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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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
	September 30, 2020						December 31, 2019
Asset (Liability)	Book Value			Fair Value			Book Value			Fair Value
Interest and rent receivables	$	48,476		$	47,650		$	31,357		$	30,472
Loans(1)		1,186,533			1,195,148			1,704,854			1,742,153
Debt, net		(8,190,669	)		(8,369,896	)		(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 international 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.