Mortgage loan	$	112,836	$	112,836	Mortgage loans
Acquisition and other loans		116,298		116,298	Other loans
Equity investment		3,300		3,300	Other assets
	$	232,434	$	232,434

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 and other loans		603,552		603,552		Other loans
Equity investment		7,349		7,349		Other assets
	$	920,901	$	920,901

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	$	(49	)
- 100 basis points		49