XML 61 R59.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt and Preferred Equity Investments (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Debt investment        
Increase in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale $ 189,400,000 $ 205,200,000    
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale 500,000 121,900,000    
Aggregate weighted average current yield (as a percent) 10.69%      
Debt and preferred equity investments 1,493,725,000   1,304,839,000  
Loan loss reserve 0   (1,000,000) (7,000,000)
Debt investment
       
Debt investment        
Senior Financing 5,934,314,000      
Debt and preferred equity investments 1,080,054,000 [1]   936,475,000 [1]  
Loan loss reserve 0 [1]   (1,000,000) [1]  
Total, net of reserve 1,080,054,000 [1]   935,475,000 [1]  
Funding obligation 55,165,000      
Total fixed rate
       
Debt investment        
Senior Financing 2,980,280,000      
Carrying Value, Net of Discounts 408,986,000 [1]   385,604,000 [1]  
Funding obligation 19,938,000      
Total fixed rate | Junior Participation, March 2015
       
Debt investment        
Senior Financing 398,500,000      
Carrying Value, Net of Discounts 11,874,000 [1]   11,856,000 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, February 2016
       
Debt investment        
Senior Financing 205,000,000      
Carrying Value, Net of Discounts 68,892,000 [1]   68,319,000 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, March 2016
       
Debt investment        
Senior Financing 0      
Carrying Value, Net of Discounts 10,000,000 [1]   0 [1]  
Funding obligation 0      
Total fixed rate | Mortgage/Mezzanine Loan, May 2016
       
Debt investment        
Senior Financing 166,030,000      
Carrying Value, Net of Discounts 44,930,000 [1]   44,742,000 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, May 2016
       
Debt investment        
Senior Financing 177,000,000      
Carrying Value, Net of Discounts 14,739,000 [1]   15,012,000 [1]  
Funding obligation 0      
Total fixed rate | Junior Participation, June 2016
       
Debt investment        
Senior Financing 133,000,000      
Carrying Value, Net of Discounts 49,000,000 [1]   49,000,000 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, November 2016
       
Debt investment        
Senior Financing 165,000,000      
Carrying Value, Net of Discounts 71,370,000 [1]   71,312,000 [1]  
Funding obligation 0      
Total fixed rate | Mortgage/Mezzanine Loan, March 2017
       
Debt investment        
Increase in accrued interest receivable 10,100,000      
Senior Financing 1,109,000,000 [2]      
Carrying Value, Net of Discounts 92,994,000 [1],[2]   80,983,000 [1],[2]  
Funding obligation 0 [2]      
Total fixed rate | Mezzanine Loan, June 2017
       
Debt investment        
Senior Financing 521,750,000 [3]      
Carrying Value, Net of Discounts 21,035,000 [1],[3]   20,954,000 [1],[3]  
Funding obligation 19,938,000 [3]      
Loan participation amount included in other assets and other liabilities 41,300,000      
Total fixed rate | Mortgage Loan, August 2019
       
Debt investment        
Senior Financing 0      
Carrying Value, Net of Discounts 725,000 [1]   0 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, September 2021
       
Debt investment        
Senior Financing 15,000,000      
Carrying Value, Net of Discounts 3,500,000 [1]   3,500,000 [1]  
Funding obligation 0      
Total fixed rate | Mezzanine Loan, November 2023
       
Debt investment        
Senior Financing 90,000,000 [4]      
Carrying Value, Net of Discounts 19,927,000 [1],[4]   19,926,000 [1],[4]  
Funding obligation 0 [4]      
Loan participation amount included in other assets and other liabilities 5,000,000      
Total floating rate
       
Debt investment        
Senior Financing 2,954,034,000      
Debt and preferred equity investments 671,068,000 [1]   550,871,000 [1]  
Funding obligation 35,227,000      
Total floating rate | Mezzanine Loan, March 2016
       
Debt investment        
Senior Financing 200,000,000      
Debt and preferred equity investments 49,419,000 [1]   0 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, November 2016
       
Debt investment        
Senior Financing 167,524,000      
Debt and preferred equity investments 26,436,000 [1]   25,725,000 [1]  
Funding obligation 10,743,000      
Total floating rate | Junior Participation, June 2014
       
Debt investment        
Senior Financing 57,750,000      
Debt and preferred equity investments 10,875,000 [1]   10,873,000 [1]  
Funding obligation 0      
Total floating rate | Mortgage/Mezzanine Loan, July 2014
       
Debt investment        
Senior Financing 330,000,000      
Debt and preferred equity investments 131,853,000 [1]   131,724,000 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, August 2014
       
Debt investment        
Senior Financing 180,000,000      
Debt and preferred equity investments 59,932,000 [1]   59,892,000 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, September 2014
       
Debt investment        
Senior Financing 481,309,000 [5]      
Debt and preferred equity investments 19,675,000 [1],[5]   0 [1],[5]  
Funding obligation 0 [5]      
Total floating rate | Mezzanine Loan, October 2014
       
Debt investment        
Senior Financing 90,718,000      
Debt and preferred equity investments 38,948,000 [1]   38,549,000 [1]  
Funding obligation 10,897,000      
Total floating rate | Mortgage Loan, December 2014
       
Debt investment        
Senior Financing 0 [6]      
Debt and preferred equity investments 30,000,000 [1],[6]   30,000,000 [1],[6]  
Funding obligation 0 [6]      
Total floating rate | Junior Participation, February 2015
       
Debt investment        
Senior Financing 84,000,000 [7]      
Debt and preferred equity investments 24,943,000 [1],[7]   24,046,000 [1],[7]  
Funding obligation 0 [7]      
Total floating rate | Mezzanine Loan, September 2015
       
Debt investment        
Senior Financing 110,000,000      
Debt and preferred equity investments 49,230,000 [1]   49,110,000 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, December 2015
       
Debt investment        
Senior Financing 93,850,000      
Debt and preferred equity investments 36,565,000 [1]   27,662,000 [1]  
Funding obligation 13,254,000      
Total floating rate | Second Mezzanine Loan, March 2016
       
Debt investment        
Senior Financing 775,000,000      
Debt and preferred equity investments 73,067,000 [1]   72,823,000 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, June 2016
       
Debt investment        
Senior Financing 160,000,000 [8]      
Debt and preferred equity investments 22,538,000 [1],[8]   22,526,000 [1],[8]  
Funding obligation 0 [8]      
Loan participation amount included in other assets and other liabilities 7,400,000      
Total floating rate | Mezzanine Loan, July 2016
       
Debt investment        
Senior Financing 87,300,000      
Debt and preferred equity investments 25,600,000 [1]   25,590,000 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, December 2016
       
Debt investment        
Senior Financing 33,833,000      
Debt and preferred equity investments 11,807,000 [1]   11,798,000 [1]  
Funding obligation 333,000      
Total floating rate | Mortgage/Mezzanine Loan, July 2018
       
Debt investment        
Senior Financing 55,000,000      
Debt and preferred equity investments 20,548,000 [1]   20,553,000 [1]  
Funding obligation 0      
Total floating rate | Mortgage/Mezzanine Loan, February 2019
       
Debt investment        
Senior Financing 9,750,000      
Debt and preferred equity investments 17,851,000 [1]   0 [1]  
Funding obligation 0      
Total floating rate | Mezzanine Loan, March 2019
       
Debt investment        
Senior Financing 38,000,000      
Debt and preferred equity investments 21,781,000 [1]   0 [1]  
Funding obligation $ 0      
[1] Carrying value is net of discounts and deferred origination fees.
[2] During the three months ended March 31, 2014, we recognized $10.1 million of previously unaccrued interest income as deemed collectible as we expect the underlying property to be sold.
[3] Carrying value is net of $41.3 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets
[4] Carrying value is net of $5.0 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets
[5] This loan was previously included in other assets on the consolidated balance sheets. Following the sale of our interest in the partnership that is the borrower, the loan was reclassified to debt and preferred equity investments.
[6] This loan was repaid in May 2014.
[7] In March 2014, the loan was extended to February 2015.
[8] Carrying value is net of $7.4 million that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting.