Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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):

	March 31, 2017						December 31, 2016
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	61,912		$	61,941		$	57,698		$	57,707
Loans (1)		985,570			1,018,548			986,987			1,017,428
Debt, net		(3,277,986	)		(3,372,482	)		(2,909,341	)		(2,966,759	)

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

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

At March 31, 2017, these amounts were as follows (in thousands):

Asset Type	Fair Value		Cost		Asset Type Classification
Mortgage loans	$	112,836	$	112,836		Mortgage loans
Acquisition and other loans		116,023		116,023		Other loans
Equity investments		3,300		3,300		Other assets
	$	232,159	$	232,159

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	$	(53	)
- 100 basis points		53