Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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


	December 31, 2017						December 31, 2016
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	78,970		$	78,028		$	57,698		$	57,707
Loans(1)		1,698,471			1,722,101			986,987			1,017,428
Debt, net		(4,898,667	)		(5,073,707	)		(2,909,341	)		(2,966,759	)

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

At December 31, 2017, the amounts recorded under the fair value option method were as follows (in thousands):


Asset (Liability)	Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	115,000	$	115,000		Mortgage loans
Equity investment and other loans		114,554		118,354		Other loans/other assets

	$	229,554	$	233,354

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


Asset (Liability)	Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	112,836	$	112,836		Mortgage loans
Equity investment and other loans		119,598		119,598		Other loans/other assets

	$	232,434	$	232,434

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	$	(5	)
- 100 basis points		5