Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

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):

	As of						As of
	June 30, 2020						December 31, 2019
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	41,321		$	40,496		$	31,357		$	30,472
Loans(1)		1,811,269			1,879,511			1,704,854			1,742,153
Debt, net		(7,795,890	)		(7,935,142	)		(7,023,679	)		(7,331,816	)

(1) Excludes $115 million of mortgage loans related to Ernest and the $205 million acquisition loan to the new joint venture discussed in Note 3 that are recorded at fair value (which is equal to their book value) based on Level 2 inputs by discounting the estimated cash flows using the market rates which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities.