Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2017						December 31, 2016
	Book			Fair			Book			Fair
Asset (Liability)	Value			Value			Value			Value
Interest and rent receivables	$	105,817		$	105,803		$	57,698		$	57,707
Loans (1)		1,698,866			1,722,912			986,987			1,017,428
Debt, net		(4,832,264	)		(5,032,821	)		(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 September 30, 2017, these amounts were as follows (in thousands):

	Fair				Asset Type
Asset Type	Value		Cost		Classification
Mortgage loans	$	115,000	$	115,000		Mortgage loans
Acquisition and other loans		115,398		115,398		Other loans
Equity investments		3,300		3,300		Other assets
	$	233,698	$	233,698

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	$	(51	)
- 100 basis points		51