0001095651-17-000021.txt : 20170504 0001095651-17-000021.hdr.sgml : 20170504 20170504143957 ACCESSION NUMBER: 0001095651-17-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 110 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170504 DATE AS OF CHANGE: 20170504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISTAR INC. CENTRAL INDEX KEY: 0001095651 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 956881527 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-15371 FILM NUMBER: 17813429 BUSINESS ADDRESS: STREET 1: 1114 AVENUE OF THE AMERICAS STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2129309400 MAIL ADDRESS: STREET 1: 1114 AVENUE OF THE AMERICAS STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: ISTAR FINANCIAL INC DATE OF NAME CHANGE: 20000501 FORMER COMPANY: FORMER CONFORMED NAME: STARWOOD FINANCIAL INC DATE OF NAME CHANGE: 19990923 10-Q 1 star-0331201710q.htm 10-Q Document

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One)
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2017
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File No. 1-15371
_______________________________________________________________________________
iStar Inc.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
 
95-6881527
(I.R.S. Employer
Identification Number)
1114 Avenue of the Americas, 39th Floor
 
 
New York, NY
(Address of principal executive offices)
 
10036
(Zip code)
Registrant's telephone number, including area code: (212) 930-9400
_______________________________________________________________________________
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports); and (ii) has been subject to such filing requirements for the past 90 days. Yes ý    No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý
 
Accelerated filer o
 
Non-accelerated filer o
 (Do not check if a
smaller reporting company)
 
Smaller reporting company o
 
Emerging growth company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o    No ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o    
As of May 2, 2017, there were 72,105,169 shares, $0.001 par value per share, of iStar Inc. common stock outstanding.
 


TABLE OF CONTENTS

 
 
Page
 
 
 

 
 
 



PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1.    Financial Statements
iStar Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
 
As of
 
March 31, 2017 (unaudited)
 
December 31,
2016
ASSETS
 
 
 
Real estate
 
 
 
Real estate, at cost
$
1,896,262

 
$
1,906,592

Less: accumulated depreciation
(419,671
)
 
(414,840
)
Real estate, net
1,476,591

 
1,491,752

Real estate available and held for sale
71,934

 
83,764

Total real estate
1,548,525

 
1,575,516

Land and development, net
955,150

 
945,565

Loans receivable and other lending investments, net
1,381,227

 
1,450,439

Other investments
197,559

 
214,406

Cash and cash equivalents
897,487

 
328,744

Accrued interest and operating lease income receivable, net
12,561

 
14,775

Deferred operating lease income receivable, net
97,859

 
96,420

Deferred expenses and other assets, net
204,148

 
199,649

Total assets
$
5,294,516

 
$
4,825,514

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable, accrued expenses and other liabilities
$
192,040

 
$
211,570

Loan participations payable, net
182,087

 
159,321

Debt obligations, net
3,882,395

 
3,389,908

Total liabilities
4,256,522

 
3,760,799

Commitments and contingencies (refer to Note 11)
—

 
—

Redeemable noncontrolling interests (refer to Note 5)
3,513

 
5,031

Equity:
 
 
 
iStar Inc. shareholders' equity:
 
 
 
Preferred Stock Series D, E, F, G and I, liquidation preference $25.00 per share (refer to Note 13)
22

 
22

Convertible Preferred Stock Series J, liquidation preference $50.00 per share (refer to Note 13)
4

 
4

Common Stock, $0.001 par value, 200,000 shares authorized, 72,105 and 72,042 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively
72

 
72

Additional paid-in capital
3,603,586

 
3,602,172

Retained earnings (deficit)
(2,608,590
)
 
(2,581,488
)
Accumulated other comprehensive income (loss) (refer to Note 13)
(3,974
)
 
(4,218
)
Total iStar Inc. shareholders' equity
991,120

 
1,016,564

Noncontrolling interests
43,361

 
43,120

Total equity
1,034,481

 
1,059,684

Total liabilities and equity
$
5,294,516

 
$
4,825,514

The accompanying notes are an integral part of the consolidated financial statements.

1

iStar Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 
For the Three Months Ended March 31,
 
2017
 
2016
Revenues:
 
 
 
Operating lease income
$
52,591

 
$
54,937

Interest income
29,058

 
33,219

Other income
11,864

 
11,541

Land development revenue
20,050

 
14,947

Total revenues
113,563

 
114,644

Costs and expenses:
 
 
 
Interest expense
51,193

 
57,021

Real estate expense
35,741

 
34,305

Land development cost of sales
15,910

 
11,575

Depreciation and amortization
13,067

 
14,708

General and administrative
25,173

 
23,102

(Recovery of) provision for loan losses
(4,928
)
 
1,506

Impairment of assets
4,413

 
—

Other expense
1,869

 
740

Total costs and expenses
142,438

 
142,957

Income (loss) before earnings from equity method investments and other items
(28,875
)
 
(28,313
)
Loss on early extinguishment of debt, net
(210
)
 
(125
)
Earnings from equity method investments
5,702

 
8,267

Income (loss) from operations before income taxes
(23,383
)
 
(20,171
)
Income tax (expense) benefit
(607
)
 
414

Income (loss) from operations
(23,990
)
 
(19,757
)
Income from sales of real estate
8,618

 
10,458

Net income (loss)
(15,372
)
 
(9,299
)
Net (income) loss attributable to noncontrolling interests
1,100

 
942

Net income (loss) attributable to iStar Inc. 
(14,272
)
 
(8,357
)
Preferred dividends
(12,830
)
 
(12,830
)
Net income (loss) allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Per common share data:
 
 
 
Income (loss) attributable to iStar Inc. from operations:
 
 
 
Basic and diluted
$
(0.38
)
 
$
(0.27
)
Net income (loss) attributable to iStar Inc.:
 
 
 
Basic and diluted
$
(0.38
)
 
$
(0.27
)
Weighted average number of common shares:
 
 
 
Basic and diluted
72,065

 
77,060


The accompanying notes are an integral part of the consolidated financial statements.

2

iStar Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
 
For the Three Months Ended March 31,
 
2017
 
2016
Net income (loss)
$
(15,372
)
 
$
(9,299
)
Other comprehensive income (loss):
 
 
 
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization(1)
122

 
257

Unrealized gains/(losses) on available-for-sale securities
(17
)
 
19

Unrealized gains/(losses) on cash flow hedges
540

 
(962
)
Unrealized gains/(losses) on cumulative translation adjustment
(401
)
 
(40
)
Other comprehensive income (loss)
244

 
(726
)
Comprehensive income (loss)
(15,128
)
 
(10,025
)
Comprehensive (income) loss attributable to noncontrolling interests
1,100

 
942

Comprehensive income (loss) attributable to iStar Inc. 
$
(14,028
)
 
$
(9,083
)
_______________________________________________________________________________
(1)
Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $160 for the three months ended March 31, 2017 and 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $97 for the three months ended March 31, 2017 and 2016, respectively.

The accompanying notes are an integral part of the consolidated financial statements.

3

iStar Inc.
Consolidated Statements of Changes in Equity
For the Three Months Ended March 31, 2017 and 2016
(In thousands)
(unaudited)




 
 
iStar Inc. Shareholders' Equity
 
 
 
 
 
 
Preferred
Stock(1)
 
Preferred Stock Series J(1)
 
Common
Stock at
Par
 
Additional
Paid-In
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
Equity
Balance as of December 31, 2016
 
$
22

 
$
4

 
$
72

 
$
3,602,172

 
$
(2,581,488
)
 
$
(4,218
)
 
$
43,120

 
$
1,059,684

Dividends declared—preferred
 
—

 
—

 
—

 
—

 
(12,830
)
 
—

 
—

 
(12,830
)
Issuance of stock/restricted stock unit amortization, net
 
—

 
—

 
—

 
1,237

 
—

 
—

 
—

 
1,237

Net income (loss) for the period(2)
 
—

 
—

 
—

 
—

 
(14,272
)
 
—

 
241

 
(14,031
)
Change in accumulated other comprehensive income (loss)
 
—

 
—

 
—

 
—

 
—

 
244

 
—

 
244

Change in additional paid in capital attributable to redeemable noncontrolling interest
 
—

 
—

 
—

 
177

 
—

 
—

 
—

 
177

Balance as of March 31, 2017
 
$
22

 
$
4

 
$
72

 
$
3,603,586

 
$
(2,608,590
)
 
$
(3,974
)
 
$
43,361

 
$
1,034,481

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2015
 
$
22

 
$
4

 
$
81

 
$
3,689,330

 
$
(2,625,474
)
 
$
(4,851
)
 
$
42,218

 
$
1,101,330

Dividends declared—preferred
 
—

 
—

 
—

 
—

 
(12,830
)
 
—

 
—

 
(12,830
)
Issuance of stock/restricted stock unit amortization, net
 
—

 
—

 
—

 
604

 
—

 
—

 
—

 
604

Net income (loss) for the period(2)
 
—

 
—

 
—

 
—

 
(8,357
)
 
—

 
358

 
(7,999
)
Change in accumulated other comprehensive income (loss)
 
—

 
—

 
—

 
—

 
—

 
(726
)
 
—

 
(726
)
Repurchase of stock
 
—

 
—

 
(6
)
 
(58,126
)
 
—

 
—

 
—

 
(58,132
)
Change in additional paid in capital attributable to redeemable noncontrolling interest
 
—

 
—

 
—

 
438

 
—

 
—

 
—

 
438

Change in noncontrolling interest(3)
 
—

 
—

 
—

 
—

 
—

 
—

 
(7,292
)
 
(7,292
)
Balance as of March 31, 2016
 
$
22

 
$
4

 
$
75

 
$
3,632,246

 
$
(2,646,661
)
 
$
(5,577
)
 
$
35,284

 
$
1,015,393

_______________________________________________________________________________
(1)
Refer to Note 13 for details on the Company's Preferred Stock.
(2)
For the three months ended March 31, 2017 and 2016, net income (loss) shown above excludes $(1,341) and $(1,300) of net loss attributable to redeemable noncontrolling interests.
(3)
Includes a payment to acquire a noncontrolling interest (refer to Note 5).
The accompanying notes are an integral part of the consolidated financial statements.

4

iStar Inc.
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 
For the Three Months Ended March 31,
 
2017
 
2016
Cash flows from operating activities:
 
 
 
Net income (loss)
$
(15,372
)
 
$
(9,299
)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
 
 
 
(Recovery of) provision for loan losses
(4,928
)
 
1,506

Impairment of assets
4,413

 
—

Depreciation and amortization
13,067

 
14,708

Non-cash expense for stock-based compensation
5,881

 
4,577

Amortization of discounts/premiums and deferred financing costs on debt obligations, net
3,512

 
4,601

Amortization of discounts/premiums on loans, net
(3,184
)
 
(3,422
)
Deferred interest on loans, net
(11,467
)
 
(12,114
)
Earnings from equity method investments
(5,702
)
 
(8,267
)
Distributions from operations of other investments
20,029

 
26,317

Deferred operating lease income
(2,109
)
 
(2,126
)
Income from sales of real estate
(8,618
)
 
(10,458
)
Land development revenue in excess of cost of sales
(4,140
)
 
(3,372
)
Loss on early extinguishment of debt, net
210

 
125

Debt discount on repayments of debt obligations

(267
)
 
(492
)
Other operating activities, net
2,683

 
1,599

Changes in assets and liabilities:
 
 
 
Changes in accrued interest and operating lease income receivable, net
2,214

 
2,415

Changes in deferred expenses and other assets, net
(8,726
)
 
1,034

Changes in accounts payable, accrued expenses and other liabilities
(24,987
)
 
(23,023
)
Cash flows used in operating activities
(37,491
)
 
(15,691
)
Cash flows from investing activities:
 
 
 
Originations and fundings of loans receivable, net
(61,605
)
 
(94,343
)
Capital expenditures on real estate assets
(7,781
)
 
(17,735
)
Capital expenditures on land and development assets
(27,604
)
 
(29,375
)
Repayments of and principal collections on loans receivable and other lending investments, net
171,066

 
73,211

Net proceeds from sales of real estate
30,215

 
35,680

Net proceeds from sales of land and development assets
20,923

 
8,775

Distributions from other investments
4,709

 
7,675

Contributions to other investments
(1,813
)
 
(6,377
)
Changes in restricted cash held in connection with investing activities
284

 
1,660

Other investing activities, net
1,801

 
7,716

Cash flows provided by (used in) investing activities
130,195

 
(13,113
)
Cash flows from financing activities:
 
 
 
Borrowings from debt obligations
854,637

 
275,000

Repayments and repurchases of debt obligations
(353,191
)
 
(282,755
)
Preferred dividends paid
(12,830
)
 
(12,830
)
Repurchase of stock
—

 
(58,760
)
Payments for deferred financing costs
(11,497
)
 
—

Payments for withholding taxes upon vesting of stock-based compensation
(420
)
 
(1,109
)
Other financing activities, net
(661
)
 
(10,686
)
Cash flows provided by (used in) financing activities
476,038

 
(91,140
)
Effect of exchange rate changes on cash
1

 
24

Changes in cash and cash equivalents
568,743

 
(119,920
)
Cash and cash equivalents at beginning of period
328,744

 
711,101

Cash and cash equivalents at end of period
$
897,487

 
$
591,181

Supplemental disclosure of non-cash investing and financing activity:
 
 
 
Fundings of loan receivables and loan participations
$
22,602

 
$
1,905

Accounts payable for capital expenditures on land and development assets
—

 
3,650

Accounts payable for capital expenditures on real estate assets
781

 
—

The accompanying notes are an integral part of the consolidated financial statements.

5
iStar Inc.
Notes to Consolidated Financial Statements
(unaudited)





Note 1—Business and Organization

Business—iStar Inc. (the "Company"), doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17).

Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions.

Note 2—Basis of Presentation and Principles of Consolidation
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Annual Report").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.
Principles of Consolidation—The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide.    
Consolidated VIEs—As of March 31, 2017, the Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2017, the total assets of these consolidated VIEs were $449.3 million and total liabilities were $74.4 million. The classifications of these assets are primarily within "Land and development, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" and "debt obligations, net" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of March 31, 2017.

Unconsolidated VIEs—As of March 31, 2017, the Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of March 31, 2017, the Company's maximum exposure to loss from these investments does not exceed the sum of the $52.9 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $58.0 million of related unfunded commitments.


6
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 3—Summary of Significant Accounting Policies

On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements.
As of March 31, 2017, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially.
New Accounting Pronouncements—In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities

7
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from sales of real estate, land development revenue and other income will be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.


8
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 4—Real Estate
The Company's real estate assets were comprised of the following ($ in thousands):
 
Net Lease(1)
 
Operating
Properties
 
Total
As of March 31, 2017
 
 
 
 
 
Land, at cost
$
271,433

 
$
211,054

 
$
482,487

Buildings and improvements, at cost
1,097,049

 
316,726

 
1,413,775

Less: accumulated depreciation
(370,168
)
 
(49,503
)
 
(419,671
)
Real estate, net
998,314

 
478,277

 
1,476,591

Real estate available and held for sale (2)
—

 
71,934

 
71,934

Total real estate
$
998,314

 
$
550,211

 
$
1,548,525

As of December 31, 2016
 
 
 
 
 
Land, at cost
$
272,666

 
$
211,054

 
$
483,720

Buildings and improvements, at cost
1,111,589

 
311,283

 
1,422,872

Less: accumulated depreciation
(368,665
)
 
(46,175
)
 
(414,840
)
Real estate, net
1,015,590

 
476,162

 
1,491,752

Real estate available and held for sale (2)
1,284

 
82,480

 
83,764

Total real estate
$
1,016,874

 
$
558,642

 
$
1,575,516

_______________________________________________________________________________
(1)
In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.
(2)
As of March 31, 2017 and December 31, 2016, the Company had $71.9 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio.

Real Estate Available and Held for Sale— During the three months ended March 31, 2016, the Company transferred one net lease asset with a carrying value of $0.7 million to held for sale due to an executed contract with a third party.

Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential condominiums for total net proceeds of $10.2 million and $19.7 million, respectively, and recorded income from sales of real estate totaling $1.9 million and $4.9 million, respectively. During the three months ended March 31, 2017 and 2016, the Company sold net lease assets for net proceeds of $20.0 million and $10.0 million, respectively, resulting in gains of $6.7 million and $4.9 million, respectively. During the three months ended March 31, 2016, the Company also sold a commercial operating property for net proceeds of $5.9 million resulting in a gain of $0.7 million. The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations.
Impairments—During the three months ended March 31, 2017, the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy.
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.
Allowance for Doubtful Accounts—As of March 31, 2017 and December 31, 2016, the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.3 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million as of March 31, 2017 and December 31, 2016. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.

9
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 5—Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):
 
As of
 
March 31,
 
December 31,
 
2017
 
2016
Land and land development, at cost
$
961,907

 
$
952,051

Less: accumulated depreciation
(6,757
)
 
(6,486
)
Total land and development, net
$
955,150

 
$
945,565


Acquisitions—In 2016, the Company acquired an additional 10.7% interest in a consolidated entity for $10.8 million. The Company owns 95.7% of the entity as of March 31, 2017.

Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential lots and units and recognized land development revenue of $20.1 million and $14.9 million, respectively, from its land and development portfolio. During the three months ended March 31, 2017 and 2016, the Company recognized land development cost of sales of $15.9 million and $11.6 million, respectively, from its land and development portfolio.

Redeemable Noncontrolling Interest—The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of March 31, 2017 and December 31, 2016, this interest had a carrying value of zero and $1.3 million, respectively. As of March 31, 2017 and December 31, 2016, this interest did not have a redemption value.
Note 6—Loans Receivable and Other Lending Investments, net

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
 
As of
Type of Investment
March 31,
2017
 
December 31,
2016
Senior mortgages
$
834,795

 
$
940,738

Corporate/Partnership loans
519,198

 
490,389

Subordinate mortgages
25,242

 
24,941

Total gross carrying value of loans
1,379,235

 
1,456,068

Reserves for loan losses
(79,389
)
 
(85,545
)
Total loans receivable, net
1,299,846

 
1,370,523

Other lending investments—securities
81,381

 
79,916

Total loans receivable and other lending investments, net
$
1,381,227

 
$
1,450,439


Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):
 
 
For the Three Months Ended March 31,
 
 
2017
 
2016
Reserve for loan losses at beginning of period
 
$
85,545

 
$
108,165

(Recovery of) provision for loan losses
 
(4,928
)
 
1,506

Charge-offs
 
(1,228
)
 
—

Reserve for loan losses at end of period
 
$
79,389

 
$
109,671


10
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)



The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
 
Individually
Evaluated for
Impairment(1)
 
Collectively
Evaluated for
Impairment(2)
 
Total
As of March 31, 2017
 
 
 
 
 
Loans
$
250,801

 
$
1,135,134

 
$
1,385,935

Less: Reserve for loan losses
(60,989
)
 
(18,400
)
 
(79,389
)
Total(3)
$
189,812

 
$
1,116,734

 
$
1,306,546

As of December 31, 2016
 
 
 
 
 
Loans
$
253,941

 
$
1,209,062

 
$
1,463,003

Less: Reserve for loan losses
(62,245
)
 
(23,300
)
 
(85,545
)
Total(3)
$
191,696

 
$
1,185,762

 
$
1,377,458

_______________________________________________________________________________
(1)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.4 million as of March 31, 2017 and December 31, 2016, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
(2)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $2.9 million and $1.9 million as of March 31, 2017 and December 31, 2016, respectively.
(3)
The Company's recorded investment in loans as of March 31, 2017 and December 31, 2016 includes accrued interest of $6.7 million and $6.9 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, excludes $81.4 million and $79.9 million, respectively, of securities that are evaluated for impairment under ASC 320.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt.

The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
 
As of March 31, 2017
 
As of December 31, 2016
 
Performing
Loans
 
Weighted
Average
Risk Ratings
 
Performing
Loans
 
Weighted
Average
Risk Ratings
Senior mortgages
$
756,720

 
2.31

 
$
859,250

 
3.12

Corporate/Partnership loans
364,159

 
3.06

 
335,677

 
3.09

Subordinate mortgages
14,255

 
2.46

 
14,135

 
3.00

  Total
$
1,135,134

 
2.55

 
$
1,209,062

 
3.11



11
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
 
Current
 
Less Than
and Equal
to 90 Days
 
Greater
Than
90 Days(1)
 
Total
Past Due
 
Total
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Senior mortgages
$
762,720

 
$
—

 
$
76,454

 
$
76,454

 
$
839,174

Corporate/Partnership loans
364,159

 
—

 
157,303

 
157,303

 
521,462

Subordinate mortgages
25,299

 
—

 
—

 
—

 
25,299

Total
$
1,152,178

 
$
—

 
$
233,757

 
$
233,757

 
$
1,385,935

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Senior mortgages
$
868,505

 
$
—

 
$
76,677

 
$
76,677

 
$
945,182

Corporate/Partnership loans
335,677

 
—

 
157,146

 
157,146

 
492,823

Subordinate mortgages
24,998

 
—

 
—

 
—

 
24,998

Total
$
1,229,180

 
$
—

 
$
233,823

 
$
233,823

 
$
1,463,003

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. As of December 31, 2016, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding.

Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
 
As of March 31, 2017
 
As of December 31, 2016
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Subordinate mortgages
$
11,044

 
$
11,027

 
$
—

 
$
10,862

 
$
10,846

 
$
—

Subtotal
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subtotal
239,757

 
229,354

 
(60,989
)
 
243,079

 
232,563

 
(62,245
)
Total:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subordinate mortgages
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

Total
$
250,801

 
$
240,381

 
$
(60,989
)
 
$
253,941

 
$
243,409

 
$
(62,245
)
____________________________________________________________
(1)
All of the Company's non-accrual loans are considered impaired and included in the table above.


12
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
$
—

 
$
—

 
$
4,542

 
$
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Subtotal
10,953

 
—

 
4,542

 
—

With an allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
126,843

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subtotal
241,418

 
—

 
132,414

 
—

Total:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
131,385

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Total
$
252,371

 
$
—

 
$
136,956

 
$
—


Securities—Other lending investments—securities includes the following ($ in thousands):
 
Face Value
 
Amortized Cost Basis
 
Net Unrealized Gain (Loss)
 
Estimated Fair Value
 
Net Carrying Value
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,230

 
$
21,230

 
$
409

 
$
21,639

 
$
21,639

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
59,867

 
59,742

 
2,321

 
62,063

 
59,742

Total
$
81,097

 
$
80,972

 
$
2,730

 
$
83,702

 
$
81,381

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,240

 
$
21,240

 
$
426

 
$
21,666

 
$
21,666

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
58,454

 
58,250

 
2,753

 
61,003

 
58,250

Total
$
79,694

 
$
79,490

 
$
3,179

 
$
82,669

 
$
79,916



13
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 7—Other Investments

The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
 
 
 
Equity in Earnings (Losses)
 
Carrying Value as of
 
For the Three Months Ended March 31,
 
March 31, 2017
 
December 31, 2016
 
2017
 
2016
Real estate equity investments
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
92,024

 
$
92,669

 
$
981

 
$
946

Marina Palms, LLC ("Marina Palms")
19,439

 
35,185

 
3,117

 
8,221

Other real estate equity investments
53,230

 
53,202

 
1,357

 
(1,702
)
Subtotal
164,693

 
181,056

 
5,455

 
7,465

Other strategic investments(1)
32,866

 
33,350

 
247

 
802

Total
$
197,559

 
$
214,406

 
$
5,702

 
$
8,267

_______________________________________________________________________________
(1)
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three months ended March 31, 2016, the Company recognized $3.2 million of carried interest income.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form an unconsolidated entity in which the Company has an equity interest of approximately 51.9%. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. As of March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $516.5 million and $511.3 million, respectively. During the three months ended March 31, 2017 and 2016, the Company recorded $0.5 million and $0.4 million of management fees, respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner.
Marina Palms—As of March 31, 2017, the Company owned a 47.5% equity interest in Marina Palms, a 468 unit, two tower residential condominium development in North Miami Beach, Florida. The 234 unit north tower has one unit remaining for sale as of March 31, 2017. The 234 unit south tower is 84% sold or pre-sold (based on unit count) as of March 31, 2017. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $98.3 million and $201.8 million, respectively.
Other real estate equity investments—As of March 31, 2017, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 20% to 85%, comprised of investments of $3.2 million in operating properties and $50.0 million in land assets. As of December 31, 2016, the Company's other real estate equity investments included $3.6 million in operating properties and $49.6 million in land assets.
In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner both made $7.0 million contributions to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan commitment, which had a carrying value of $23.1 million and $22.7 million as of March 31, 2017 and December 31, 2016, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2017, the Company recorded $0.4 million of interest income on the senior loan.

Other strategic investments—As of March 31, 2017, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. As of

14
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


March 31, 2017 and December 31, 2016, the carrying value of the Company's cost method investments was $0.9 million and $1.4 million, respectively.
Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2017
 
 
 
 
 
Marina Palms
$
23,669

 
$
(14,911
)
 
$
8,758

Net Lease Venture
9,621

 
(7,588
)
 
1,890

 
 
 
 
 
 
For the Three Months Ended March 31, 2016
 
 
 
 
 
Marina Palms
$
50,628

 
$
(25,511
)
 
$
25,117

Net Lease Venture
7,830

 
(5,863
)
 
1,823


Note 8—Other Assets and Other Liabilities
Deferred expenses and other assets, net, consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Intangible assets, net(1)
$
61,723

 
$
63,098

Other receivables(2)
51,047

 
52,820

Other assets
47,877

 
39,591

Restricted cash
26,290

 
25,883

Leasing costs, net(3)
11,812

 
12,566

Corporate furniture, fixtures and equipment, net(4)
5,399

 
5,691

Deferred expenses and other assets, net
$
204,148

 
$
199,649

_______________________________________________________________________________
(1)
Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $33.2 million and $32.6 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.9 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.5 million for the three months ended March 31, 2017 and 2016. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.
(2)
As of March 31, 2017 and December 31, 2016, included $25.8 million and $26.0 million, respectively, of receivables related to the construction and development of an amphitheater.
(3)
Accumulated amortization of leasing costs was $6.4 million and $6.7 million as of March 31, 2017 and December 31, 2016, respectively.
(4)
Accumulated depreciation on corporate furniture, fixtures and equipment was $9.5 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively.


15
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Other liabilities(1)
$
79,398

 
$
75,993

Accrued expenses(2)
62,139

 
72,693

Accrued interest payable
41,901

 
54,033

Intangible liabilities, net(3)
8,602

 
8,851

Accounts payable, accrued expenses and other liabilities
$
192,040

 
$
211,570

_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, "Other liabilities" includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2017 and December 31, 2016, includes $1.4 million and $1.2 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, "Other liabilities" also includes $7.8 million and $8.5 million, respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units.
(2)
As of March 31, 2017 and December 31, 2016, accrued expenses includes $2.4 million and $1.7 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.
(3)
Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.7 million and $6.4 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million for the three months ended March 31, 2017 and 2016.

Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Deferred tax assets (liabilities)
$
70,806

 
$
66,498

Valuation allowance
(70,806
)
 
(66,498
)
Net deferred tax assets (liabilities)
$
—

 
$
—


Note 9—Loan Participations Payable, net

The Company's loan participations payable, net were as follows ($ in thousands):
 
 
Carrying Value as of
 
 
March 31, 2017
 
December 31, 2016
Loan participations payable(1)
 
$
182,853

 
$
160,251

Debt discounts and deferred financing costs, net
 
(766
)
 
(930
)
Total loan participations payable, net
 
$
182,087

 
$
159,321

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had three loan participations payable with a weighted average interest rate of 5.2%. As of December 31, 2016, the Company had three loan participations payable with a weighted average interest rate of 4.8%.
 
Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net. As of March 31, 2017 and December 31, 2016, the corresponding loan receivable balances were $181.9 million and $159.1 million, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

16
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 10—Debt Obligations, net

The Company's debt obligations were as follows ($ in thousands):
 
Carrying Value as of
 
Stated
Interest Rates
 
Scheduled
Maturity Date
 
March 31, 2017
 
December 31, 2016
 
 
Secured credit facilities and mortgages:
 
 
 
 
 
 
 
2015 $250 Million Secured Revolving Credit Facility
$
—

 
$
—

 
LIBOR + 2.75%

(1) 
March 2018
2016 Senior Secured Credit Facility
500,000

 
498,648

 
LIBOR + 3.75%

(2) 
July 2020
2017 Secured Financing
227,000

 
—

 
3.795
%
(3) 
April 2027
Mortgages collateralized by net lease assets
247,535

 
249,987

 
3.875% - 7.26%

(4) 
Various through 2032
Total secured credit facilities and mortgages
974,535

 
748,635

 
 

 
 
Unsecured notes:
 
 
 
 
 
 
 
5.85% senior notes
—

 
99,722

 
5.85
%
 
—
9.00% senior notes
275,000

 
275,000

 
9.00
%
 
June 2017
4.00% senior notes(5)
550,000

 
550,000

 
4.00
%
 
November 2017
7.125% senior notes
300,000

 
300,000

 
7.125
%
 
February 2018
4.875% senior notes(6)
300,000

 
300,000

 
4.875
%
 
July 2018
5.00% senior notes(7)
770,000

 
770,000

 
5.00
%
 
July 2019
6.50% senior notes(8)
275,000

 
275,000

 
6.50
%
 
July 2021
6.00% senior notes(9)
375,000

 
—

 
6.00
%
 
April 2022
Total unsecured notes
2,845,000

 
2,569,722

 
 

 
 
Other debt obligations:

 
 
 
 
 
 
Trust preferred securities
100,000

 
100,000

 
LIBOR + 1.50%

 
October 2035
Total debt obligations
3,919,535

 
3,418,357

 
 

 
 
Debt discounts and deferred financing costs, net
(37,140
)
 
(28,449
)
 
 

 
 
Total debt obligations, net(10)
$
3,882,395

 
$
3,389,908

 
 

 
 
_______________________________________________________________________________
(1)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
(2)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0%.
(3)
The Company entered into a $200 million notional rate lock swap, bringing the effective interest rate down from 3.795% to 3.773%.
(4)
As of March 31, 2017 and December 31, 2016, includes a loan with a floating rate of LIBOR plus 2.0%. As of March 31, 2017, the weighted average interest rate of these loans is 5.1%.
(5)
The Company can prepay these senior notes without penalty beginning August 1, 2017.
(6)
The Company can prepay these senior notes without penalty beginning January 1, 2018.
(7)
The Company can prepay these senior notes without penalty beginning July 1, 2018.
(8)
The Company can prepay these senior notes without penalty beginning July 1, 2020.
(9)
The Company can prepay these senior notes without penalty beginning April 1, 2021.
(10)
The Company capitalized interest relating to development activities of $2.0 million and $1.4 million during the three months ended March 31, 2017 and 2016, respectively.






17
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Future Scheduled Maturities—As of March 31, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
 
Unsecured Debt
 
Secured Debt
 
Total
2017 (remaining nine months)
$
825,000

 
$
—

 
$
825,000

2018
600,000

 
10,648

 
610,648

2019
770,000

 
28,770

 
798,770

2020
—

 
500,000

 
500,000

2021
275,000

 
119,072

 
394,072

Thereafter
475,000

 
316,045

 
791,045

Total principal maturities
2,945,000

 
974,535

 
3,919,535

Unamortized discounts and deferred financing costs, net
(21,148
)
 
(15,992
)
 
(37,140
)
Total debt obligations, net
$
2,923,852

 
$
958,543

 
$
3,882,395

_____________________________________________________________________________
(1)
The Company has $825.0 million of debt obligations maturing in two separate tranches during 2017, and $310.6 million of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of May 3, 2017, the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements.

2017 Secured Financing—In March 2017, the Company entered into a $227.0 million secured financing transaction (the "2017 Secured Financing") that accrues interest at 3.795% and matures in April 2027. Subsequent to March 31, 2017, the 2017 Secured Financing was assumed by an entity in which the Company has a 49% noncontrolling interest (refer to Note 18). The 2017 Secured Financing is collateralized by 12 properties including seven ground net leases and one master lease (covering the accounts of five properties). In connection with the 2017 Secured Financing, the Company incurred $7.4 million of lender and third-party fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets.
2016 Secured Term Loan—In December 2016, the Company arranged a $170.0 million delayed draw secured term loan (the "2016 Secured Term Loan"). During the three months ended March 31, 2017, the Company allowed the 2016 Secured Term Loan to expire and replaced the 2016 Secured Term Loan with the 2017 Secured Financing. The 2016 Secured Term Loan was collateralized by the 12 properties that now serve as collateral for the 2017 Secured Financing which were sold subsequent to March 31, 2017.
2016 Senior Secured Credit Facility—In June 2016, the Company entered into a senior secured credit facility of $450.0 million (the "2016 Senior Secured Credit Facility"). In August 2016, the Company upsized the facility to $500.0 million. The initial $450.0 million of the 2016 Senior Secured Credit Facility was issued at 99% of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility initially accrued interest at a floating rate of LIBOR plus 4.50% with a 1.00% LIBOR floor. In January 2017, the Company repriced the 2016 Senior Secured Credit Facility to LIBOR plus 3.75% with a 1.00% LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized 1.25x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees, and is required to repay 0.25% of the principal amount on the first business day of each quarter. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay other secured debt.
In connection with the 2016 Senior Secured Credit Facility, the Company incurred $4.5 million of lender fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. The Company also incurred $6.2 million in third party fees, of which $4.3 million was capitalized in “Debt obligations, net” on the Company's consolidated balance sheets, as it related to new lenders, and $1.9 million was recognized in “Other expense” in the Company's consolidated statements of operations as it related primarily to those lenders from the original facility that modified their debt under the new facility. In connection with the repricing of the 2016 Senior Secured Credit Facility in January 2017, the Company incurred an additional $0.8 million in fees, substantially all of which was recognized in "Other expense."

2015 Secured Revolving Credit Facility—In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Secured Revolving Credit Facility"). Borrowings under this credit facility

18
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.50%, based on average utilization each quarter. During the three months ended March 31, 2017, the weighted average cost of the credit facility was 3.46%. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. As of March 31, 2017, based on the Company's borrowing base of assets, the Company had $236.0 million of borrowing capacity available under the 2015 Secured Revolving Credit Facility.
Unsecured Notes—In March 2017, the Company issued $375.0 million principal amount of 6.00% senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and, subsequent to March 31, 2017, repay in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017. In March 2016, the Company repaid its $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, the Company issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay in full the $265.0 million principal amount of senior unsecured notes due July 2016 and repay $5.0 million of the 2015 Secured Revolving Credit Facility.

In November 2016, in connection with the retirement of the Company's $200.0 million principal amount of 3.0% senior unsecured convertible notes due November 2016, the Company converted $9.6 million principal amount into 0.8 million shares of our common stock.

Encumbered/Unencumbered Assets—The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
 
Encumbered Assets
 
Unencumbered Assets
 
Encumbered Assets
 
Unencumbered Assets
Real estate, net
$
1,005,826

 
$
470,765

 
$
881,212

 
$
610,540

Real estate available and held for sale
—

 
71,934

 
—

 
83,764

Land and development, net
35,165

 
919,985

 
35,165

 
910,400

Loans receivable and other lending investments, net(1)(2)
137,293

 
1,080,448

 
172,581

 
1,142,050

Other investments
—

 
197,559

 
—

 
214,406

Cash and other assets
—

 
1,212,055

 
—

 
639,588

Total
$
1,178,284

 
$
3,952,746

 
$
1,088,958

 
$
3,600,748

_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $18.4 million and $23.3 million, respectively.
(2)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude loan participations of $181.9 million and $159.1 million, respectively.

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.

The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Secured Credit Facility requires the Company to maintain collateral coverage of at least 1.25x outstanding borrowings on the facility. The 2015 Secured Revolving Credit Facility is secured by a borrowing base of assets and requires the

19
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Company to maintain both collateral coverage of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. The 2015 Secured Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as the Company maintains its qualification as a REIT, the 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss ("NOL") carryforwards). The Company may not pay common dividends if it ceases to qualify as a REIT.

The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.
Note 11—Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments.

As of March 31, 2017, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):
 
Loans and Other Lending Investments(1)
 
Real Estate
 
Other
Investments
 
Total
Performance-Based Commitments
$
305,862

 
$
9,814

 
$
24,059

 
$
339,735

Strategic Investments
—

 
—

 
45,564

 
45,564

Total(2)
$
305,862

 
$
9,814

 
$
69,623

 
$
385,299

_______________________________________________________________________________
(1)
Excludes $155.3 million of commitments on loan participations sold that are not the obligation of the Company.
(2)
The Company did not have any Discretionary Fundings as of March 31, 2017.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings:
Shareholder Action
As previously reported, a shareholder action was filed in 2014 in Maryland state court purporting to assert derivative, class and individual claims against the Company, a number of our current and former senior executives (including our chief executive officer) and current and former directors as defendants.  The complaint alleged breach of fiduciary duty, breach of contract and other causes of action arising out of compensation awards granted by the Company to our senior executives in December 2008 and modified in July 2011. On October 30, 2014, the Maryland Circuit Court dismissed all of plaintiffs' claims in the action. Plaintiffs appealed and, on January 28, 2016, the Maryland Court of Special Appeals affirmed the order of the Circuit Court. Plaintiffs appealed that decision and, on January 20, 2017, the Maryland Court of Appeals (Maryland’s highest court) issued its opinion affirming the dismissal of all of plaintiffs’ claims against the Company and the other defendants. This matter is concluded.

20
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)



U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863)
This litigation involves a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. On January 22, 2015, the United States District Court for the District of Maryland (the District Court) entered a judgment in favor of the Company, as seller, and against Lennar, as purchaser. The District Court found that the Company is entitled to specific performance and awarded damages to the Company in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of $114.0 million; plus (ii) simple interest on the unpaid amount at a rate of 12% annually, calculated from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. Lennar appealed the District Court's judgment and posted an appeal bond.

On April 12, 2017, the United States Court of Appeals for the Fourth Circuit (the Court of Appeals) affirmed the judgment of the District Court in its entirety. Lennar has filed a petition with the Court of Appeals for rehearing en banc, only with respect to the calculation of interest owed by Lennar on the unpaid purchase price following the date of the judgment of the District Court, which petition is pending. Lennar’s time period to seek review of the Court of Appeals’ decision by the United States Supreme Court has not expired.

On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of $231.1 million after payment of $6.3 million in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a 4.3% participation interest in all proceeds received by the Company.

On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements.
Note 12—Derivatives
The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.

21
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands):
 
Derivative Assets as of
 
Derivative Liabilities as of
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
N/A
 
$
—

 
Other Liabilities
 
$
307

 
Other Liabilities
 
$
8

Interest rate swaps
Other assets
 
58

 
N/A
 
—

 
N/A
 
—

 
Other Liabilities
 
39

Total
 
 
$
58

 
 
 
$
—

 
 
 
$
307

 
 
 
$
47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
Other Assets
 
$
702

 
Other Liabilities
 
$
264

 
N/A
 
$
—

Interest rate cap
Other Assets
 
71

 
Other Assets
 
25

 
N/A
 
—

 
N/A
 
—

Total
 
 
$
71

 
 
 
$
727

 
 
 
$
264

 
 
 
$
—


22
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):
Derivatives Designated in Hedging Relationships
 
Location of Gain (Loss)
Recognized in Income
 
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
 (Ineffective Portion)
For the Three Months Ended March 31, 2017
 
 
 
 
 
 
Interest rate swaps
 
Interest Expense
 
467

 
(30
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(5
)
 
(5
)
 
N/A
Interest rate swap
 
Earnings from equity method investments
 
78

 
(87
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(299
)
 
—

 
N/A
For the Three Months Ended March 31, 2016
 
 
 
 
 
 
Interest rate cap
 
Interest Expense
 
—

 
(185
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(1
)
 
—

 
N/A
Interest rate swaps
 
Interest Expense
 
(502
)
 
25

 
N/A
Interest rate swap
 
Earnings from equity method investments
 
(459
)
 
(97
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(87
)
 
—

 
N/A
 
 
 
 
Amount of Gain (Loss)
Recognized in Income
 
 
Location of Gain
(Loss) Recognized in
Income
 
For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships
 
2017
 
2016
Interest rate cap
 
Other Expense
 
$
47

 
$
(803
)
Foreign exchange contracts
 
Other Expense
 
(125
)
 
(182
)
Foreign Exchange Contracts—The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date.
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. As of March 31, 2017, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells Indian rupee ("INR")/Buys USD Forward
 
₨
350,000

 
$
5,089

 
April 2017
For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of March 31, 2017, the Company had the following

23
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, and £ in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells euro ("EUR")/Buys USD Forward
 
€
6,300

 
$
6,549

 
April 2017
Sells pound sterling ("GBP")/Buys USD Forward
 
£
3,400

 
$
4,168

 
April 2017
The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains related to foreign investments of $0.1 million during the three months ended March 31, 2017 and 2016 in its consolidated statements of operations.  
Interest Rate Hedges—For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of March 31, 2017, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate swap
 
$
26,254

 
LIBOR + 2.00%
 
3.47%
 
October 2012
 
November 2019
During the three months ended March 31, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing. As a result of the settlement, the Company recorded a $0.4 million unrealized gain in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets. The unrealized gain will be amortized from accumulated other comprehensive as a reduction to interest expense over the term of the 2017 Secured Financing.
For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of March 31, 2017, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate cap
 
$
500,000

 
LIBOR
 
1.00%
 
July 2014
 
July 2017
Over the next 12 months, the Company expects that $0.1 million related to terminated cash flow hedges will be reclassified
from "Accumulated other comprehensive income (loss)" into interest expense and $0.3 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings.

Credit Risk-Related Contingent Features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of March 31, 2017 and December 31, 2016, the Company has posted collateral of $1.8 million and $0.4 million, respectively, and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of March 31, 2017.


24
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 13—Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2017 and December 31, 2016:
 
 
 
 
 
 
Cumulative Preferential Cash
Dividends(1)(2)
Series
 
Shares Issued and
Outstanding
(in thousands)
 
Par Value
 
Liquidation Preference(3)(4)
 
Rate per Annum
 
Equivalent to
Fixed Annual
Rate (per share)
D
 
4,000

 
$
0.001

 
$
25.00

 
8.00
%
 
$
2.00

E
 
5,600

 
0.001

 
25.00

 
7.875
%
 
1.97

F
 
4,000

 
0.001

 
25.00

 
7.80
%
 
1.95

G
 
3,200

 
0.001

 
25.00

 
7.65
%
 
1.91

I
 
5,000

 
0.001

 
25.00

 
7.50
%
 
1.88

J (convertible)
 
4,000

 
0.001

 
50.00

 
4.50
%
 
2.25

 
 
25,800

 
 

 
 
 
 

 
 

_______________________________________________________________________________
(1)
Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.
(2)
The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2017 and 2016. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2017 and 2016. The character of the 2016 dividends were as follows: 47.30% is a capital gain distribution, of which 76.15% represents unrecaptured section 1250 gain and 23.85% long term capital gain, and 52.70% is ordinary income. There are no dividend arrearages on any of the preferred shares currently outstanding.
(3)
The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
(4)
Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Dividends—To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2015, the Company had $902.9 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2029 and through 2035 if unused. The amount of NOL carryforwards as of December 31, 2016 will be determined upon finalization of the Company's 2016 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any common stock dividends for the three months ended March 31, 2017 and 2016.

Stock Repurchase Program—In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new $50.0 million stock repurchase program. After having substantially utilized the availability authorized in February 2016, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million, effective August 4, 2016. The program authorizes the repurchase of common stock from

25
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the three months ended March 31, 2017, the Company did not repurchase any shares of common stock. During the three months ended March 31, 2016, the Company repurchased 5.8 million shares of its outstanding common stock for $58.1 million, at an average cost of $9.94 per share. As of March 31, 2017, the Company had remaining authorization to repurchase up to $50.0 million of common stock available to repurchase under its stock repurchase program.
 
Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Unrealized gains (losses) on available-for-sale securities
$
132

 
$
149

Unrealized gains (losses) on cash flow hedges
689

 
27

Unrealized losses on cumulative translation adjustment
(4,795
)
 
(4,394
)
Accumulated other comprehensive income (loss)
$
(3,974
)
 
$
(4,218
)

Note 14—Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation expense, including the effect of performance incentive plans (see below), of $5.9 million and $4.6 million for the three months ended March 31, 2017 and 2016, respectively, in "General and administrative" in the Company's consolidated statements of operations. As of March 31, 2017, there was $3.0 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 2.1 years.
Performance Incentive Plans—The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points.
•In May 2014, the Company granted 73 iPIP points in the initial 2013-2014 investment pool.
•
In January 2015, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and 34 iPIP points in the 2015-2016 investment pool.
•
In January 2016, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and an additional 40 iPIP points in the 2015-2016 investment pool.
•
In June 2016, the Company granted an additional 2.5 iPIP points in the 2015-2016 investment pool.
•
In February 2017, the Company granted an additional 5 iPIP points in the 2013-2014 investment pool, an additional 18 iPIP points in the 2015-2016 investment pool, and 44 iPIP points in the 2017-2018 investment pool.
As of March 31, 2017 and December 31, 2016, the Company had accrued compensation costs relating to iPIP of $28.3 million and $22.4 million, respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.
Long-Term Incentive Plan—The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014.

26
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


As of March 31, 2017, an aggregate of 3.4 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP.
Restricted Share Issuances—During the three months ended March 31, 2017, the Company granted 97,967 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 62,704 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant.
2017 Restricted Stock Unit Activity—During the three months ended March 31, 2017, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:
•
115,571 service-based Units granted on February 22, 2017, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2019, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of March 31, 2017, 115,571 of such service-based Units were outstanding.
As of March 31, 2017, the Company had the following additional stock-based compensation awards outstanding:

•
80,000 service-based Units granted on June 15, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will vest in equal annual installments over four years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
109,417 service-based Units granted on January 29, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2018, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
39,071 target amount of performance-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of common stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were 0.75% for risk-free interest rate and 28.14% for expected stock price volatility.
•
56,020 service-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends

27
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
4,751 service-based Units granted on various dates, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units have an original vesting term of three years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
Directors' Awards—As of March 31, 2017, a combined total of 333,384 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.9 million.

401(k) Plan—The Company made gross contributions of $0.6 million for the three months ended March 31, 2017 and 2016.

Note 15—Earnings Per Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities.
The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Three Months Ended March 31,
 
2017
 
2016
Income (loss) from operations
$
(23,990
)
 
$
(19,757
)
Income from sales of real estate
8,618

 
10,458

Net (income) loss attributable to noncontrolling interests
1,100

 
942

Preferred dividends
(12,830
)
 
(12,830
)
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share
$
(27,102
)
 
$
(21,187
)

 
For the Three Months Ended March 31,
 
2017
 
2016
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
72,065

 
77,060

 
 
 
 
Basic and diluted earnings per common share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)

28
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)



The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended March 31,
 
2017
 
2016
3.00% convertible senior unsecured notes
—

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
—

 
11,567

Joint venture shares
298

 
298

_______________________________________________________________________________
(1)
For the three months ended March 31, 2017 and 2016, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.
Note 16—Fair Values
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:
Level 1:    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:    Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3:    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.

29
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):
 
 
 
Fair Value Using
 
Total
 
Quoted market
prices in
active markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
As of March 31, 2017
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
129

 
$
—

 
$
129

 
$
—

Derivative liabilities(1)
571

 
—

 
571

 
—

Available-for-sale securities(1)
21,639

 
—

 
—

 
21,639

Non-recurring basis:
 
 
 
 
 
 
 
Impaired real estate(2)
10,141

 
—

 
—

 
10,141

 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
727

 
$
—

 
$
727

 
$
—

Derivative liabilities(1)
47

 
—

 
47

 
—

Available-for-sale securities(1)
21,666

 
—

 
—

 
21,666

Non-recurring basis:
 
 
 
 
 
 
 
Impaired loans(3)
7,200

 
—

 
—

 
7,200

Impaired real estate(4)
3,063

 
—

 
—

 
3,063

____________________________________________________________
(1)
The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
(2)
The Company recorded an impairment on one real estate asset with a fair value of $10.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
(3)
The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In
addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received.
(4)
The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
 
2017
 
2016
Beginning balance
 
$
21,666

 
$
1,161

Purchases
 
—

 
4,366

Repayments
 
(10
)
 
(10
)
Unrealized (losses) gains recorded in other comprehensive income
 
(17
)
 
19

Ending balance
 
$
21,639

 
$
5,536

Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.4 billion and $4.2 billion, respectively, as of March 31, 2017 and $1.5 billion and $3.6 billion, respectively, as of December 31, 2016. The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the

30
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.
Note 17—Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio.

31
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
Three Months Ended March 31, 2017:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
36,496

 
$
15,989

 
$
106

 
$
—

 
$
52,591

Interest income
29,058

 
—

 
—

 
—

 
—

 
29,058

Other income
76

 
506

 
10,355

 
386

 
541

 
11,864

Land development revenue
—

 
—

 
—

 
20,050

 
—

 
20,050

Earnings (loss) from equity method investments
—

 
981

 
632

 
3,842

 
247

 
5,702

Income from sales of real estate
—

 
6,720

 
1,898

 
—

 
—

 
8,618

Total revenue and other earnings
29,134

 
44,703

 
28,874

 
24,384

 
788

 
127,883

Real estate expense
—

 
(4,726
)
 
(21,518
)
 
(9,497
)
 
—

 
(35,741
)
Land development cost of sales
—

 
—

 
—

 
(15,910
)
 
—

 
(15,910
)
Other expense
(605
)
 
—

 
—

 
—

 
(1,264
)
 
(1,869
)
Allocated interest expense
(11,888
)
 
(15,783
)
 
(5,606
)
 
(8,118
)
 
(9,798
)
 
(51,193
)
Allocated general and administrative(2)
(3,596
)
 
(4,642
)
 
(1,755
)
 
(3,926
)
 
(5,373
)
 
(19,292
)
Segment profit (loss)(3)
$
13,045

 
$
19,552

 
$
(5
)
 
$
(13,067
)
 
$
(15,647
)
 
$
3,878

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Recovery of loan losses
$
(4,928
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(4,928
)
Impairment of assets
—

 
—

 
4,413

 
—

 
—

 
4,413

Depreciation and amortization
—

 
8,428

 
4,039

 
270

 
330

 
13,067

Capitalized expenditures
—

 
771

 
8,210

 
26,592

 
—

 
35,573

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
35,750

 
$
19,081

 
$
106

 
$
—

 
$
54,937

Interest income
33,219

 
—

 
—

 
—

 
—

 
33,219

Other income
1,297

 
80

 
7,344

 
1,065

 
1,755

 
11,541

Land development revenue
—

 
—

 
—

 
14,947

 
—

 
14,947

Earnings (loss) from equity method investments
—

 
946

 
(142
)
 
6,661

 
802

 
8,267

Income from sales of real estate
—

 
4,928

 
5,530

 
—

 
—

 
10,458

Total revenue and other earnings
34,516

 
41,704

 
31,813

 
22,779

 
2,557

 
133,369

Real estate expense
—

 
(4,508
)
 
(21,120
)
 
(8,677
)
 
—

 
(34,305
)
Land development cost of sales
—

 
—

 
—

 
(11,575
)
 
—

 
(11,575
)
Other expense
86

 
—

 
—

 
—

 
(826
)
 
(740
)
Allocated interest expense
(14,702
)
 
(16,236
)
 
(6,620
)
 
(8,359
)
 
(11,104
)
 
(57,021
)
Allocated general and administrative(2)
(3,831
)
 
(4,296
)
 
(1,870
)
 
(3,270
)
 
(5,258
)
 
(18,525
)
Segment profit (loss)(3)
$
16,069

 
$
16,664

 
$
2,203

 
$
(9,102
)
 
$
(14,631
)
 
$
11,203

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Provision for loan losses
$
1,506

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,506

Depreciation and amortization
—

 
8,851

 
5,283

 
300

 
274

 
14,708

Capitalized expenditures
—

 
851

 
15,797

 
34,268

 
—

 
50,916

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

32
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 

Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
998,314

 
$
478,277

 
$
—

 
$
—

 
$
1,476,591

Real estate available and held for sale
—

 
—

 
71,934

 
—

 
—

 
71,934

Total real estate
—

 
998,314

 
550,211

 
—

 
—

 
1,548,525

Land and development, net
—

 
—

 
—

 
955,150

 
—

 
955,150

Loans receivable and other lending investments, net
1,381,227

 
—

 
—

 
—

 
—

 
1,381,227

Other investments
—

 
92,024

 
3,215

 
69,454

 
32,866

 
197,559

Total portfolio assets
$
1,381,227

 
$
1,090,338

 
$
553,426

 
$
1,024,604

 
$
32,866

 
4,082,461

Cash and other assets
 
 
 
 
 
 
 
 
 
 
1,212,055

Total assets


 


 


 


 


 
$
5,294,516

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
1,015,590

 
$
476,162

 
$
—

 
$
—

 
$
1,491,752

Real estate available and held for sale
—

 
1,284

 
82,480

 
—

 
—


83,764

Total real estate
—

 
1,016,874

 
558,642

 
—

 
—

 
1,575,516

Land and development, net
—

 
—

 
—

 
945,565

 
—

 
945,565

Loans receivable and other lending investments, net
1,450,439

 
—

 
—

 
—

 
—

 
1,450,439

Other investments
—

 
92,669

 
3,583

 
84,804

 
33,350

 
214,406

Total portfolio assets
$
1,450,439

 
$
1,109,543

 
$
562,225

 
$
1,030,369

 
$
33,350

 
4,185,926

Cash and other assets
 
 
 
 
 
 
 
 
 
 
639,588

Total assets


 


 


 


 


 
$
4,825,514

_______________________________________________________________________________
(1)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.
(2)
General and administrative excludes stock-based compensation expense of $5.9 million and $4.6 million for the three months ended March 31, 2017 and 2016. respectively.
(3)
The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
Segment profit
$
3,878

 
$
11,203

Less: Recovery of (provision for) loan losses
4,928

 
(1,506
)
Less: Impairment of assets
(4,413
)
 
—

Less: Stock-based compensation expense
(5,881
)
 
(4,577
)
Less: Depreciation and amortization
(13,067
)
 
(14,708
)
Less: Income tax (expense) benefit
(607
)
 
414

Less: Loss on early extinguishment of debt, net
(210
)
 
(125
)
Net income (loss)
$
(15,372
)
 
$
(9,299
)


33
iStar Inc.
Notes to Consolidated Financial Statements (Continued)
(unaudited)


Note 18—Subsequent Events

On April 12, 2017, the Company repaid in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017 at par. In connection with the repayment prior to maturity, the Company paid a $2.75 million make whole premium.

On April 14, 2017, two institutional investors acquired, through a merger and related transactions, a 51% interest in the Company's ground net lease business, a component of the Company's net lease segment, consisting of 12 properties subject to long-term net leases including seven ground net leases and one master lease (covering five properties). The Company will deconsolidate the 12 properties and own a 49% noncontrolling interest in the new entity and account for its investment in the new entity as an equity method investment. The Company received total consideration of $340.0 million, including the venture's assumption of the $227.0 million 2017 Secured Financing. The Company had a carrying value of approximately $156.0 million in the 12 properties and will recognize an approximate gain of $178.0 million in connection with the sale. The new entity, named Safety, Income and Growth, Inc., has filed a registration statement on Form S-11 for a possible initial public offering ("IPO") and the Company has committed to pay up to $25.0 million in offering costs in connection with an IPO.

On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of $231.1 million after payment of $6.3 million in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a 4.3% participation interest in all proceeds received by the Company.





34

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are included with respect to, among other things, iStar Inc.'s (the "Company's") current business plan, business strategy, portfolio management, prospects and liquidity. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results or outcomes to differ materially from those contained in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. In assessing all forward-looking statements, readers are urged to read carefully all cautionary statements contained in this Form 10-Q and the uncertainties and risks described in Item 1A—"Risk Factors" in our 2016 Annual Report, all of which could affect our future results of operations, financial condition and liquidity. For purposes of Management's Discussion and Analysis of Financial Condition and Results of Operations, the terms "we," "our" and "us" refer to iStar Inc. and its consolidated subsidiaries, unless the context indicates otherwise.
The discussion below should be read in conjunction with our consolidated financial statements and related notes in this quarterly report on Form 10-Q and our 2016 Annual Report. These historical financial statements may not be indicative of our future performance. We have reclassified certain items in our consolidated financial statements of prior periods to conform to our current financial statements presentation.
Introduction
iStar Inc., doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. We have invested more than $35 billion over the past two decades and are structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. Our primary business segments are real estate finance, net lease, operating properties and land and development.
Executive Overview

We continued to invest in what we believe to be attractive investment opportunities in our real estate finance and net lease businesses while making progress in stabilizing and/or monetizing our commercial and residential operating properties. Our land portfolio continues to make significant progress with almost all of our land projects being re-entitled and sales and leasing efforts gaining momentum. Our investment activity has focused on new originations within our core business segments of real estate finance and net lease. In addition, we continue to make significant investments within our operating property and land and development portfolios in order to better position assets for sale and maximize value for our shareholders.
We have continued to strengthen our balance sheet through our financing activities. Access to the capital markets has allowed us to extend our debt maturity profile and remain primarily an unsecured borrower. In March 2017, we issued $375.0 million principal amount of 6.00% senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and, subsequent to March 31, 2017, repay in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017. In addition, also in March 2017, we entered into a $227.0 million secured financing (the "2017 Secured Financing") that accrues interest at 3.795% and matures in April 2027. The 2017 Secured Financing is collateralized by 12 properties including seven ground net leases and one master lease covering the accounts of five related properties. As of March 31, 2017, we had $897.5 million of cash, which we expect to use primarily to repay debt and fund future investment activities. In addition, we have additional borrowing capacity of $236.0 million at March 31, 2017.
During the three months ended March 31, 2017, our real estate finance and net lease business segments contributed positively to our earnings. We continue to work on repositioning or redeveloping our transitional operating properties and progressing on the entitlement and development of our land and development assets in order to maximize their value. We intend to continue these efforts, with the objective of increasing the contribution of these assets to our earnings in the future. For the three months ended March 31, 2017, we recorded a net loss allocable to common shareholders of $27.1 million, compared to a net loss of $21.2 million during the same period in the prior year. Adjusted income (loss) allocable to common shareholders for the three months ended March 31, 2017 was $(11.8) million, compared to $(0.3) million during the same period in the prior year (see "Adjusted Income" for a reconciliation of adjusted income to net income).

35

Portfolio Overview

As of March 31, 2017, based on gross carrying values, our $4.5 billion investment portfolio has the following characteristics:

star-093020_chartx35384a01.jpg

As of March 31, 2017, based on gross carrying values, our total investment portfolio has the following property/collateral type and geographic characteristics ($ in thousands)(1):
Property/Collateral Types
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land & Development
 
Total
 
% of
Total
Office / Industrial
 
$
207,205

 
$
747,788

 
$
122,605

 
$
—

 
$
1,077,598

 
23.9
%
Land and Development
 
—

 
—

 
—

 
1,031,361

 
1,031,361

 
22.8
%
Hotel
 
335,854

 
136,080

 
103,260

 
—

 
575,194

 
12.7
%
Entertainment / Leisure
 
—

 
489,671

 
—

 
—

 
489,671

 
10.8
%
Mixed Use / Mixed Collateral
 
297,636

 
—

 
173,906

 
—

 
471,542

 
10.4
%
Condominium
 
314,608

 
—

 
71,304

 
—

 
385,912

 
8.5
%
Other Property Types
 
205,993

 
29,619

 
6

 
—

 
235,618

 
5.2
%
Retail
 
38,331

 
57,348

 
131,848

 
—

 
227,527

 
5.0
%
Strategic Investments
 
—

 
—

 
—

 
—

 
32,866

 
0.7
%
Total
 
$
1,399,627

 
$
1,460,506

 
$
602,929

 
$
1,031,361

 
$
4,527,289

 
100.0
%
Geographic Region
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land & Development
 
Total
 
% of
Total
Northeast
 
$
662,477

 
$
399,362

 
$
46,784

 
$
246,473

 
$
1,355,096

 
30.0
%
West
 
89,901

 
357,538

 
37,957

 
367,426

 
852,822

 
18.8
%
Southeast
 
167,589

 
251,123

 
149,199

 
138,475

 
706,386

 
15.6
%
Mid-Atlantic
 
174,046

 
154,296

 
49,561

 
221,859

 
599,762

 
13.2
%
Southwest
 
51,227

 
182,336

 
241,814

 
25,628

 
501,005

 
11.1
%
Central
 
164,367

 
67,196

 
67,473

 
31,500

 
330,536

 
7.3
%
Various(2)
 
90,020

 
48,655

 
10,141

 
—

 
148,816

 
3.3
%
Strategic Investments(2)
 
—

 
—

 
—

 
—

 
32,866

 
0.7
%
Total
 
$
1,399,627

 
$
1,460,506

 
$
602,929

 
$
1,031,361

 
$
4,527,289

 
100.0
%
_______________________________________________________________________________
(1)Based on the carrying value of our total investment portfolio gross of accumulated depreciation and general loan loss reserves.
(2)Combined, strategic investments and the various category include $20.0 million of international assets.

36

Real Estate Finance

Our real estate finance business targets sophisticated and innovative owner/operators of real estate and real estate related projects by providing one-stop capabilities that encompass financing alternatives ranging from full envelope senior loans to mezzanine and preferred equity capital positions. As of March 31, 2017, our real estate finance portfolio, excluding securities, totaled $1.4 billion, gross of general loan loss reserves. The portfolio included $1.1 billion of performing loans with a weighted average maturity of 1.5 years.

The tables below summarize our loans and the reserves for loan losses associated with our loans ($ in thousands):
 
March 31, 2017
 
Number of Loans
 
Gross Carrying Value
 
Reserve for Loan Losses
 
Carrying Value
 
% of Total
 
Reserve for Loan Losses as a % of Gross Carrying Value
Performing loans
36

 
$
1,128,434

 
$
(18,400
)
 
$
1,110,034

 
85.4%
 
1.6%
Non-performing loans
5

 
250,801

 
(60,989
)
 
189,812

 
14.6%
 
24.3%
Total
41

 
$
1,379,235

 
$
(79,389
)
 
$
1,299,846

 
100.0%
 
5.8%
 
 
 

 

 
 
 
 
 
 
 
December 31, 2016
 
Number of Loans
 
Gross Carrying Value
 
Reserve for Loan Losses
 
Carrying Value
 
% of Total
 
Reserve for Loan Losses as a % of Gross Carrying Value
Performing loans
35

 
$
1,202,127

 
$
(23,300
)
 
$
1,178,827

 
86.0%
 
1.9%
Non-performing loans
6

 
253,941

 
(62,245
)
 
191,696

 
14.0%
 
24.5%
Total
41

 
$
1,456,068

 
$
(85,545
)
 
$
1,370,523

 
100.0%
 
5.9%

Performing Loans—The table below summarizes our performing loans gross of reserves ($ in thousands):
 
March 31, 2017
 
December 31, 2016
Senior mortgages
$
752,341

 
$
854,805

Corporate/Partnership loans
361,895

 
333,244

Subordinate mortgages
14,198

 
14,078

Total
$
1,128,434

 
$
1,202,127

 
 
 
 
Weighted average LTV
60
%
 
64
%
Yield
9.2
%
 
8.9
%

Non-Performing Loans—We designate loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. As of March 31, 2017, we had non-performing loans with an aggregate carrying value of $189.8 million compared to non-performing loans with an aggregate carrying value of $191.7 million as of December 31, 2016. We expect that our level of non-performing loans will fluctuate from period to period.

Reserve for Loan Losses—The reserve for loan losses was $79.4 million as of March 31, 2017, or 5.8% of total loans, compared to $85.5 million or 5.9% as of December 31, 2016. For the three months ended March 31, 2017, the recovery of loan losses included a reduction in the general reserve of $4.9 million due to an overall improvement in the risk ratings of our loan portfolio. We expect that our level of reserve for loan losses will fluctuate from period to period. Due to the volatility of the commercial real estate market, the process of estimating collateral values and reserves requires the use of significant judgment. We currently believe there is adequate collateral and reserves to support the carrying values of the loans.

The reserve for loan losses includes an asset-specific component and a formula-based component. An asset-specific reserve is established for an impaired loan when the estimated fair value of the loan's collateral less costs to sell is lower than the carrying

37

value of the loan. As of March 31, 2017, asset-specific reserves decreased to $61.0 million compared to $62.2 million as of December 31, 2016.

The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of performing loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. During this assessment, we perform a comprehensive analysis of our loan portfolio and assign risk ratings to loans that incorporate management's current judgments and future expectations about their credit quality based on all known and relevant factors that may affect collectability. We consider, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. We estimate loss rates based on historical realized losses experienced within our portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience.

The general reserve decreased to $18.4 million or 1.6% of performing loans as of March 31, 2017, compared to $23.3 million or 1.9% of performing loans as of December 31, 2016. The decrease was primarily attributable to an overall improvement in the risk ratings of our loan portfolio.

Net Lease

Our net lease business seeks to create stable cash flows through long-term net leases primarily to single tenants on our properties. We target mission-critical facilities leased on a long-term basis to tenants, offering structured solutions that combine our capabilities in underwriting, lease structuring, asset management and build-to-suit construction. We invest in new net lease investments primarily through our Net Lease Venture, in which we hold a 51.9% interest. The Net Lease Venture has a right of first offer on any new net lease investments that we source. In the three months ended March 31, 2017, the Net Lease Venture's investment period was extended through February 1, 2018. The term of the Net Lease Venture extends through February 13, 2022, subject to two, one-year extension options at the discretion of the Company and its partner.

As of March 31, 2017, our net lease portfolio, including equity method investments, totaled $1.46 billion, gross of $370.2 million of accumulated depreciation. The table below provides certain statistics for our net lease portfolio.
Net Lease Statistics
 
March 31, 2017
 
December 31, 2016
Square feet (mm)(1)
17,078

 
17,214

Leased %(2)
99
%
 
98
%
Weighted average lease term (years)(3)
14.8

 
14.7

Yield(4)
8.4
%
 
8.3
%
______________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, includes 3,081 square feet at one of our equity method investments of which we own 51.9%.
(2)
Excluding equity method investments, our net lease portfolio was 98% leased as of March 31, 2017 and December 31, 2016.
(3)
Excluding equity method investments, our weighted average lease term was and 14.8 years as of March 31, 2017 and December 31, 2016.
(4)
Excludes equity method investments.

Operating Properties

As of March 31, 2017, our operating property portfolio, including equity method investments, totaled $602.9 million, gross of $49.5 million of accumulated depreciation, and was comprised of $531.0 million of commercial and $71.9 million of residential real estate properties.

Commercial Operating Properties
 
Our commercial operating properties represent a diverse pool of assets across a broad range of geographies and collateral types including office, retail and hotel properties. We generally seek to reposition our transitional properties with the objective of maximizing their values through the infusion of capital and/or intensive asset management efforts resulting in value realization upon sale.


38

The table below provides certain statistics for our commercial operating property portfolio.
Commercial Operating Property Statistics
($ in millions)
 
Stabilized Operating(1)
Transitional Operating(1)
 
Total
 
March 31, 2017
December 31, 2016
 
March 31, 2017
December 31, 2016
 
March 31, 2017
December 31, 2016
Gross book value ($mm)(2)
$
339

$
337

 
$
192

$
189

 
$
531

$
526

Occupancy(3)
88
%
86
%
 
55
%
54
%
 
75
%
74
%
Yield
7.9
%
8.5
%
 
3.7
%
1.5
%
 
6.4
%
5.5
%
______________________________________________________________
(1)
Stabilized commercial properties generally have occupancy levels above 80% and/or generate yields resulting in a sufficient return based upon the properties’ risk profiles. Transitional commercial properties are generally those properties that do not meet these criteria.
(2)
Gross carrying value represents carrying value gross of accumulated depreciation.
(3)
Occupancy is as of March 31, 2017 and December 31, 2016.

Residential Operating Properties

As of March 31, 2017, our residential operating portfolio was comprised of 41 condominium units generally located within luxury projects in major U.S. cities. The table below provides certain statistics for our residential operating property portfolio (excluding fractional units).
Residential Operating Property Statistics
($ in millions)
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Condominium units sold
7

 
14

Proceeds
$
10.2

 
$
19.2

Income from sales of real estate
$
1.9

 
$
4.8


39

Land and Development

At the end of the quarter, our land and development portfolio, including equity method investments, totaled $1.02 billion, with seven projects in production, nine in development and 14 in the pre-development phase. These projects are collectively entitled for approximately 15,000 lots and units. The following tables presents certain statistics for our land and development portfolio.
Land and Development Portfolio Rollforward
(in millions)
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Beginning balance(1)
$
945.5

 
$
1,002.0

Asset sales(2)
(15.3
)
 
(11.2
)
Capital expenditures
26.6

 
34.2

Other
(1.6
)
 
(0.6
)
Ending balance(1)
$
955.2

 
$
1,024.4

_______________________________________________________________________
(1)As of March 31, 2017 and December 31, 2016, excludes $69.5 million and $84.8 million, respectively, of equity method investments.
(2)Represents gross book value of the assets sold, rather than proceeds received.
Land and Development Statistics
(in millions)
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Land development revenue
$
20.1

 
$
14.9

Land development cost of sales
15.9

 
11.6

Gross margin
$
4.2

 
$
3.3

Earnings from land development equity method investments
3.8

 
6.7

Total
$
8.0

 
$
10.0




40

Results of Operations for the Three Months Ended March 31, 2017 compared to the Three Months Ended March 31, 2016
 
For the Three Months Ended March 31,
 
 
 
 
 
2017
 
2016
 
$ Change
 
% Change
 
(in thousands)
 
 
Operating lease income
$
52,591

 
$
54,937

 
$
(2,346
)
 
(4
)%
Interest income
29,058

 
33,219

 
(4,161
)
 
(13
)%
Other income
11,864

 
11,541

 
323

 
3
 %
Land development revenue
20,050

 
14,947

 
5,103

 
34
 %
Total revenue
113,563

 
114,644

 
(1,081
)
 
(1
)%
Interest expense
51,193

 
57,021

 
(5,828
)
 
(10
)%
Real estate expense
35,741

 
34,305

 
1,436

 
4
 %
Land development cost of sales
15,910

 
11,575

 
4,335

 
37
 %
Depreciation and amortization
13,067

 
14,708

 
(1,641
)
 
(11
)%
General and administrative
25,173

 
23,102

 
2,071

 
9
 %
(Recovery of) provision for loan losses
(4,928
)
 
1,506

 
(6,434
)
 
>(100%)

Impairment of assets
4,413

 
—

 
4,413

 
100
 %
Other expense
1,869

 
740

 
1,129

 
>100%

Total costs and expenses
142,438

 
142,957

 
(519
)
 
—
 %
Loss on early extinguishment of debt, net
(210
)
 
(125
)
 
(85
)
 
68
 %
Earnings from equity method investments
5,702

 
8,267

 
(2,565
)
 
(31
)%
Income tax (expense) benefit
(607
)
 
414

 
(1,021
)
 
>100%

Income from sales of real estate
8,618

 
10,458

 
(1,840
)
 
(18
)%
Net income (loss)
$
(15,372
)
 
$
(9,299
)
 
$
(6,073
)
 
65
 %

Revenue—Operating lease income, which primarily includes income from net lease assets and commercial operating properties, decreased to $52.6 million during the three months ended March 31, 2017 from $54.9 million for the same period in 2016.

Operating lease income from net lease assets increased to $36.5 million during the three months ended March 31, 2017 from $35.8 million for the same period in 2016. The increase was primarily due to the execution of new leases, partially offset by the sale of net lease assets since April 1, 2016. Operating lease income from same store net lease assets, defined as net lease assets we owned on or prior to January 1, 2016 and were in service through March 31, 2017, increased to $35.4 million during the three months ended March 31, 2017 from $34.3 million for the same period in 2016, an increase of 3.2%. This increase was primarily due to an increase in rent per occupied square foot to $10.48 for the three months ended March 31, 2017 from $10.07 for the same period in 2016, partially offset by a decrease in the occupancy rate, which was 98.2% as of March 31, 2017 and 99.0% as of March 31, 2016.

Operating lease income from operating properties decreased to $16.0 million during the three months ended March 31, 2017 from $19.1 million for the same period in 2016. The decrease was primarily due to commercial operating property sales since April 1, 2016, partially offset by the execution of new leases. Operating lease income from same store commercial operating properties, defined as commercial operating properties, excluding hotels and marinas, which we owned on or prior to January 1, 2016 and were in service through March 31, 2017, remained flat at $11.8 million during the three months ended March 31, 2017 as compared to the same period in 2016. Rent per occupied square foot for same store commercial operating properties was $25.14 for the three months ended March 31, 2017 and $25.19 for the same period in 2016. Occupancy rates for same store commercial operating properties were 73.9% as of March 31, 2017 and 74.1% as of March 31, 2016. Ancillary operating lease income for land and development assets was $0.1 million during the three months ended March 31, 2017 and 2016.

Interest income decreased to $29.1 million during the three months ended March 31, 2017 from $33.2 million for the same period in 2016. The decrease was due primarily to a decrease in the average balance of our performing loans, which decreased to $1.28 billion in 2017 from $1.57 billion in 2016. The weighted average yield on our performing loans increased to 9.2% for the three months ended March 31, 2017 from 8.5% for the same period in 2016.

41

Other income increased to $11.9 million during the three months ended March 31, 2017 from $11.5 million for the same period in 2016. Other income during the three months ended March 31, 2017 primarily consisted of income from our hotel properties and other ancillary income from our operating properties. Other income during the three months ended March 31, 2016 consisted of income from our hotel properties, loan prepayment fees and property tax refunds.
Land development revenue and cost of sales—During the three months ended March 31, 2017, we sold residential lots and units and recognized land development revenue of $20.1 million which had associated cost of sales of $15.9 million. During the three months ended March 31, 2016, we sold residential lots and units and recognized land development revenue of $14.9 million which had associated cost of sales of $11.6 million. The increase in 2017 from 2016 was primarily due to the progression of our land and development business.
Costs and expenses—Interest expense decreased to $51.2 million during the three months ended March 31, 2017 from $57.0 million for the same period in 2016 due to a decrease in the balance of our average outstanding debt, which decreased to $3.63 billion for the three months ended March 31, 2017 from $4.21 billion for the same period in 2016. Our weighted average cost of debt for the three months ended March 31, 2017 and 2016 was 5.9% and 5.5%, respectively.
Real estate expenses increased to $35.7 million during the three months ended March 31, 2017 from $34.3 million for the same period in 2016. The increase was due to an increase in carry costs and other expenses on our land assets, which increased to $9.5 million during the three months ended March 31, 2017 from $8.7 million for the same period in 2016, primarily due to an increase in marketing costs on certain of our land assets. In addition, expenses for commercial operating properties increased to $19.7 million during the three months ended March 31, 2017 from $18.6 million for the same period in 2016. This increase was primarily due to an increase in expenses at certain of our hotel properties, partially offset by by property sales since April 1, 2016. Expenses from same store commercial operating properties, excluding hotels and marinas, decreased slightly to $7.3 million from $7.4 million for the same period in 2016. Expenses associated with residential operating properties decreased to $1.8 million during the three months ended March 31, 2017 from $2.6 million for the same period in 2016 due to the sale of residential units since March 31, 2016. Expenses for net lease assets increased to $4.7 million during the three months ended March 31, 2017 from $4.5 million for the same period in 2016. Expenses from same store net lease assets was $4.5 million and $3.8 million, respectively, for the three months ended March 31, 2017 and 2016.
Depreciation and amortization decreased to $13.1 million during the three months ended March 31, 2017 from $14.7 million for the same period in 2016, primarily due to the sale of net lease and commercial operating properties in since April 1, 2016.
General and administrative expenses increased to $25.2 million during the three months ended March 31, 2017 from $23.1 million for the same period in 2016, primarily due to a an increase in compensation expense related to performance incentive plans.
The net recovery of loan losses was $4.9 million during the three months ended March 31, 2017 as compared to a net provision for loan losses of $1.5 million for the same period in 2016. The recovery of loan losses included a $4.9 million reduction in the general reserve due to an overall improvement in the risk ratings of our loan portfolio. Included in the net provision for the three months ended March 31, 2016 were provisions for specific reserves of $0.9 million due to one non-performing loan and $0.6 million in the general reserve due primarily to new investment originations.
Impairment of assets was $4.4 million during the three months ended March 31, 2017 and resulted from shifting demand in the local condominium market along with a change in our exit strategy on a real estate asset held for sale.
Other expense increased to $1.9 million during the three months ended March 31, 2017 from $0.7 million for the same period in 2016. The increase was primarily the result of costs associated with the repricing our 2016 Senior Secured Credit Facility recorded during the three months ended March 31, 2017.
Loss on early extinguishment of debt, net—During the three months ended March 31, 2017, we incurred losses on early extinguishment of debt resulting from the repricing of our 2016 Senior Secured Credit Facility. During the three months ended March 31, 2016, we incurred losses on the early extinguishment of debt related to accelerated amortization of discounts and fees in connection with amortization payments on our credit facilities.
Earnings from equity method investments—Earnings from equity method investments decreased to $5.7 million during the three months ended March 31, 2017 from $8.3 million for the same period in 2016. During the three months ended March 31, 2017, we recognized $3.1 million related to sales activity on a land development venture, $1.0 million related to operations at our Net Lease Venture and $1.6 million was aggregate income from our remaining equity method investments. During the three months ended March 31, 2016, we recognized $8.2 million related to sales activity on a land development venture, $0.9 million related to leasing operations at our Net Lease Venture and aggregate losses of $0.8 million from our remaining equity method investments.

42

Income tax (expense) benefit—Income taxes are primarily generated by assets held by our taxable REIT subsidiaries ("TRSs"). An income tax expense of $0.6 million was recorded during the three months ended March 31, 2017 as compared to an income tax benefit of $0.4 million for the same period in 2016. The income tax expense for the three months ended March 31, 2017 primarily related to state margins taxes and other minimum state franchise taxes. The income tax benefit for the three months ended March 31, 2016 primarily related to taxable losses generated by sales of certain TRS properties. In each period, different TRS properties were sold, each with a unique tax basis and sales value.

Income from sales of real estate—During the three months ended March 31, 2017, we sold properties and recognized $8.6 million in income from sales of real estate. During the three months ended March 31, 2017,we sold net lease assets that resulted in gains of $6.7 million and we sold residential condominiums that resulted in gains of $1.9 million. During the three months ended March 31, 2016, we sold properties and recognized $10.5 million in income from sales of real estate. During the three months ended March 31, 2016, we sold residential condominiums that resulted in income of $4.9 million, we sold net lease assets resulting in income of $4.9 million and we sold a commercial operating property resulting in income of $0.7 million.

Adjusted Income

In addition to net income (loss) prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), we use adjusted income, a non-GAAP financial measure, to measure our operating performance. Adjusted income is used internally as a supplemental performance measure adjusting for certain non-cash GAAP measures to give management a view of income more directly derived from current period activity. Until the second quarter 2016, adjusted income was calculated as net income (loss) allocable to common shareholders, prior to the effect of depreciation and amortization, provision for (recovery of) loan losses, impairment of assets, stock-based compensation expense, and the non-cash portion of gain (loss) on early extinguishment of debt. Effective in the second quarter 2016, we modified our presentation of adjusted income to reflect the effect of gains or losses on charge-offs and dispositions on carrying value gross of loan loss reserves and impairments ("Adjusted Income").

Adjusted Income should be examined in conjunction with net income (loss) as shown in our consolidated statements of operations. Adjusted Income should not be considered as an alternative to net income (loss) (determined in accordance with GAAP), or to cash flows from operating activities (determined in accordance with GAAP), as a measure of our liquidity, nor is Adjusted Income indicative of funds available to fund our cash needs or available for distribution to shareholders. Rather, Adjusted Income is an additional measure we use to analyze our business performance because it excludes the effects of certain non-cash charges that we believe are not necessarily indicative of our operating performance while including the effect of gains or losses on investments when realized. It should be noted that our manner of calculating Adjusted Income may differ from the calculations of similarly-titled measures by other companies.
 
For the Three Months Ended March 31,
 
2017
 
2016
 
(in thousands)
Adjusted Income
 
 
 
Net income (loss) allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Add: Depreciation and amortization(1)
15,052

 
17,172

Add: (Recovery of) provision for loan losses
(4,928
)
 
1,506

Add: Impairment of assets(2)
4,413

 
915

Add: Stock-based compensation expense
5,881

 
4,577

Add: Loss on early extinguishment of debt, net
210

 
125

Less: Losses on charge-offs and dispositions(3)
(5,316
)
 
(3,416
)
Adjusted income (loss) allocable to common shareholders(4)
$
(11,790
)
 
$
(308
)
______________________________________________________________
(1)
Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments and excludes the portion of depreciation and amortization expense allocable to noncontrolling interests.
(2)
For the three months ended March 31, 2016, impairment of assets includes impairments on cost and equity method investments recorded in "Other income" and "Earnings from equity method investments," respectively, in our consolidated statements of operations.
(3)
Represents the impact of charge-offs and dispositions realized during the period. These charge-offs and dispositions were on assets that were previously impaired for GAAP and reflected in net income but not Adjusted Income.
(4)
For the three months ended March 31, 2016, Adjusted Income under the previous presentation was $3.1 million.

43

Liquidity and Capital Resources

As of March 31, 2017, we had unrestricted cash of $897.5 million. During the three months ended March 31, 2017, we invested $111.3 million associated with new investments, prior financing commitments as well as ongoing development during the quarter. Total investments included $73.1 million in lending and other investments, $29.4 million to develop our land and development assets and $8.8 million of capital to reposition or redevelop our operating properties and invest in net lease assets. Also during the three months ended March 31, 2017, we generated $246.3 million of proceeds from loan repayments and asset sales within our portfolio, comprised of $171.1 million from real estate finance, $11.7 million from operating properties, $20.8 million from net lease assets, $42.2 million from land and development assets and $0.5 million from other investments. These amounts are inclusive of fundings and proceeds from both consolidated investments and our pro rata share from equity method investments.
The following table outlines our capital expenditures on real estate and land and development assets as reflected in our consolidated statements of cash flows, by segment ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
Operating Properties
$
7,283

 
$
16,757

Net Lease
498

 
978

Total capital expenditures on real estate assets
$
7,781

 
$
17,735

 
 
 
 
Land and Development
$
27,604

 
$
29,375

Total capital expenditures on land and development assets
$
27,604

 
$
29,375

Our primary cash uses over the next 12 months are expected to be repayments of debt, funding of investments, capital expenditures and funding ongoing business operations. Over the next 12 months, we currently expect to fund in the range of approximately $175 million to $225 million of capital expenditures within our portfolio. The majority of these amounts relate to our land and development and operating properties business segments and include multifamily and residential development activities which are expected to include approximately $80 million in vertical construction. The amount spent will depend on the pace of our development activities as well as the extent to which we strategically partner with others to complete these projects. As of March 31, 2017, we also had approximately $385 million of maximum unfunded commitments associated with our investments of which we expect to fund the majority of over the next two years, assuming borrowers and tenants meet all milestones and performance hurdles and all other conditions to fundings are met (see "Unfunded Commitments" below). Our capital sources to meet cash uses through the next 12 months and beyond will primarily be expected to include capital raised through debt and/or equity capital raising transactions, cash on hand, income from our portfolio, loan repayments from borrowers, proceeds from asset sales and sales of interests in business lines.
We cannot predict with certainty the specific transactions we will undertake to generate sufficient liquidity to meet our obligations as they come due. We will adjust our plans as appropriate in response to changes in our expectations and changes in market conditions. While economic trends have stabilized, it is not possible for us to predict whether these trends will continue or to quantify the impact of these or other trends on our financial results.
During the three months ended March 31, 2017, we repaid in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and, subsequent to March 31, 2017, we repaid the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017. We have other unsecured debt maturities of $1,125.0 million due before March 31, 2018.

44

Contractual Obligations—The following table outlines the contractual obligations related to our long-term debt obligations, loan participations payable and operating lease obligations as of March 31, 2017 (refer to Note 10 to the consolidated financial statements).
 
Amounts Due By Period
 
Total

Less Than 1
Year

1 - 3
Years

3 - 5
Years

5 - 10
Years

After 10
Years
 
(in thousands)
Long-Term Debt Obligations:
 

 

 

 

 

 
Unsecured notes
$
2,845,000


$
1,125,000


$
1,070,000


$
275,000


$
375,000


$
—

Secured credit facilities
727,000


5,000


10,000


485,000


—


227,000

Mortgages
247,535


19,017


41,367


117,219


58,613


11,319

Trust preferred securities
100,000


—


—


—


—


100,000

Total principal maturities
3,919,535


1,149,017


1,121,367


877,219


433,613


338,319

Interest Payable(1)
645,581


194,616


238,074


126,253


61,893


24,745

Loan Participations Payable(2)
160,251

 
—

 
157,424

 
2,827

 
—

 
—

Operating Lease Obligations
19,912


3,973


7,793


4,503


3,643


—

Total
$
4,745,279


$
1,347,606


$
1,524,658


$
1,010,802


$
499,149


$
363,064

_______________________________________________________________________________
(1)
Variable-rate debt assumes 1-month LIBOR of 0.98% and 3-month LIBOR of 1.15% that were in effect as of March 31, 2017.
(2)
Refer to Note 9 to the consolidated financial statements.

2017 Secured Financing—In March 2017, we entered into a $227.0 million secured financing transaction (the "2017 Secured Financing") that bears interest at 3.795% and matures in April 2027. Subsequent to March 31, 2017, the 2017 Secured Financing was assumed by an entity in which we have a 49% noncontrolling interest.The 2017 Secured Financing is collateralized by 12 properties including seven ground net leases and one master lease covering the accounts of five related properties.
2016 Secured Term Loan—In December 2016, we arranged a $170.0 million delayed draw secured term loan (the "2016 Secured Term Loan"). During the three months ended March 31, 2017, we allowed the 2016 Secured Term Loan to expire and replaced the 2016 Secured Term Loan with the 2017 Secured Financing. The 2016 Secured Term Loan was collateralized by the 12 properties that now serve as collateral for the 2017 Secured Financing which were sold subsequent to March 31, 2017.
2016 Senior Secured Credit Facility—In June 2016, we entered into a senior secured credit facility of $450.0 million (the "2016 Senior Secured Credit Facility"). In August 2016, we upsized the facility to $500.0 million. The initial $450.0 million of the 2016 Senior Secured Credit Facility was issued at 99% of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility initially accrued interest at a floating rate of LIBOR plus 4.50% with a 1.00% LIBOR floor. In January 2017, we repriced the 2016 Senior Secured Credit Facility to LIBOR plus 3.75% with a 1.00% LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized 1.25x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. Proceeds received for interest, rent, lease payments and fee income are retained by us. We may also make optional prepayments, subject to prepayment fees, and are required to repay 0.25% of the principal amount on the first business day of each quarter beginning on October 3, 2016. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay other secured debt.
2015 Secured Revolving Credit Facility—In March 2015, we entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Secured Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon our corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.50%, based on average utilization each quarter. During the three months ended March 31, 2017, the weighted average cost of the credit facility was 3.46%. Commitments under the revolving facility mature in March 2018. At maturity, we may convert outstanding borrowings to a one-year term loan which matures in quarterly installments through March 2019. As of March 31, 2017, based on our borrowing base of assets, we had $236.0 million of borrowing capacity available under the 2015 Secured Revolving Credit Facility.
Unsecured Notes—In March 2017, we issued $375.0 million principal amount of 6.00% senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and, subsequent to March 31, 2017, repay in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017. In March 2016, we repaid our $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, we issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay $5.0 million of the 2015 Secured Revolving Credit Facility, pay

45

related financing costs, and subsequent to March 31, 2016, repay in full the $265.0 million principal amount of senior unsecured notes due July 2016.

Encumbered/Unencumbered Assets—The carrying value of our encumbered and unencumbered assets by asset type are as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
 
Encumbered Assets
 
Unencumbered Assets
 
Encumbered Assets
 
Unencumbered Assets
Real estate, net
$
1,005,826

 
$
470,765

 
$
881,212

 
$
610,540

Real estate available and held for sale
—

 
71,934

 
—

 
83,764

Land and development, net
35,165

 
919,985

 
35,165

 
910,400

Loans receivable and other lending investments, net(1)(2)
137,293

 
1,080,448

 
172,581

 
1,142,050

Other investments
—

 
197,559

 
—

 
214,406

Cash and other assets
—

 
1,212,055

 
—

 
639,588

Total
$
1,178,284

 
$
3,952,746

 
$
1,088,958

 
$
3,600,748

_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $18.4 million and $23.3 million, respectively.
(2)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude loan participations of $181.9 million and $159.1 million, respectively.

Debt Covenants—Our outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, our consolidated fixed charge coverage ratio, determined in accordance with the indentures governing our debt securities, is 1.5x or lower. If any of our covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of our debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If our ability to incur additional indebtedness under the fixed charge coverage ratio is limited, we are permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.
The 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Secured Credit Facility requires us to maintain collateral coverage of at least 1.25x outstanding borrowings on the facility. The 2015 Secured Revolving Credit Facility is secured by a borrowing base of assets and requires us to maintain both collateral coverage of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. The 2015 Secured Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, we have the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as we maintain our qualification as a REIT, the 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit us to distribute 100% of our REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards).

Derivatives—Our use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure and foreign exchange contracts to manage our risk to changes in foreign currencies. Refer to Note 12 to the consolidated financial statements.

Off-Balance Sheet Arrangements—We are not dependent on the use of any off-balance sheet financing arrangements for liquidity. We have made investments in various unconsolidated ventures. Refer to Note 7 to the consolidated financial statements for further details of our unconsolidated investments. Our maximum exposure to loss from these investments is limited to the carrying value of our investments and any unfunded commitments (see below).


46

Unfunded Commitments—We generally fund construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. We refer to these arrangements as Performance-Based Commitments. In addition, we sometimes establish a maximum amount of additional funding which we will make available to a borrower or tenant for an expansion or addition to a project if we approve of the expansion or addition in our sole discretion. We refer to these arrangements as Discretionary Fundings. Finally, we have committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of March 31, 2017, the maximum amounts of the fundings we may make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that we approve all Discretionary Fundings and that 100% of our capital committed to Strategic Investments is drawn down, are as follows (in thousands):
 
Loans and Other Lending Investments(1)
 
Real Estate
 
Other
Investments
 
Total
Performance-Based Commitments
$
305,862

 
$
9,814

 
$
24,059

 
$
339,735

Strategic Investments
—

 
—

 
45,564

 
45,564

Total(2)
$
305,862

 
$
9,814

 
$
69,623

 
$
385,299

_______________________________________________________________________________
(1)
Excludes $155.3 million of commitments on loan participations sold that are not our obligation.
(2)
We did not have any Discretionary Fundings as of March 31, 2017.

Stock Repurchase Program—In February 2016, after having substantially utilized the remaining availability previously authorized, our Board of Directors authorized a new $50.0 million stock repurchase program. After having substantially utilized the availability authorized in February 2016, our Board of Directors authorized an increase to the stock repurchase program to $50.0 million, effective August 4, 2016. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. We did not repurchase any shares of common stock during the three months ended March 31, 2017. During the three months ended March 31, 2016, we repurchased 5.8 million shares of our common stock for $58.1 million, at an average cost of $9.94 per share. As of March 31, 2017, we had remaining authorization to repurchase up to $50.0 million of common stock under our stock repurchase program.
Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments in certain circumstances that affect amounts reported as assets, liabilities, revenues and expenses. We have established detailed policies and control procedures intended to ensure that valuation methods, including any judgments made as part of such methods, are well controlled, reviewed and applied consistently from period to period. We base our estimates on historical corporate and industry experience and various other assumptions that we believe to be appropriate under the circumstances. For all of these estimates, we caution that future events rarely develop exactly as forecasted, and, therefore, routinely require adjustment.
On January 1, 2017, we adopted Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation, Improvements to Employee Share-Based Payment Accounting, which simplified several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption did not have a material impact on our consolidated financial statements.
As of March 31, 2017, the remainder of our significant accounting policies, which are detailed in our 2016 Annual Report, have not changed materially.
New Accounting Pronouncements—For a discussion of the impact of new accounting pronouncements on our financial condition or results of operations, refer to Note 3 to the consolidated financial statements.

47

Item 3.    Quantitative and Qualitative Disclosures about Market Risk
Market Risks
Market risk is the exposure to loss resulting from changes in interest rates, foreign currency exchange rates, commodity prices and equity prices. In pursuing our business plan, the primary market risk to which we are exposed is interest rate risk. Our operating results will depend in part on the difference between the interest and related income earned on our assets and the interest expense incurred in connection with our interest-bearing liabilities. Changes in the general level of interest rates prevailing in the financial markets will affect the spread between our floating rate assets and liabilities subject to the net amount of floating rate assets/liabilities and the impact of interest rate floors and caps. Any significant compression of the spreads between interest-earning assets and interest-bearing liabilities could have a material adverse effect on us.
In the event of a significant rising interest rate environment or economic downturn, defaults could increase and cause us to incur additional credit losses which would adversely affect our liquidity and operating results. Such delinquencies or defaults would likely have a material adverse effect on the spreads between interest-earning assets and interest-bearing liabilities. In addition, an increase in interest rates could, among other things, reduce the value of our fixed-rate interest-bearing assets and our ability to realize gains from the sale of such assets.
Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond our control. We monitor the spreads between our interest-earning assets and interest-bearing liabilities and may implement hedging strategies to limit the effects of changes in interest rates on our operations, including engaging in interest rate swaps, interest rate caps and other interest rate-related derivative contracts. Such strategies are designed to reduce our exposure, on specific transactions or on a portfolio basis, to changes in cash flows as a result of interest rate movements in the market. We do not enter into derivative contracts for speculative purposes or as a hedge against changes in our credit risk or the credit risk of our borrowers.
While a REIT may utilize derivative instruments to hedge interest rate risk on its liabilities incurred to acquire or carry real estate assets without generating non-qualifying income, use of derivatives for other purposes will generate non-qualified income for REIT income test purposes. This includes hedging asset related risks such as credit, foreign exchange and interest rate exposure on our loan assets. As a result our ability to hedge these types of risks is limited. There can be no assurance that our profitability will not be materially adversely affected during any period as a result of changing interest rates.
The following table quantifies the potential changes in annual net income, assuming no change in our interest earning assets or interest bearing liabilities, should interest rates increase by 10, 50 or 100 basis points or decrease by 10 basis points, assuming no change in the shape of the yield curve (i.e., relative interest rates). The base interest rate scenario assumes the one-month LIBOR rate of 0.98% as of March 31, 2017. Actual results could differ significantly from those estimated in the table.
Estimated Change In Net Income
($ in thousands)
Change in Interest Rates
 
Net Income(1)
-10 Basis Points
 
$
(1,583
)
Base Interest Rate
 
—

+10 Basis Points
 
1,583

+50 Basis Points
 
7,915

+100 Basis Points
 
15,830

______________________________________________________________________________
(1)
We have an overall net variable-rate asset position, which results in an increase in net income when rates increase and a decrease in net income when rates decrease. As of March 31, 2017, $603.0 million of our floating rate loans have a cumulative weighted average interest rate floor of 0.3% and $682.9 million of our floating rate debt has a cumulative weighted average interest rate floor of 0.8%.

Item 4.    Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company has formed a disclosure committee that is responsible for considering the materiality of information and determining the disclosure obligations of the Company on a timely basis. The disclosure committee reports directly to the Company's Chief Executive Officer and Chief Financial Officer.

48

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the disclosure committee and other members of management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) or Rule 15d-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure.
In January 2017, the Company implemented a new accounting information system and, accordingly, has updated its internal controls over financial reporting for the new system. The Company has taken steps for establishing and maintaining effective internal control over financial reporting as of March 31, 2017.
Other than as noted above, there have been no changes during the last fiscal quarter in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company's periodic reports.

49

PART II. OTHER INFORMATION
Item 1.    Legal Proceedings
The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to its real estate and real estate related business activities, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings:
Shareholder Action
As previously reported, a shareholder action was filed in 2014 in Maryland state court purporting to assert derivative, class and individual claims against the Company, a number of our current and former senior executives (including our chief executive officer) and current and former directors as defendants.  The complaint alleged breach of fiduciary duty, breach of contract and other causes of action arising out of compensation awards granted by the Company to our senior executives in December 2008 and modified in July 2011. On October 30, 2014, the Maryland Circuit Court dismissed all of plaintiffs' claims in the action. Plaintiffs appealed and, on January 28, 2016, the Maryland Court of Special Appeals affirmed the order of the Circuit Court. Plaintiffs appealed that decision and, on January 20, 2017, the Maryland Court of Appeals (Maryland’s highest court) issued its opinion affirming the dismissal of all of plaintiffs’ claims against the Company and the other defendants. This matter is concluded.
U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863)
This litigation involves a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. On January 22, 2015, the United States District Court for the District of Maryland (the District Court) entered a judgment in favor of the Company, as seller, and against Lennar, as purchaser. The District Court found that the Company is entitled to specific performance and awarded damages to the Company in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of $114.0 million; plus (ii) simple interest on the unpaid amount at a rate of 12% annually, calculated from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. Lennar appealed the District Court's judgment and posted an appeal bond.
On April 12, 2017, the United States Court of Appeals for the Fourth Circuit (the Court of Appeals) affirmed the judgment of the District Court in its entirety. Lennar has filed a petition with the Court of Appeals for rehearing en banc, only with respect to the calculation of interest owed by Lennar on the unpaid purchase price following the date of the judgment of the District Court, which petition is pending. Lennar’s time period to seek review of the Court of Appeals’ decision by the United States Supreme Court has not expired.
On April 21, 2017, we and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of $231.1 million after payment of $6.3 million in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The amount of attorneys’ fees and costs to be recovered by us will be determined through further proceedings before the District Court. A portion of the net proceeds received by us has been paid to the third party which holds a 4.3% participation interest in all proceeds received by us.

Item 1a.    Risk Factors
There were no material changes from the risk factors previously disclosed in the Company's 2015 Annual Report.

50

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth the information with respect to purchases made by or on behalf of the Company of its common stock during the three months ended March 31, 2017.
 
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchased as Part of a Publicly Announced Plan
Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans(1)
January 1 to January 31
—

$
—

—

$
50,000,000

February 1 to February 28
—

$
—

—

$
50,000,000

March 1 to March 31
—

$
—

—

$
50,000,000

_______________________________________________________________________________
(1)
In August 2016, the Company's Board of Directors authorized an increase to $50.0 million in the stock repurchase program. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. There is no fixed expiration date to this stock repurchase program.
Item 3.    Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
None.

51

Item 6.    Exhibits
INDEX TO EXHIBITS
Exhibit
Number
Document Description
10.12
iStar Inc. Amended and Restated Non-Employee's Directors' Deferral Plan

31.0
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act.
32.0
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act.
101*
The following financial information from the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2017 is formatted in XBRL ("eXtensible Business Reporting Language"): (i) the Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016, (ii) the Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2017 and 2016, (iii) the Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2017 and 2016, (iv) the Consolidated Statement of Changes in Equity (unaudited) for the three months ended March 31, 2017 and 2016, (v) the Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2017 and 2016 and (vi) the Notes to the Consolidated Financial Statements (unaudited).
_______________________________________________________________________________
*
In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Exchange Act of 1934 and otherwise is not subject to liability under these sections.

52

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iStar Inc.
 Registrant
Date:
May 4, 2017
/s/ JAY SUGARMAN
 
 
Jay Sugarman
 Chairman of the Board of Directors and Chief
Executive Officer (principal executive officer)
 
 
 
 
 
iStar Inc.
 Registrant
Date:
May 4, 2017
/s/ GEOFFREY G. JERVIS
 
 
Geoffrey G. Jervis
 Chief Operating Officer and Chief Financial Officer (principal financial and accounting officer)


53
 EX-10.12 2 istardirectordeferralplana.htm EXHIBIT 10.12 Exhibit

ISTAR INC.

AMENDED AND RESTATED

NON-EMPLOYEE DIRECTORS’ DEFERRAL PLAN

iStar Inc., a corporation organized under the laws of the State of Maryland, wishes to further align the interests of Non-Employee Directors and stockholders and generally increase the effectiveness of its Non-Employee Director compensation structure, by implementing the Plan. In furtherance thereof, the Plan provides for the grant of Common Stock Equivalents to eligible Non-Employee Directors and permits eligible Non-Employee Directors to elect, as permitted by the Board, to defer certain fees in accordance with the terms hereof.
1.
Definitions.
Whenever used herein, the following terms shall have the meanings set forth below except as the context requires otherwise:
(a)
“Account” means a deferred compensation account established for a Participant in accordance with Section 4.2(d).
(b)
“Board” means the Board of Directors of the Company.
(c)
“Change in Control” has the meaning ascribed thereto by the LTIP, but only if such transaction is also a change in the ownership or effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation within the meaning of U.S. Treas. Regs. Section 1.409A-3(i)(5).
(d)
“Code” means the Internal Revenue Code of 1986, as amended.
(e)
“Common Stock” means the Company’s Common Stock, par value $.001 per share, either currently existing or authorized hereafter.
(f)
“Common Stock Equivalent” means a right, granted pursuant to the Plan, of a Participant to payment of a Share, or if applicable, the Fair Market Value of a Share.
(g)
“Company” means iStar Inc., a Maryland company.
(h)
“CSE Agreement” means a written agreement in a form approved by the Board, to be entered into by the Company and the Participant as provided in Section 5.
(i)
“CSE Value,” per Common Stock Equivalent as of a particular date, means the Fair Market Value of a Share as of such date.

1

(j)
“Disability” has the meaning ascribed thereto by the LTIP.
(k)
“Fair Market Value” per Common Stock Equivalent, or if applicable, per Share, as of a particular date means (i) if Shares are then listed on a national stock exchange, the average of the per Share closing price on such exchange for the 20 trading days ending on and including the last trading day preceding the date as of which the Fair Market Value is being determined, as determined by the Board; (ii) if Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Shares on such over-the-counter market for the 20 trading days ending as of and including the last trading day preceding the date on which the Fair Market Value is being determined, as determined by the Board; or (iii) if Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Board in its discretion may in good faith determine; provided that where the Shares are so listed or traded, the Board may make discretionary determinations where the Shares have not been traded for 20 trading days. For purposes of this definition, the term “trading day” means a day on which the New York Stock Exchange is open for equities trading through at least 12:00 p.m., New York City time.
(l)
“LTIP” means the iStar Inc.2009 Long Term Incentive Plan, as amended from time to time or any successor long term incentive plan (for the avoidance of doubt, the Company’s 2013 Performance Incentive Plan is not an LTIP).
(m)
“Non-Employee Director” means a director of the Company who is not an officer or employee of the Company or any of its subsidiaries.
(n)
“Participant” means a Non-Employee Director of the Company who is credited with one or more Common Stock Equivalents or who has deferred receipt of fees hereunder as permitted by the Board.
(o)
“Plan” means the Company’s Non-Employee Directors’ Deferral Plan, as set forth herein and as the same may from time to time be amended.
(p)
“Regular Distribution Date” means the date determined under Section 7.
(q)
“Securities Act” means the Securities Act of 1933, as amended.
(r)
“Shares” means shares of Common Stock.
(s)
“Subsidiary” means any corporation (other than the Company) that is a “subsidiary corporation” with respect to the Company under Section 424(f) of the Code. In the event the Company becomes a subsidiary of another company, the provisions hereof applicable to subsidiaries shall,

2

unless otherwise determined by the Board, also be applicable to any Company that is a “parent corporation” with respect to the Company under Section 424(e) of the Code.
(t)
“Valuation Date” means the last day of each calendar quarter and such additional dates as the Board may designate.
2.
Effective Date of Plan; Termination of the Plan; Source of Shares.
(a)
The effective date of the Plan, as amended, is May 17, 2016.
(b)
The Plan shall terminate on, and no Common Stock Equivalents shall be granted or other deferrals made hereunder on or after, December 31, 2025.
(c)
Shares of Common Stock distributed under the Plan and awards of Common Stock or Common Stock Equivalents hereunder shall be treated as awards under the LTIP and shall reduce the number of shares available for issuance under the LTIP in accordance with the terms of the LTIP and shall only be issued to the extent that Shares remain available for issuance under the LTIP.
3.
Eligibility.
Except as otherwise determined by the Board, each individual who is a Non-Employee Director of the Company shall be eligible to participate in the Plan.
4.
Cash Fees.
4.1
Types of Fees.
In consideration of each Non-Employee Director’s service as a member of the Board, each Non-Employee Director may be eligible to receive as compensation  an annual retainer fee (a “Cash Retainer”) and each Non-Employee Director that is the chairman of a committee is eligible to receive as compensation an annual committee chair retainer fee (“Committee Chair Cash Retainer”) and each Non-Employee Director that is a member of a committee other than the chairman is eligible to receive as compensation an annual committee retainer fee (“Committee Cash Retainer”). These amounts are subject to deferral under the Plan, as set forth herein.
4.2
Election to Defer Cash Fees.
(a)
The Participant may elect that up to 100% (in increments of 1%) of the Participant’s Cash Retainer, Committee Chair Cash Retainer and Lead Committee Cash Retainer”), if applicable (collectively, the “Cash Fees”) shall be payable as compensation deferred under the Plan. With respect to a Participant’s election to defer all or a portion of the Cash Fees for a calendar year, such election shall be made prior to December 31st of the

3

year preceding the year with respect to which such Cash Fees are earned (the “Election Cut-Off Date”), except that, in the case of a new Participant who has not previously been eligible to participate in another elective deferred compensation plan that would be treated as the same type of plan as the Plan for purposes of Section 409A of the Code, the Participant may make an election within 30 days after such Participant first becomes eligible to participate in accordance with Section 3, with respect to Cash Fees otherwise payable in the calendar year of the election, for services performed after the effective date of such election.
(b)
The election described in Section 4.2(a) shall be made in writing substantially in the form attached hereto as Exhibit A as applicable, or in such other form as the Board may prescribe from time to time, to the Board within the time specified herein. With respect to a Participant’s election to defer all or a portion of Cash Fees, such election shall be irrevocable as of the Election Cut-Off Date. Except as set forth above in this Section 4.2(b), elections described in Section 4.2(a) shall continue in effect for future years unless and until a new written election is made for future years. All deferrals under this Section 4.2 shall be fully vested.
(c)
A Participant may elect, prior to earning Cash Fees, to defer such Cash Fees in the form of fixed-return credits. Upon such an election, the amount of the deferred Cash Fees shall not be paid currently but rather shall be credited to the Participant’s Account. Such credits shall be made when Cash Fees would otherwise have been paid to the Participant but for an election pursuant to Section 4.2(a). A separate subaccount under each Participant’s Account may in the discretion of the Board be established to record each year’s deferrals, and the credits and deductions with respect thereto. With respect to credits under this Section 4.2(c), earnings and losses shall accrue on the balance in the applicable Participant’s Account at the rate or rates specified in advance of the effective time of the applicability of such rate or rates, and from time to time, by the Board. As determined by the Board, such rate or rates may be a fixed rate, and may be established by reference to an index or indices, or may be a return on one or more specific investments or on a specific investment fund or funds (including, if and to the extent so provided by the Board, hypothetical investments selected by the Participant in accordance with procedures established by the Board). Earnings and losses shall be credited to Participants’ Accounts as of the end of each calendar quarter and, with respect to any particular Participant’s Account, shall continue to be credited thereto until all amounts are distributed with respect to the Participant’s Account in accordance with the Plan. Upon distribution, any accrued earnings shall be credited to the Participant’s Account and distributed therewith, and any accrued losses shall reduce the amount of distributions hereunder.

4

(d)
A Participant may elect, one time per each 12-month period, to convert as of the end of the calendar quarter of the election, Common Stock Equivalents to Account credits, and vice-versa, in whole or in part (but, in the case of Common Stock Equivalents, only in whole Common Stock Equivalents) with credits and liquidation of Common Stock Equivalents to be effected based on the CSE Value as of the end of such calendar quarter, and credits and liquidation of Accounts to be effected based on Account values as of the end of such calendar quarter.
(e)
The establishment and maintenance of, and credits to and deductions from, the Participant’s Account shall be mere bookkeeping entries, and shall not vest in the Participant or his beneficiary any right, title or interest in or to any specific assets of the Company. A separate subaccount under each Participant’s Account shall be established to record each year’s deferrals, and the credits and deductions with respect thereto.
5.
Equity Awards.
5.1
Awards of Common Stock Equivalents.
Effective as of each annual meeting of stockholders of the Company at which directors are elected, each Non-Employee Director shall receive an annual award and the lead Non-Employee Director shall receive an additional annual award, in each case in the amount determined by the Board in advance (as of the 2016 annual meeting, Non-Employee Directors received an annual award of $125,000 and the lead Non-Employee Director received an additional award of $75,000, in each case payable in Common Stock Equivalents or restricted Shares which generally vest in 12 months at the next annual meeting (“Restricted Shares”), subject to continued service; provided that any cash or in-kind dividends declared with respect to unvested Restricted Shares shall be withheld by the Company and shall be paid to the Non-Employee Director, without interest, only when, and if, such Restricted Shares shall become vested). Unless a Non-Employee Director makes a timely election to receive Common Stock Equivalents, then the annual award shall be in Restricted Shares (for these purposes, the election must be made as of the same times and conditions , as set forth in Section 4.2(a) and 4.2(b) provided that references to Cash Fees shall refer to the annual awards).
5.2
Vesting.
Unless otherwise provided by the Board in the applicable CSE Agreement, and subject to the following provisions of this Section 5.2, Common Stock Equivalents credited to a Participant under Section 5.1 will vest on the date of the next following annual meeting after the date of grant. Common Stock Equivalents credited pursuant to Section 5.1(a) shall be subject to the following vesting conditions:
(i)
If a Non-Employee Director does not stand for re-election at an annual meeting at the request of the Company (other than a request made

5

following a breach by the Non-Employee Director of the Company’s Code of Conduct or Corporate Governance Principles), the vesting of all of the Common Stock Equivalents held by the Non-Employee Director will be accelerated to the date of the annual meeting at which the Non-Employee Director does not stand for re-election.
(ii)
If a Non-Employee Director resigns of his or her own accord or otherwise ceases to serve as a Non-Employee Director before the end of a vesting period, then, except as otherwise provided herein or in the applicable CSE Agreement, the Non-Employee Director will retain Common Stock Equivalents that have vested through the date of resignation and will therewith forfeit all Common Stock Equivalents that have not then vested.
(iii)
Notwithstanding any other provision of the Plan, if the Company determines that a Non-Employee Director has breached the Company’s Code of Conduct or Corporate Governance Principles, the Non-Employee Director will forfeit all Common Stock Equivalents that have not then vested.
(iv)
The vesting of Common Stock Equivalents will be accelerated if a Non-Employee Director ceases to serve as a Non-Employee Director by reason of death or Disability or upon a Change in Control and shall vest on the date of such cessation of service or Change in Control.
6.
Dividend Equivalent Rights.
Non-Employee Directors will receive a dividend equivalent right in respect of any Common Stock Equivalents (whether from deferred Cash Fees or equity awards) credited under the Plan, which right consists of the right to have additional Common Stock Equivalents credited in respect of dividend distributions paid on a Share from time to time. The number of Common Stock Equivalents to be credited with respect to a dividend equivalent right shall be equal to (i) the amount of the dividend distribution paid on a Share divided by (ii) the Fair Market Value of a Share on the date such corresponding dividend distribution is made to stockholders of the Company, provided that such Common Stock Equivalent shall vest at such time as the underlying Common Stock Equivalent vests (and shall be forfeited if the underlying Common Stock Equivalent is forfeited).
7.
Settlement and Withdrawal.
(a)
Distributions with respect to (i) vested Common Stock Equivalents will be settled by the transfer of Common Stock to the Participant, with an aggregate amount of the Fair Market Value of any such Common Stock to equal the aggregate CSE Value of such Common Stock Equivalents on the date of such distribution; and (ii) cash deferrals from a Participant’s Account will be settled by a cash payment to the Participant, or, in the

6

discretion of the Board, solely in Common Stock or in a combination of Common Stock and cash, with an aggregate amount of any cash and the Fair Market Value of any such Common Stock to equal the value of the Participant’s Account as of the Valuation Date coincident with or immediately prior to the date of such distribution. Unless otherwise elected, as provided below, such distributions shall be made as soon as practicable after the Regular Distribution Date by the transfer of Common Stock or cash, as applicable, to the Participant. Notwithstanding anything to the contrary contained in the Plan, in no event will Common Stock be used to settle distributions unless the Common Stock is available for such use pursuant to the rules of any stock exchange on which the Common Stock is then traded.
(b)
The Regular Distribution Date with respect to a Participant is the earlier of (1) the January 1 coincident with or next following the earlier of (i) the Non-Employee Director’s ceasing to be a Non-Employee Director of the Company (or its successor in interest), and (ii) the Non-Employee Director’s death, and (2) a Change in Control (the “Regular Distribution Date”). For purposes of the Plan, a Non-Employee Director shall cease to be a Non-Employee Director of the Company to the extent such individual incurs a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h).
(c)
A Non-Employee Director will be permitted, prior to the beginning of the applicable annual period with respect to any Cash Fees to elect to receive distributions at times other than the Regular Distribution Date. Each such election will apply to all Common Stock Equivalents and credits to a Participant’s Account after the election is made, unless the Non-Employee Director specifically elects otherwise. Elections to defer distributions to a time or times after the Regular Distribution Date will be permitted only to the extent such election is accepted by the Board and otherwise made in compliance with Sections 4.2(a) and 4.2(b).
(d)
After a Common Stock Equivalent is awarded or Cash Fees are deferred to a Participant’s Account, the Non-Employee Director will have a one-time right to make a new distribution election with respect thereto. Any new election must (A) be effective at least one year after the election is made, or, in the case of payments to commence at a specific time, be made at least one year before the first scheduled payment and (B) defer the commencement of distributions for at least five years. Each such new election will apply to all vested Common Stock Equivalents and credits to the deferral Account (other than distributions that do not satisfy the timing requirements of the foregoing sentence), unless the Non-Employee Director specifically elects otherwise. The time at which distributions commence must be at least five years after such an election is made.

7

Elections to defer distributions to a time or times after the Regular Distribution Date will be permitted only to the extent the election is accepted by the Board.
(e)
All distributions in respect of Common Stock Equivalents and Participant Accounts will be made no later than 45 days after the amounts become eligible for settlement as provided in this Section 7; provided, however, that, in lieu of providing a single delivery of Common Stock or a single sum of cash, a Non-Employee Director may elect to have the aggregate amounts paid in substantially equal annual installments over a period not to exceed 10 years. (The amount of each installment shall be determined without regard to the possibility of earnings and losses subsequent to such installment.) Any such election must be made (and may be changed only) within the time frame for making distribution elections as described in Section 7(c) or (d), as applicable.
(f)
Notwithstanding the foregoing provisions of this Section 7, a Participant may receive any amounts deferred by the Participant in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable Emergency,” as determined by the Board in its sole discretion, is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or “dependent,” as defined in Section 152(a) of the Code, of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved:
(i)
through reimbursement or compensation by insurance or otherwise,
(ii)
by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or
(iii)
by future cessation of the making of additional deferrals.
Without limitation, the need to send a Participant’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency. Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need.
(g)
Notwithstanding the foregoing provisions of this Section 7, in the event of a Change in Control, the Regular Distribution Date shall be the date of

8

such Change in Control and all amounts due with respect to Common Stock Equivalents and Accounts to a Participant hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change in Control, unless the Board permits such Participant to elect otherwise and the Participant so elects in accordance with procedures established by the Board, and any such election is made within the time frame for making distribution elections as described in Section 7(c) or (d), as applicable.
8.
Tax Withholding.
Each Non-Employee Director is generally responsible for his or her own tax obligations as a result of the operation of the Plan. However, in the event the Company is required to withhold any taxes in connection with credits of Common Stock Equivalents (including any related dividend equivalent rights) or any deferred Cash Fees or related payments hereunder, the Company may in its sole discretion determine the method and amount of withholding, including, if payment with respect to the Common Stock Equivalents is made in Common Stock, (i) requiring the Participant to pay to the Company, at the time such payment is made to such Participant, the amount that the Board deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes incurred by reason of such payment or (ii) withholding Shares from the Shares otherwise to be received by the Participant in order to satisfy the liability for such withholding taxes. In the event that the Board chooses the method described in clause (ii) above, the number of Shares so withheld shall have an aggregate Fair Market Value on the applicable Valuation Date sufficient to satisfy the applicable withholding taxes. Notwithstanding anything contained in the Plan to the contrary, the Participant’s satisfaction of any tax-withholding requirements imposed by the Board shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to make any payments or other distributions with respect to Common Stock Equivalents and deferred Cash Fees, and the failure of the Participant to satisfy such requirements with respect to the payment in respect of any Common Stock Equivalent or deferred Cash Fee shall cause the applicable Common Stock Equivalent or deferred Cash Fee and any rights relating thereto and to be forfeited.
9.
Administration of Plan.
The Plan shall be administered by the Board. The Board shall have authority to (i) determine the number of Common Stock Equivalents to be credited to each Participant; (ii) determine the amount of Cash Fees to be paid to each Participant; (iii) determine or impose conditions on such Common Stock Equivalents and deferred Cash Fees under the Plan as it may deem appropriate and (iv)provide for the forms of awards to be utilized in connection with the Plan. The Participant shall take whatever additional actions and execute whatever additional documents the Board may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of the Plan. Notwithstanding the foregoing, the Board may delegate any or all

9

of its powers under the Plan to a committee of the Board, and to the extent of such delegation, such committee shall have the powers and authority otherwise applicable with respect to the Board hereunder.
10.
Regulations and Approvals.
(a)
The Board may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to deferred equity units.
(b)
Each credit of Common Stock Equivalents (or issuance of Shares in respect thereof) is subject to the requirement that, if at any time the Board determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body or of the stockholders of the Company is necessary or desirable as a condition of, or in connection with, the issuance of Common Stock Equivalents or Shares, no payment shall be made, or Common Stock Equivalents or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Board.
(c)
In the event that the disposition of stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Board may require any individual receiving Shares pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition, and may provide for a legending of such Shares to that effect.
11.
Interpretation and Amendments.
(a)
The Board may make such rules and regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the generality of the foregoing, the Board may (i) determine the extent, if any, to which Cash Fees or equity awards shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan, elections made under the Plan, and the Common Stock Equivalents hereunder, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or

10

appropriate in connection with the Plan or the administration or interpretation thereof. Unless otherwise expressly provided hereunder, the Board, with respect to any Participant’s Account, may exercise its discretion hereunder at the time of such credit or thereafter. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the Board shall be final and binding upon all persons.
(b)
The Board may amend, alter or terminate the Plan as it shall deem advisable, except that no amendment, alteration or termination shall be made which would adversely affect a Participant with respect to deferred Cash Fees or equity awards previously credited without the Participant’s consent, except for amendments made to cause the Plan to comply with applicable laws (including, without limitation, Section 409A of the Code); provided that the Board may not make any amendment to the Plan that would, if such amendment were not approved by the holders of the Common Stock, cause the Plan to fail to comply with any requirement of applicable law or regulation, unless and until the approval of the holders of such Common Stock is obtained.
12.
Assignment and Alienation; No Funding; Etc.
(a)
Rights or benefits with respect to Cash Fees or equity awards credited to a Participant’s Account under the Plan (including any related dividend equivalent rights) shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, prior to actually being received by the person entitled to the benefit under the terms of the Plan; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach, charge or otherwise dispose of any right or benefits payable hereunder shall be void.
(b)
A Participant may designate in writing, on forms to be prescribed by the Board, a beneficiary or beneficiaries to receive any payments payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Participant’s death, payments hereunder shall be made to the Participant’s estate. If a Participant dies: (i) with a vested Common Stock Equivalent, such Common Stock Equivalent shall be settled and Shares or the CSE Value, as applicable, with respect to such Common Stock Equivalents paid; (ii) any payments deferred pursuant to an election under Section 4 shall be accelerated and paid; or (iii) any other amounts in the Participant’s Account then payable to the Participant shall be paid, as soon as

11

practicable (but no later than 90 days) after the date of death to such Participant’s beneficiary or estate, as applicable.
(c)
Common Stock Equivalents and the Accounts are solely a device for the measurement and determination of the amounts to be paid to a Participant under the Plan. Each Participant’s right in the Common Stock Equivalents (including any related dividend equivalent rights) and the Accounts is limited to the right to receive payment, if any, as may herein be provided. The Common Stock Equivalents do not constitute Common Stock and any other credits to a Participant’s Account hereunder shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes. The right of any Participant to receive payments by virtue of participation in the Plan shall be no greater than the right of any unsecured general creditor of the Company. Nothing contained in the Plan, and no action taken pursuant to the provisions of the Plan (including without limitation Section 4.2(d)), shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its officers or the Board, on the one hand, and the Participant, the Company or any other person or entity, on the other. Nothing contained in the Plan shall be construed to give any Participant any rights with respect to Shares or any ownership interest in the Company. Without limiting Section 6, no provision of the Plan shall be interpreted to confer upon any Participant any voting, dividend or derivative or other similar rights with respect to any Common Stock Equivalent.
(d)
Common Stock distributed hereunder, if any, may, without limitation, be treasury Shares or authorized but unissued Shares but in each case shall count against the share limit in the LTIP.
13.
Changes in Capital Structure.
(a)
If (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or its Subsidiaries or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization or other similar change in the capital structure of the Company or its Subsidiaries, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Board necessitates action by way of adjusting the terms of the outstanding Common Stock Equivalents, then the Board may take any such action as in its judgment shall be necessary

12

to preserve the Participants’ rights in their respective Common Stock Equivalents substantially proportionate to the rights existing in such Common Stock Equivalents prior to such event, including, without limitation, adjustments in the number of Common Stock Equivalents credited, CSE Value, dividend equivalent rights, and the number and kind of shares to be distributed in respect of Common Stock Equivalents (as applicable).
(b)
The judgment of the Board with respect to any matter referred to in this Section 13 shall be conclusive and binding upon each Participant without the need for any amendment to the Plan.
14.
Notices.
All notices under the Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally or mailed to the Participant at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 14.
15.
No Rights to Service.
Nothing in the Plan, in amounts credited to a Participant’s Account, or in Common Stock Equivalents credited pursuant to the Plan shall confer on any individual any right to continue in the service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its stockholders to terminate the individual’s service at any time.
16.
Exculpation and Indemnification.
The Company shall indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations under the Plan, to the maximum extent permitted by law, other than such liabilities, costs and expenses as may result from the gross negligence, bad faith, breach of the Company’s Code of Ethics, willful misconduct or criminal acts of such persons. Notwithstanding the foregoing, a director or committee member who initiates a claim, action suit or proceeding (collectively a “Proceeding”) shall not be entitled to indemnification pursuant to this Section 16 unless such indemnification is approved in advance in writing by the Company.

13

17.
No Personal Liability.
To the fullest extent permitted by law, no person (including any member of the Committee or any present or former employee of the Company) shall be personally liable for any act done or omitted to be done in good faith in the administration of the Plan.
18.
Successors.
The Plan is binding on all persons entitled to benefits hereunder and their respective heirs and legal representatives, on the Board and its successor, and on the Company and its successor, whether by way of merger, consolidation, purchase or otherwise.
19.
Severability.
If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be enforced as if the invalid provisions had never been set forth herein
20.
Headings.
The headings contained in this Plan are for reference purposes only and shall not affect the meaning or interpretation of this Plan.
21.
Governing Law.
This Plan shall be governed by and construed in accordance with the laws of the state of New York without regard to any principles of conflicts of law which could cause the application of the laws of any jurisdiction other than the state of New York. Except as otherwise specifically provided herein, each Participant (as a condition of participation in the Plan) and the Company each hereby irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if subject matter jurisdiction in that court is not available, in any state court located within the Borough of Manhattan, New York) over any dispute arising out of or relating to the Plan. The Participants and the Company each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding arising out of or relating to the Plan.
22.
Gender and Number.
Words denoting the masculine gender includes the feminine gender, and the singular shall include the plural and the plural shall include the singular wherever required by the context.

14

23.
Section 409A of the Code.
Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of this Plan comply with or be exempt from Section 409A of the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with this Plan or any other plan maintained by the Company (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment. To the extent a Participant would otherwise be entitled to any payment or benefit under this Plan (i) which constitutes a “deferral of compensation” which would be due or payable on account of the Participant’s “separation from service” (within the meaning of Section 409A of the Code and as determined by the Committee), (ii) that is subject to Section 409A of the Code and (iii) if paid during the six (6) months beginning on the date of termination of the Participant’s employment would be subject to the Section 409A additional tax because the Participant is a “specified employee” (within the meaning of Section 409A of the Code and as determined by the Committee), then if a six month delay is required to avoid the Section 409A additional tax the payment or benefit will be paid or provided to the Participant on the first day following the six (6) month anniversary of the Participant’s termination of employment or, if earlier, upon his death.

15
 EX-31.0 3 star-03312017xex310.htm EXHIBIT 31.0 Exhibit

Exhibit 31.0
CERTIFICATION
I, Jay Sugarman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of iStar Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
May 4, 2017
By:
 
/s/ JAY SUGARMAN
 
 
 
 
Name:
 
Jay Sugarman
 
 
 
 
Title:
 
Chief Executive Officer





CERTIFICATION
I, Geoffrey G. Jervis, certify that:
1. I have reviewed this quarterly report on Form 10-Q of iStar Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
May 4, 2017
By:
 
/s/ GEOFFREY G. JERVIS

 
 
 
 
Name:
 
Geoffrey G. Jervis
 
 
 
 
Title:
 
Chief Financial Officer (principal financial and accounting officer)




 EX-32.0 4 star-03312017xex320.htm EXHIBIT 32.0 Exhibit

Exhibit 32.0
Certification of Chief Executive Officer
Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
The undersigned, the Chief Executive Officer of iStar Inc. (the "Company"), hereby certifies on the date hereof, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the "Form 10-Q"), filed concurrently herewith by the Company, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date:
May 4, 2017
By:
 
/s/ JAY SUGARMAN
 
 
 
 
Name:
 
Jay Sugarman
 
 
 
 
Title:
 
Chief Executive Officer







Certification of Chief Financial Officer
Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002
The undersigned, the Chief Financial Officer of iStar Inc. (the "Company"), hereby certifies on the date hereof, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the "Form 10-Q"), filed concurrently herewith by the Company, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date:
May 4, 2017
By:
 
/s/ GEOFFREY G. JERVIS

 
 
 
 
Name:
 
Geoffrey G. Jervis
 
 
 
 
Title:
 
Chief Financial Officer (principal financial and accounting officer)




 EX-101.INS 5 star-20170331.xml XBRL INSTANCE DOCUMENT 0001095651 2017-01-01 2017-03-31 0001095651 2017-05-02 0001095651 2016-12-31 0001095651 2017-03-31 0001095651 star:SeriesDEFGAndIPreferredStockMember 2017-03-31 0001095651 star:SeriesDEFGAndIPreferredStockMember 2016-12-31 0001095651 star:SeriesJPreferredStockMember 2016-12-31 0001095651 star:SeriesJPreferredStockMember 2017-03-31 0001095651 2016-01-01 2016-03-31 0001095651 star:EarningsfromEquityMethodInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestExpenseMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestExpenseMember 2017-01-01 2017-03-31 0001095651 star:EarningsfromEquityMethodInvestmentsMember 2017-01-01 2017-03-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-03-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-03-31 0001095651 us-gaap:CommonStockMember 2017-03-31 0001095651 star:SeriesJPreferredStockMember 2016-12-31 0001095651 2015-12-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-03-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001095651 us-gaap:CommonStockMember 2015-12-31 0001095651 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-03-31 0001095651 us-gaap:PreferredStockMember 2016-03-31 0001095651 us-gaap:NoncontrollingInterestMember 2016-12-31 0001095651 us-gaap:CommonStockMember 2016-12-31 0001095651 star:SeriesJPreferredStockMember 2016-03-31 0001095651 us-gaap:NoncontrollingInterestMember 2017-03-31 0001095651 us-gaap:CommonStockMember 2016-01-01 2016-03-31 0001095651 us-gaap:PreferredStockMember 2016-12-31 0001095651 us-gaap:CommonStockMember 2016-03-31 0001095651 us-gaap:NoncontrollingInterestMember 2016-03-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-03-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-03-31 0001095651 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-03-31 0001095651 2016-03-31 0001095651 star:SeriesJPreferredStockMember 2015-12-31 0001095651 us-gaap:RetainedEarningsMember 2016-03-31 0001095651 us-gaap:RetainedEarningsMember 2016-12-31 0001095651 us-gaap:RetainedEarningsMember 2017-01-01 2017-03-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2016-03-31 0001095651 us-gaap:NoncontrollingInterestMember 2015-12-31 0001095651 star:SeriesJPreferredStockMember 2017-03-31 0001095651 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-03-31 0001095651 us-gaap:PreferredStockMember 2017-03-31 0001095651 us-gaap:RetainedEarningsMember 2015-12-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2017-03-31 0001095651 us-gaap:RetainedEarningsMember 2017-03-31 0001095651 us-gaap:RetainedEarningsMember 2016-01-01 2016-03-31 0001095651 us-gaap:PreferredStockMember 2015-12-31 0001095651 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001095651 star:LandandDevelopmentSegmentMember 2017-01-01 2017-03-31 0001095651 star:LandandDevelopmentSegmentMember 2016-01-01 2016-03-31 0001095651 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-03-31 0001095651 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2017-03-31 0001095651 star:CommercialOperatingPropertiesMember 2016-01-01 2016-03-31 0001095651 star:ExecutedContractwithThirdPartyMember star:NetLeaseAssetMember 2016-01-01 2016-03-31 0001095651 star:DeferredOperatingLeaseMember 2017-03-31 0001095651 star:NetLeaseAssetTwoMember 2016-01-01 2016-03-31 0001095651 star:NetLeaseAssetTwoMember 2017-01-01 2017-03-31 0001095651 star:ResidentialOperatingPropertiesMember 2016-12-31 0001095651 star:ResidentialOperatingPropertiesMember 2017-03-31 0001095651 star:CondominiumUnitsMember 2017-01-01 2017-03-31 0001095651 star:OperatingLeaseIncomeMember 2016-01-01 2016-03-31 0001095651 star:OperatingLeaseIncomeMember 2017-01-01 2017-03-31 0001095651 star:RealEstateTenantReceivablesMember 2016-12-31 0001095651 star:CondominiumUnitsMember 2016-01-01 2016-03-31 0001095651 star:RealEstateTenantReceivablesMember 2017-03-31 0001095651 star:HeldforSaleChangeinBusinessStrategyMember 2017-01-01 2017-03-31 0001095651 star:OperatingPropertyMember 2017-03-31 0001095651 star:OperatingPropertyMember 2016-12-31 0001095651 star:NetLeaseAssetMember 2016-12-31 0001095651 star:NetLeaseAssetMember 2017-03-31 0001095651 star:DeferredOperatingLeaseMember 2016-12-31 0001095651 us-gaap:LandMember 2016-12-31 0001095651 us-gaap:LandMember 2017-03-31 0001095651 star:NotCurrentlyRedeemableMember 2017-03-31 0001095651 star:NotCurrentlyRedeemableMember 2016-12-31 0001095651 2016-01-01 2016-12-31 0001095651 us-gaap:FirstMortgageMember 2017-03-31 0001095651 us-gaap:SecondMortgageMember 2017-03-31 0001095651 star:CorporatePartnershipLoanMember 2016-12-31 0001095651 us-gaap:FirstMortgageMember 2016-12-31 0001095651 star:CorporatePartnershipLoanMember 2017-03-31 0001095651 us-gaap:SecondMortgageMember 2016-12-31 0001095651 us-gaap:MaximumMember 2017-01-01 2017-03-31 0001095651 star:IndividuallyEvaluatedforImpairmentMember 2016-12-31 0001095651 star:CollectivelyEvaluatedforImpairmentMember 2017-03-31 0001095651 us-gaap:MinimumMember 2016-01-01 2016-12-31 0001095651 star:IndividuallyEvaluatedforImpairmentMember 2017-03-31 0001095651 us-gaap:MaximumMember 2016-01-01 2016-12-31 0001095651 us-gaap:MinimumMember 2017-01-01 2017-03-31 0001095651 star:CollectivelyEvaluatedforImpairmentMember 2016-12-31 0001095651 us-gaap:FirstMortgageMember us-gaap:PerformingFinancingReceivableMember 2016-01-01 2016-12-31 0001095651 us-gaap:FirstMortgageMember us-gaap:PerformingFinancingReceivableMember 2016-12-31 0001095651 us-gaap:PerformingFinancingReceivableMember 2016-12-31 0001095651 us-gaap:PerformingFinancingReceivableMember 2017-01-01 2017-03-31 0001095651 us-gaap:PerformingFinancingReceivableMember 2016-01-01 2016-12-31 0001095651 us-gaap:PerformingFinancingReceivableMember 2017-03-31 0001095651 us-gaap:SecondMortgageMember us-gaap:PerformingFinancingReceivableMember 2016-01-01 2016-12-31 0001095651 star:CorporatePartnershipLoanMember us-gaap:PerformingFinancingReceivableMember 2017-03-31 0001095651 us-gaap:SecondMortgageMember us-gaap:PerformingFinancingReceivableMember 2017-01-01 2017-03-31 0001095651 star:CorporatePartnershipLoanMember us-gaap:PerformingFinancingReceivableMember 2016-01-01 2016-12-31 0001095651 us-gaap:SecondMortgageMember us-gaap:PerformingFinancingReceivableMember 2016-12-31 0001095651 us-gaap:SecondMortgageMember us-gaap:PerformingFinancingReceivableMember 2017-03-31 0001095651 star:CorporatePartnershipLoanMember us-gaap:PerformingFinancingReceivableMember 2017-01-01 2017-03-31 0001095651 us-gaap:FirstMortgageMember us-gaap:PerformingFinancingReceivableMember 2017-03-31 0001095651 star:CorporatePartnershipLoanMember us-gaap:PerformingFinancingReceivableMember 2016-12-31 0001095651 us-gaap:FirstMortgageMember us-gaap:PerformingFinancingReceivableMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithAllowanceMember star:CorporatePartnershipLoanMember 2017-03-31 0001095651 star:ReceivablesWithAllowanceMember 2016-12-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:SecondMortgageMember 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember 2016-12-31 0001095651 star:ReceivablesWithAllowanceMember 2017-03-31 0001095651 star:ReceivablesWithAllowanceMember star:CorporatePartnershipLoanMember 2016-12-31 0001095651 star:ReceivablesWithAllowanceMember us-gaap:FirstMortgageMember 2016-12-31 0001095651 star:ReceivablesWithAllowanceMember us-gaap:FirstMortgageMember 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:SecondMortgageMember 2016-12-31 0001095651 star:ReceivablesWithoutAllowanceMember 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:FirstMortgageMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:SecondMortgageMember 2016-01-01 2016-03-31 0001095651 star:CorporatePartnershipLoanMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:SecondMortgageMember 2017-01-01 2017-03-31 0001095651 us-gaap:FirstMortgageMember 2016-01-01 2016-03-31 0001095651 star:ReceivablesWithAllowanceMember star:CorporatePartnershipLoanMember 2017-01-01 2017-03-31 0001095651 us-gaap:SecondMortgageMember 2016-01-01 2016-03-31 0001095651 star:CorporatePartnershipLoanMember 2016-01-01 2016-03-31 0001095651 star:ReceivablesWithAllowanceMember us-gaap:FirstMortgageMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithAllowanceMember star:CorporatePartnershipLoanMember 2016-01-01 2016-03-31 0001095651 us-gaap:SecondMortgageMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember us-gaap:FirstMortgageMember 2016-01-01 2016-03-31 0001095651 star:ReceivablesWithAllowanceMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithAllowanceMember 2016-01-01 2016-03-31 0001095651 us-gaap:FirstMortgageMember 2017-01-01 2017-03-31 0001095651 star:ReceivablesWithoutAllowanceMember 2016-01-01 2016-03-31 0001095651 star:ReceivablesWithAllowanceMember us-gaap:FirstMortgageMember 2016-01-01 2016-03-31 0001095651 us-gaap:CorporateDebtSecuritiesMember 2016-12-31 0001095651 us-gaap:MunicipalBondsMember 2016-12-31 0001095651 us-gaap:CorporateDebtSecuritiesMember 2017-03-31 0001095651 us-gaap:MunicipalBondsMember 2017-03-31 0001095651 star:OperatingPropertyMember star:OtherRealEstateEquityInvestmentsMember 2016-12-31 0001095651 star:OakHillFundsGroup2Member 2016-01-01 2016-03-31 0001095651 star:OperatingPropertyMember star:OtherRealEstateEquityInvestmentsMember 2016-12-01 2016-12-31 0001095651 star:OperatingPropertyMember star:OtherRealEstateEquityInvestmentsMember 2017-01-01 2017-03-31 0001095651 star:OperatingPropertyMember star:OtherRealEstateEquityInvestmentsMember 2017-03-31 0001095651 star:IStarNetLeaseILLCMember 2017-03-31 0001095651 star:MarinePalmsLLCSouthTowerMember 2017-03-31 0001095651 star:MarinaPalmsLLCMember 2017-03-31 0001095651 star:NewlyFormedUnconsolidatedEntityMember 2016-12-31 0001095651 us-gaap:OtherIncomeMember star:IStarNetLeaseILLCMember 2017-01-01 2017-03-31 0001095651 star:MarinaPalmsLLCMember 2016-12-31 0001095651 star:MarinePalmsLLCNorthTowerMember 2017-03-31 0001095651 star:MarinePalmsLLCSouthTowerMember 2017-01-01 2017-03-31 0001095651 us-gaap:LandMember star:OtherRealEstateEquityInvestmentsMember 2017-03-31 0001095651 us-gaap:MaximumMember star:OtherRealEstateEquityInvestmentsMember 2017-03-31 0001095651 star:IStarNetLeaseILLCMember 2016-12-31 0001095651 us-gaap:LandMember star:OtherRealEstateEquityInvestmentsMember 2016-12-31 0001095651 us-gaap:OtherIncomeMember star:IStarNetLeaseILLCMember 2016-01-01 2016-03-31 0001095651 us-gaap:MinimumMember star:OtherRealEstateEquityInvestmentsMember 2017-03-31 0001095651 star:MarinaPalmsLLCMember 2016-01-01 2016-03-31 0001095651 star:Equityinvestment1Member 2017-01-01 2017-03-31 0001095651 star:MarinaPalmsLLCMember 2017-01-01 2017-03-31 0001095651 star:Equityinvestment1Member 2016-01-01 2016-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:MarinaPalmsLLCMember 2016-12-31 0001095651 star:OtherStrategicInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:RealEstateInvestmentMember 2016-12-31 0001095651 us-gaap:RealEstateInvestmentMember star:MarinaPalmsLLCMember 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:OtherRealEstateEquityInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:IStarNetLeaseILLCMember 2016-01-01 2016-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:IStarNetLeaseILLCMember 2016-12-31 0001095651 us-gaap:RealEstateInvestmentMember star:IStarNetLeaseILLCMember 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:OtherRealEstateEquityInvestmentsMember 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:OtherRealEstateEquityInvestmentsMember 2016-12-31 0001095651 star:OtherStrategicInvestmentsMember 2017-01-01 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:MarinaPalmsLLCMember 2016-01-01 2016-03-31 0001095651 us-gaap:RealEstateInvestmentMember 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:IStarNetLeaseILLCMember 2017-01-01 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:MarinaPalmsLLCMember 2017-01-01 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember 2017-01-01 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember star:OtherRealEstateEquityInvestmentsMember 2017-01-01 2017-03-31 0001095651 star:OtherStrategicInvestmentsMember 2016-12-31 0001095651 star:OtherStrategicInvestmentsMember 2017-03-31 0001095651 us-gaap:RealEstateInvestmentMember 2016-01-01 2016-03-31 0001095651 star:TaxableReitSubsidiariesMember 2016-12-31 0001095651 star:TaxableReitSubsidiariesMember 2017-03-31 0001095651 star:DepreciationandAmortizationMember 2017-01-01 2017-03-31 0001095651 star:RealEstateAvailableandHeldforSaleMember 2017-03-31 0001095651 star:RealEstateAvailableandHeldforSaleMember 2016-12-31 0001095651 star:MasterPlannedCommunityMember us-gaap:ResidentialRealEstateMember 2017-01-01 2017-03-31 0001095651 star:RealEstateAssesHeldforSaleMember 2017-03-31 0001095651 star:RealEstateAssesHeldforSaleMember 2016-12-31 0001095651 star:DepreciationandAmortizationMember 2016-01-01 2016-03-31 0001095651 star:LoanParticipationsPayableMember 2017-03-31 0001095651 star:LoanParticipationsPayableMember 2016-12-31 0001095651 star:LoanParticipationsPayableMember 2017-03-31 0001095651 star:LoanParticipationsPayableMember 2016-12-31 0001095651 star:LoanParticipationsPayableMember 2017-03-31 0001095651 star:LoanParticipationsPayableMember 2016-12-31 0001095651 us-gaap:SecuredDebtMember 2017-03-31 0001095651 us-gaap:UnsecuredDebtMember 2017-03-31 0001095651 us-gaap:InterestRateCapMember 2017-01-01 2017-03-31 0001095651 star:InterestRateSwapOneMember 2017-01-01 2017-03-31 0001095651 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2017-01-01 2017-03-31 0001095651 us-gaap:ForeignExchangeForwardMember us-gaap:NondesignatedMember 2017-01-01 2017-03-31 0001095651 star:UnencumberedAssetsMember 2017-03-31 0001095651 star:UnencumberedAssetsMember 2016-12-31 0001095651 star:EncumberedAssetsMember 2016-12-31 0001095651 star:EncumberedAssetsMember 2017-03-31 0001095651 star:UnsecuredNotesFourPercentSeniorNotesDueNovember2017Member 2017-03-31 0001095651 star:UnsecuredSixPercentSeniorNotesDueApril2022Member 2017-03-31 0001095651 star:UnsecuredSixPercentSeniorNotesDueApril2022Member 2016-12-31 0001095651 star:UnsecuredNotesSixPointFivePercentSeniorNotesDueJuly2021Member 2016-12-31 0001095651 star:SecuredCreditFacilitiesMember 2016-12-31 0001095651 star:A2017SecuredFinancingMember 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2016-12-31 0001095651 star:UnsecuredSeniorNotesMember 2016-12-31 0001095651 star:UnsecuredNotesNinePercentSeniorNotesDueJune2017Member 2017-03-31 0001095651 star:UnsecuredNotes4point875PercentSeniorNotesDueJuly2018Member 2016-12-31 0001095651 star:UnsecuredNotes4point875PercentSeniorNotesDueJuly2018Member 2017-03-31 0001095651 star:SecuredCreditFacilitiesMember 2017-03-31 0001095651 star:UnsecuredNotesSixPointFivePercentSeniorNotesDueJuly2021Member 2017-03-31 0001095651 star:UnsecuredNotesSevenPointOneTwoFivePercentSeniorNotesDueFebruary2018Member 2016-12-31 0001095651 star:UnsecuredNotesFivePercentSeniorNotesDueJuly2019Member 2016-12-31 0001095651 star:UnsecuredNotesFourPercentSeniorNotesDueNovember2017Member 2016-12-31 0001095651 star:SecuredTermLoansCollateralizedByLoansNetLeaseAssetsDueThrough2026Member 2016-12-31 0001095651 star:UnsecuredNotesFivePercentSeniorNotesDueJuly2019Member 2017-03-31 0001095651 star:OtherDebtSecuritiesDueOctober2035Member 2017-03-31 0001095651 star:UnsecuredNotesSevenPointOneTwoFivePercentSeniorNotesDueFebruary2018Member 2017-03-31 0001095651 star:UnsecuredNotesNinePercentSeniorNotesDueJune2017Member 2016-12-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member 2017-03-31 0001095651 star:OtherDebtSecuritiesDueOctober2035Member 2016-12-31 0001095651 star:UnsecuredNotes5Point85PercentSeniorNotesDueMarch2017Member 2016-12-31 0001095651 star:SecuredTermLoansCollateralizedByLoansNetLeaseAssetsDueThrough2026Member 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member 2016-12-31 0001095651 star:UnsecuredNotes5Point85PercentSeniorNotesDueMarch2017Member 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2017-03-31 0001095651 star:UnsecuredSeniorNotesMember 2017-03-31 0001095651 star:A2017SecuredFinancingMember 2016-12-31 0001095651 star:UnsecuredNotesNinePercentSeniorNotesDueJune2017Member us-gaap:SubsequentEventMember 2017-04-12 2017-04-12 0001095651 star:A2016SecuredTermLoanMember us-gaap:SecuredDebtMember 2016-12-31 0001095651 star:A2017SecuredFinancingMember 2017-03-01 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2016-06-01 2016-12-31 0001095651 us-gaap:SubsequentEventMember 2017-05-02 0001095651 us-gaap:UnsecuredDebtMember 2017-01-01 2017-03-31 0001095651 star:InterestRateCategoryTwoMember star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MinimumMember 2017-01-01 2017-03-31 0001095651 star:UnsecuredNotes5Point875PercentSeniorNotesDueMarch2016Member 2016-03-31 0001095651 star:SeniorConvertibleThreePointZeroPercentNotesDueNovember2016Member 2016-11-01 2016-11-30 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:FederalFundsEffectiveSwapRateMember 2017-01-01 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member 2015-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member 2017-01-01 2017-03-31 0001095651 star:SafetyIncomeandGrowthInc.Member us-gaap:SubsequentEventMember 2017-04-14 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2016-06-01 2016-12-31 0001095651 star:UnsecuredNotesSixPointFivePercentSeniorNotesDueJuly2021Member 2016-03-31 0001095651 star:UnsecuredNotesNinePercentSeniorNotesDueJune2017Member us-gaap:SubsequentEventMember 2017-04-12 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:FederalFundsEffectiveSwapRateMember 2017-01-01 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member 2016-03-01 2016-03-31 0001095651 star:UnsecuredCreditFacilitiesMember 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MinimumMember 2015-03-01 2015-03-31 0001095651 star:UnsecuredNotes5Point875PercentSeniorNotesDueMarch2016Member 2016-03-01 2016-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 star:InterestRateCategoryTwoMember star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MaximumMember 2017-01-01 2017-03-31 0001095651 star:InterestRateCategoryOneMember star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MinimumMember 2017-01-01 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 us-gaap:OtherExpenseMember star:A2016SeniorSecuredCreditFacilityMember 2016-06-01 2016-12-31 0001095651 star:OtherLongtermDebtMember 2017-03-31 0001095651 star:SecuredTermLoansCollateralizedByLoansNetLeaseAssetsDueThrough2026Member star:PropertyOneMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2017-01-01 2017-03-31 0001095651 star:A2016SecuredTermLoanMember us-gaap:SecuredDebtMember 2016-12-01 2016-12-31 0001095651 star:UnsecuredNotes3point875PercentSeniorNotesDueJuly2016Member 2016-03-01 2016-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2016-08-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember 2017-01-01 2017-01-31 0001095651 star:SecuredCreditFacilitiesMember 2017-01-01 2017-03-31 0001095651 star:UnsecuredNotes5Point85PercentSeniorNotesDueMarch2017Member 2017-03-01 2017-03-31 0001095651 us-gaap:InterestRateSwapMember star:A2017SecuredFinancingMember 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MaximumMember 2015-03-01 2015-03-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2016-06-01 2016-12-31 0001095651 star:A2016SeniorSecuredCreditFacilityMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 star:InterestRateCategoryOneMember star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:MaximumMember 2017-01-01 2017-03-31 0001095651 star:SeniorConvertibleThreePointZeroPercentNotesDueNovember2016Member 2016-11-30 0001095651 star:OtherDebtSecuritiesDueOctober2035Member 2017-01-01 2017-03-31 0001095651 star:SecuredCreditFacilityRevolverDueMarch2018Member us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0001095651 star:SecuredTermLoansCollateralizedByLoansNetLeaseAssetsDueThrough2026Member 2017-01-01 2017-03-31 0001095651 us-gaap:SubsequentEventMember star:RealEstateSalesMember 2017-04-21 2017-04-21 0001095651 2015-01-22 0001095651 us-gaap:LandMember star:RealEstateSalesMember 2015-01-22 0001095651 star:LoanParticipationsPayableMember 2017-03-31 0001095651 us-gaap:RealEstateMember 2017-03-31 0001095651 us-gaap:LoansReceivableMember 2017-03-31 0001095651 us-gaap:OtherInvestmentsMember 2017-03-31 0001095651 star:InterestRateSwapOneMember 2017-03-31 0001095651 us-gaap:InterestRateCapMember 2017-03-31 0001095651 star:SellsGbpBuysUsdForwardMember star:April2017MaturityMember 2017-03-31 0001095651 star:SellsEurBuysUsdForwardMember star:April2017MaturityMember 2017-03-31 0001095651 star:SellsINRBuysUSDForwardMember star:April2017MaturityMember 2017-03-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2017-01-01 2017-03-31 0001095651 us-gaap:InterestRateCapMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2017-01-01 2017-03-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestRateCapMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2017-01-01 2017-03-31 0001095651 us-gaap:InterestRateCapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2016-01-01 2016-03-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember star:EarningsfromEquityMethodInvestmentsMember 2017-01-01 2017-03-31 0001095651 star:DeferredExpensesandOtherAssetsNetMember us-gaap:ForwardContractsMember 2017-03-31 0001095651 star:TerminatedInterestRateSwapMember 2017-01-01 2017-03-31 0001095651 us-gaap:InterestRateSwapMember 2017-01-01 2017-03-31 0001095651 star:DeferredExpensesandOtherAssetsNetMember us-gaap:ForwardContractsMember 2016-12-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherExpenseMember 2016-01-01 2016-03-31 0001095651 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember us-gaap:OtherExpenseMember 2017-01-01 2017-03-31 0001095651 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember us-gaap:OtherExpenseMember 2016-01-01 2016-03-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherExpenseMember 2017-01-01 2017-03-31 0001095651 us-gaap:NondesignatedMember 2016-12-31 0001095651 us-gaap:OtherLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2016-12-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2017-03-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2016-12-31 0001095651 us-gaap:NondesignatedMember 2017-03-31 0001095651 us-gaap:DesignatedAsHedgingInstrumentMember 2016-12-31 0001095651 us-gaap:OtherLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2016-12-31 0001095651 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2016-12-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2017-03-31 0001095651 us-gaap:OtherAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2017-03-31 0001095651 us-gaap:OtherAssetsMember us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2016-12-31 0001095651 us-gaap:DesignatedAsHedgingInstrumentMember 2017-03-31 0001095651 us-gaap:OtherAssetsMember us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2017-03-31 0001095651 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2016-12-31 0001095651 us-gaap:OtherLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2017-03-31 0001095651 us-gaap:OtherAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2016-12-31 0001095651 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2016-12-31 0001095651 us-gaap:InterestRateCapMember us-gaap:NondesignatedMember 2017-03-31 0001095651 star:InterestRateSwapOneMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-03-31 0001095651 us-gaap:SeriesDPreferredStockMember 2017-03-31 0001095651 us-gaap:SeriesGPreferredStockMember 2017-03-31 0001095651 star:SeriesIPreferredStockMember 2017-03-31 0001095651 us-gaap:SeriesFPreferredStockMember 2017-03-31 0001095651 us-gaap:SeriesGPreferredStockMember 2017-01-01 2017-03-31 0001095651 us-gaap:SeriesEPreferredStockMember 2017-03-31 0001095651 us-gaap:SeriesEPreferredStockMember 2017-01-01 2017-03-31 0001095651 star:SeriesIPreferredStockMember 2017-01-01 2017-03-31 0001095651 star:SeriesJPreferredStockMember 2017-01-01 2017-03-31 0001095651 us-gaap:SeriesFPreferredStockMember 2017-01-01 2017-03-31 0001095651 us-gaap:SeriesDPreferredStockMember 2017-01-01 2017-03-31 0001095651 2016-02-15 0001095651 2016-08-04 0001095651 us-gaap:SeriesDPreferredStockMember 2016-03-31 0001095651 star:SeriesJPreferredStockMember 2016-01-01 2016-12-31 0001095651 us-gaap:SeriesDPreferredStockMember 2016-01-01 2016-03-31 0001095651 star:SeriesJPreferredStockMember 2016-01-01 2016-03-31 0001095651 star:SeriesIPreferredStockMember 2016-01-01 2016-03-31 0001095651 us-gaap:SeriesEPreferredStockMember 2016-01-01 2016-03-31 0001095651 us-gaap:SeriesFPreferredStockMember 2016-01-01 2016-03-31 0001095651 us-gaap:SeriesGPreferredStockMember 2016-01-01 2016-03-31 0001095651 us-gaap:SeriesEPreferredStockMember 2016-12-31 0001095651 us-gaap:SeriesDPreferredStockMember 2016-01-01 2016-12-31 0001095651 us-gaap:SeriesGPreferredStockMember 2016-01-01 2016-12-31 0001095651 us-gaap:SeriesEPreferredStockMember 2016-01-01 2016-12-31 0001095651 us-gaap:SeriesFPreferredStockMember 2016-01-01 2016-12-31 0001095651 us-gaap:SeriesDPreferredStockMember 2016-12-31 0001095651 star:SeriesIPreferredStockMember 2016-12-31 0001095651 us-gaap:SeriesFPreferredStockMember 2016-12-31 0001095651 us-gaap:SeriesGPreferredStockMember 2016-12-31 0001095651 star:SeriesIPreferredStockMember 2016-01-01 2016-12-31 0001095651 star:ServiceBasedRestrictedStockUnitsVesting20oneachAnniversaryDateMember 2016-06-15 2016-06-15 0001095651 star:EmployeesMember star:PerformanceBasedRestrictedStockUnitsVestingonDecember312017Member us-gaap:MinimumMember 2015-01-30 2015-01-30 0001095651 star:A20152016PerformancePlanMember 2016-06-01 2016-06-30 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312017Member 2015-01-30 2015-01-30 0001095651 star:A20172018PerformanceIncentivePlanMember 2017-02-01 2017-02-28 0001095651 star:EmployeesMember star:CommonStockSubjecttoSalesRestrictionMember 2017-01-01 2017-03-31 0001095651 us-gaap:DirectorMember star:CseAndRestrictedStockAwardMember 2017-03-31 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312017Member 2015-01-30 0001095651 star:EmployeesMember star:PerformanceBasedRestrictedStockUnitsVestingonDecember312017Member 2015-01-30 0001095651 star:A20132014PerformanceIncentivePlanMember 2015-01-01 2015-01-31 0001095651 star:A20152016PerformancePlanMember 2016-01-01 2016-01-31 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312019Member 2016-01-29 2016-01-29 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312019Member 2017-02-22 2017-02-22 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsWithSpecifiedVestingTermsMember 2017-01-01 2017-03-31 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312019Member 2017-03-31 0001095651 star:EmployeesMember star:PerformanceBasedRestrictedStockUnitsVestingonDecember312017Member us-gaap:MaximumMember 2015-01-30 2015-01-30 0001095651 star:LongTermIncentivePlan2009Member 2017-03-31 0001095651 star:A20132014PerformanceIncentivePlanMember 2016-01-01 2016-01-31 0001095651 star:EmployeesMember star:PerformanceBasedRestrictedStockUnitsVestingonDecember312017Member 2015-01-30 2015-01-30 0001095651 star:A20152016PerformancePlanMember 2017-02-01 2017-02-28 0001095651 star:A20152016PerformancePlanMember 2015-01-01 2015-01-31 0001095651 star:AllperformanceincentiveplansMember 2017-03-31 0001095651 star:A20132014PerformanceIncentivePlanMember 2014-05-01 2014-05-31 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVestingonDecember312018Member 2016-01-29 0001095651 star:A20132014PerformanceIncentivePlanMember 2017-02-01 2017-02-28 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsVesting20oneachAnniversaryDateMember 2016-06-15 2016-06-15 0001095651 star:EmployeesMember star:ServiceBasedRestrictedStockUnitsWithSpecifiedVestingTermsMember 2017-03-31 0001095651 star:AllperformanceincentiveplansMember 2016-12-31 0001095651 us-gaap:CommonStockMember 2017-01-01 2017-03-31 0001095651 us-gaap:CommonStockMember 2016-01-01 2016-03-31 0001095651 star:BasicandDilutedMember us-gaap:CommonStockMember 2016-01-01 2016-03-31 0001095651 star:BasicandDilutedMember us-gaap:CommonStockMember 2017-01-01 2017-03-31 0001095651 star:JointVentureSharesMember 2017-01-01 2017-03-31 0001095651 star:UnsecuredNotes1point50PercentSeniorConvertibleNotesDueNovember2016MemberMember 2017-01-01 2017-03-31 0001095651 star:SeriesJPreferredStockMember 2017-01-01 2017-03-31 0001095651 star:UnsecuredNotes3PercentSeniorConvertibleNotesDueOctober2016Member 2017-01-01 2017-03-31 0001095651 star:UnsecuredNotes1point50PercentSeniorConvertibleNotesDueNovember2016MemberMember 2016-01-01 2016-03-31 0001095651 star:SeriesJPreferredStockMember 2016-01-01 2016-03-31 0001095651 star:JointVentureSharesMember 2016-01-01 2016-03-31 0001095651 star:UnsecuredNotes3PercentSeniorConvertibleNotesDueOctober2016Member 2016-01-01 2016-03-31 0001095651 star:UnsecuredNotes1point50PercentSeniorConvertibleNotesDueNovember2016MemberMember 2017-03-31 0001095651 star:UnsecuredNotes3PercentSeniorConvertibleNotesDueOctober2016Member 2017-03-31 0001095651 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-03-31 0001095651 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2017-03-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001095651 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2016-12-31 0001095651 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2016-12-31 0001095651 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2017-03-31 0001095651 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001095651 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2017-03-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2017-03-31 0001095651 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-03-31 0001095651 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2016-12-31 0001095651 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2017-03-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember star:LoansReceivableTwoMember star:ComparablesalesMember 2016-12-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember star:LoansReceivableOneMember star:ComparablesalesMember 2017-03-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember star:DiscountedCashFlowValuationTechniqueMember 2016-01-01 2016-12-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember 2016-01-01 2016-12-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember star:LoansReceivableOneMember 2017-01-01 2017-03-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-03-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember star:LoansReceivableOneMember star:ComparablesalesMember 2016-12-31 0001095651 us-gaap:FairValueMeasurementsNonrecurringMember star:LoansReceivableOneMember 2017-03-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-12-31 0001095651 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember star:DiscountedCashFlowValuationTechniqueMember 2017-01-01 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:RealEstateLendingMember 2016-01-01 2016-03-31 0001095651 us-gaap:OperatingSegmentsMember star:LandandDevelopmentSegmentMember 2016-01-01 2016-03-31 0001095651 us-gaap:OperatingSegmentsMember star:OperatingPropertyMember 2016-01-01 2016-03-31 0001095651 us-gaap:OperatingSegmentsMember star:OperatingPropertyMember 2017-01-01 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:NetLeasingMember 2017-01-01 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:NetLeasingMember 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:LandandDevelopmentSegmentMember 2017-01-01 2017-03-31 0001095651 us-gaap:CorporateNonSegmentMember 2016-01-01 2016-03-31 0001095651 us-gaap:OperatingSegmentsMember star:RealEstateLendingMember 2017-01-01 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:RealEstateLendingMember 2016-12-31 0001095651 us-gaap:OperatingSegmentsMember star:LandandDevelopmentSegmentMember 2016-12-31 0001095651 us-gaap:OperatingSegmentsMember star:OperatingPropertyMember 2017-03-31 0001095651 us-gaap:CorporateNonSegmentMember 2016-12-31 0001095651 us-gaap:OperatingSegmentsMember star:NetLeasingMember 2016-01-01 2016-03-31 0001095651 us-gaap:CorporateNonSegmentMember 2017-01-01 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:NetLeasingMember 2016-12-31 0001095651 us-gaap:OperatingSegmentsMember star:RealEstateLendingMember 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:LandandDevelopmentSegmentMember 2017-03-31 0001095651 us-gaap:CorporateNonSegmentMember 2017-03-31 0001095651 us-gaap:OperatingSegmentsMember star:OperatingPropertyMember 2016-12-31 0001095651 star:SafetyIncomeandGrowthInc.Member star:GroundNetLeaseBusinessMember us-gaap:SubsequentEventMember 2017-04-14 0001095651 star:SafetyIncomeandGrowthInc.Member star:GroundNetLeaseBusinessMember us-gaap:SubsequentEventMember 2017-04-14 2017-04-14 0001095651 us-gaap:SubsequentEventMember 2017-04-14 2017-04-14 0001095651 star:SafetyIncomeandGrowthInc.Member star:GroundNetLeaseBusinessMember star:A2017SecuredFinancingMember us-gaap:SubsequentEventMember 2017-04-14 0001095651 us-gaap:SubsequentEventMember 2017-04-14 star:unit star:loan star:lease_asset xbrli:pure iso4217:USD iso4217:USD xbrli:shares star:property xbrli:shares star:lease iso4217:EUR iso4217:GBP star:Installment star:tranche utreg:acre iso4217:INR star:investor star:segments false --12-31 Q1 2017 2017-03-31 10-Q 0001095651 72105169 Large Accelerated Filer ISTAR INC. 26254000 6549000 6300000 3400000 4168000 5089000 350000000 500000000 200000000 14775000 12561000 72693000 22400000 1700000 62139000 28300000 2400000 9000000 9500000 0 1228000 1200000 900000 3422000 3184000 0 0 0 4413000 0 4413000 21666000 21639000 21240000 21230000 3650000 0 0 781000 0.4730 639588000 0 639588000 1212055000 0 1212055000 400000 1800000 9.94 58100000 P1Y 12.79 12.79 34305000 0 8677000 4508000 21120000 0 0 9497000 4726000 21518000 0 35741000 11600000 11575000 0 11575000 0 0 0 0 15910000 0 0 0 15900000 15910000 1.25 1.5 1.5 1.5 1 1.2 4500000 0.0175 0.0125 0.0275 0.0225 7 1 12 12 5 5 0.0025 4300000 1900000 6200000 28449000 930000 37140000 766000 15992000 21148000 79490000 80972000 79694000 81097000 82669000 83702000 79900000 79916000 81381000 3179000 2730000 12114000 11467000 199649000 204148000 14708000 274000 300000 8851000 5283000 0 330000 270000 8428000 4039000 0 13067000 2300000 2300000 2000000 2800000 2000000 1500000 2300000 2300000 2000000 2800000 2000000 1500000 0.475 0.006 0.5 4 4 0 0 0 0 0 0 0 0 233823000 157146000 76677000 0 233757000 157303000 76454000 0 P90D P8Y P1Y P90D P8Y P1Y 5691000 5399000 10458000 8618000 -125000 -210000 18525000 5258000 3270000 4296000 1870000 3831000 5373000 3926000 4642000 1755000 3596000 19292000 79916000 81381000 2753000 2321000 58454000 59867000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7200000 7200000 5200000 2000000 3100000 3063000 3063000 0 10141000 10100000 10141000 P2Y P2Y -21187000 -27102000 -21187000 -27102000 -28313000 -28875000 -2415000 -2214000 25000000 57021000 11104000 8359000 16236000 6620000 14702000 9798000 8118000 15783000 5606000 11888000 51193000 604000 604000 1237000 1237000 1250 952051000 961907000 0.99 160251000 182853000 159321000 182087000 1450439000 0 0 0 0 1450439000 172581000 1142050000 1500000000 1381227000 0 0 0 0 1381227000 137293000 1080448000 1400000000 27000000 1456068000 490389000 940738000 24941000 1379235000 519198000 834795000 25242000 22700000 23100000 0.2385 0.043 0.9 -21187000 -27102000 0.107 2 1 1 1 1 2 1 7 73 10 34 10 40 2.5 5 18 44 12 12 2 1 0.5270 45564000 0 45564000 0 500000000 29375000 27604000 7000000 6377000 1813000 6300000 1 1 339735000 155300000 305862000 24059000 9814000 4185926000 33350000 1030369000 1109543000 562225000 1450439000 4082461000 32866000 1024604000 1090338000 553426000 1381227000 P30D P30D P360D P360D P12M P12M P30D P10D P30D P10D 1 1 1 25800000 5000000 4000000 4000000 5600000 4000000 3200000 25800000 5000000 4000000 4000000 5600000 4000000 3200000 73211000 171066000 1600000 114000000 -7999000 358000 -8357000 -14031000 241000 -14272000 24000000 24000000 700000 50916000 0 34268000 851000 15797000 0 0 26592000 771000 8210000 0 35573000 83764000 0 0 1284000 82480000 0 0 83764000 1284000 82480000 82500000 71934000 0 0 0 71934000 0 0 71934000 0 71934000 71900000 35000000000 6486000 6757000 1906592000 1896262000 1491752000 0 0 1015590000 476162000 0 881212000 610540000 1015590000 476162000 1476591000 0 0 998314000 478277000 0 1005826000 470765000 998314000 478277000 0.84 492000 267000 133369000 2557000 22779000 41704000 31813000 34516000 788000 24384000 44703000 28874000 29134000 127883000 0 4413000 14708000 13067000 -414000 607000 11203000 -14631000 -9102000 16664000 2203000 16069000 -15647000 -13067000 19552000 -5000 13045000 3878000 3900000 2 0 80000 115571 P18M 1 1 3 3 385299000 305862000 69623000 9814000 114000000 0.12 0.7615 58000000 3.09 3.12 3.00 3.11 3.06 2.31 2.46 2.55 211570000 192040000 149000 132000 27000 689000 -4394000 -4795000 -4218000 -3974000 3602172000 3603586000 438000 438000 177000 177000 4600000 4577000 5900000 5881000 1300000 1300000 1300000 1400000 300000 300000 4601000 3512000 500000 500000 298000 15635000 11567000 16992000 298000 15635000 0 0 0 4413000 4400000 4825514000 1088958000 3600748000 5294516000 1178284000 3952746000 21240000 21230000 0 21666000 21666000 0 21639000 21639000 426000 409000 21666000 21639000 6400000 6700000 8851000 8602000 0.51 340000000 227000000 711101000 591181000 328744000 897487000 -119920000 568743000 300000 100000 0 0 0.001 0.001 200000000 200000000 72042000 72105000 72042000 72105000 72000 72000 -9083000 -14028000 -942000 -1100000 -10025000 -15128000 3.9087 3.9087 1400000 900000 34305000 35741000 142957000 142438000 11575000 15910000 9600000 800000 0.01 0.045 0.01 0.0275 0.01 0.005 0.0375 0.0150 0.01 0.005 0.0275 0.02 3418357000 498648000 0 100000000 748635000 0 249987000 300000000 99722000 770000000 550000000 275000000 300000000 275000000 2569722000 0 3919535000 500000000 227000000 100000000 974535000 0 247535000 300000000 0 770000000 550000000 275000000 300000000 275000000 2845000000 375000000 974535000 2945000000 275000000 170000000.0 450000000.0 227000000 250000000 375000000.0 500000000.0 0.03773 0.05875 0.065 0.015 0.03 0.03795 0.04875 0.0585 0.05 0.04 0.09 0.07125 0.0650 0.06 0.03 0.0900 0.0726 0.03875 800000 0.048 0.052 0.051 6700000 6400000 12566000 11812000 7400000 96420000 97859000 66498000 70806000 0 0 66498000 70806000 600000 600000 14708000 13067000 14708000 13067000 0 727000 727000 0 129000 129000 0.02 702000 25000 0 0 0 727000 0 71000 0 58000 58000 71000 8000 39000 0 0 47000 0 264000 307000 0 0 307000 264000 0 0.0347 0.01 -182000 -803000 -125000 47000 0 0 -185000 -97000 25000 0 -5000 -87000 -30000 -87000 -1000 0 -459000 -502000 -299000 -5000 78000 467000 400000 0 47000 47000 0 571000 571000 12830000 12830000 12830000 12830000 -0.27 -0.27 -0.38 -0.38 24000 1000 3000000 P2Y1M3D 26317000 20029000 0.5 0.85 0.20 0.519 0.475 511300000 201800000 516500000 98300000 5863000 25511000 7588000 14911000 1823000 25117000 1890000 8758000 7830000 50628000 9621000 23669000 214406000 181056000 92669000 35185000 53202000 3600000 49600000 33350000 197559000 164693000 92024000 19439000 53230000 3200000 50000000 32866000 0.11 0.11 19000 -17000 4366000 0 10000 10000 1161000 5536000 21666000 21639000 108165000 109671000 85545000 62245000 79389000 60989000 23300000 23300000 18400000 18400000 1229180000 335677000 868505000 24998000 1152178000 364159000 762720000 25299000 233823000 157146000 76677000 0 233757000 157303000 76454000 0 32600000 33200000 63098000 61723000 -100000 100000 178000000 10458000 0 0 4928000 5530000 0 700000 4900000 4900000 3372000 0 0 6720000 1898000 0 8618000 1900000 6700000 4140000 -125000 -210000 23102000 25173000 58250000 59742000 58250000 59742000 61003000 62063000 136956000 132414000 5571000 126843000 4542000 4542000 0 5571000 131385000 0 241418000 157224000 84194000 10953000 0 10953000 157224000 84194000 10953000 252371000 253941000 243079000 157146000 85933000 10862000 10862000 157146000 85933000 10862000 250801000 239757000 157303000 82454000 11044000 11044000 157303000 82454000 11044000 62245000 62245000 12471000 49774000 0 0 12471000 49774000 0 60989000 60989000 12471000 48518000 0 0 12471000 48518000 0 243409000 232563000 146783000 85780000 10846000 10846000 146783000 85780000 10846000 240381000 229354000 146783000 82571000 11027000 11027000 146783000 82571000 11027000 -20171000 -23383000 -19757000 -23990000 -0.27 -0.38 8267000 802000 6661000 946000 -142000 0 7465000 946000 8221000 -1702000 3200000 802000 247000 3842000 981000 632000 0 5455000 981000 3117000 1357000 247000 5702000 -0.27 -0.38 -414000 607000 -23023000 -24987000 -1034000 8726000 -1660000 -284000 33219000 0 0 0 0 33219000 0 0 0 0 29058000 29058000 1400000 2000000 57021000 51193000 400000 54033000 41901000 6900000 6700000 945565000 0 945565000 0 0 0 35165000 910400000 945565000 955150000 0 955150000 0 0 0 35165000 919985000 955150000 1422872000 1111589000 311283000 1413775000 1097049000 316726000 483720000 272666000 211054000 482487000 271433000 211054000 14947000 0 14947000 0 0 0 0 20050000 0 0 0 20050000 3760799000 4256522000 4825514000 5294516000 0.0346 250000000.0 236000000 1168000000 0.005 0.00375 1905000 22602000 1370523000 159100000 1299846000 181900000 3389908000 3600000000 3882395000 4200000000 958543000 2923852000 791045000 316045000 475000000 394072000 119072000 275000000 500000000 500000000 0 798770000 28770000 770000000 610648000 310600000 10648000 600000000 825000000 0 825000000 400000 500000 43120000 43361000 10800000 0.49 0.49 0.957 -91140000 476038000 -13113000 130195000 -15691000 -37491000 -8357000 -14272000 -942000 -1100000 -1300000 -1341000 -21187000 -27102000 7292000 7292000 1463003000 1209062000 253941000 492823000 335677000 945182000 859250000 24998000 14135000 1209062000 1385935000 1135134000 250801000 521462000 364159000 839174000 756720000 25299000 14255000 1135134000 1377458000 1185762000 191696000 1306546000 1116734000 189812000 4 468 234 234 54937000 0 106000 35750000 19081000 0 0 106000 36496000 15989000 0 52591000 902900000 39591000 47877000 -40000 -401000 19000 -17000 -726000 -726000 244000 244000 -257000 -97000 -160000 -92000 -30000 -122000 -962000 540000 740000 826000 0 0 0 -86000 1264000 0 0 0 605000 1869000 11541000 1755000 1065000 80000 7344000 1297000 541000 386000 506000 10355000 76000 11864000 214406000 33350000 84804000 92669000 3583000 0 0 214406000 197559000 32866000 69454000 92024000 3215000 0 0 197559000 75993000 1200000 79398000 1400000 1599000 2683000 52820000 26000000 51047000 25800000 17735000 7781000 -7716000 -1801000 58760000 0 2750000 12830000 12830000 0 11497000 1109000 420000 94343000 61605000 0 0 1.88 2.25 2.00 1.97 1.95 1.91 1.88 2.25 2.00 1.97 1.95 1.91 0.075 0.045 0.08 0.07875 0.078 0.0765 0.075 0.045 0.08 0.07875 0.078 0.0765 12830000 12830000 25.00 25 25 50.00 50 25 25 25 25 25 25 50 50.00 25.00 25 25 25 25 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 22000 4000 22000 4000 7675000 4709000 121800000 275000000 854637000 -10686000 -661000 231100000 8775000 20923000 19700000 10200000 35680000 30215000 5900000 10000000 20000000 -9299000 -15372000 156000000 1506000 -4928000 1506000 0 0 0 0 1506000 0 0 0 0 -4928000 -4928000 414840000 368665000 46175000 419671000 370168000 49503000 1575516000 0 0 1016874000 558642000 0 1016874000 558642000 1548525000 0 0 998314000 550211000 0 998314000 550211000 5031000 1300000 3513000 0 5000000 265000000 261400000 200000000 99700000 275000000 282755000 353191000 25883000 26290000 62704 -2581488000 -2608590000 114644000 113563000 4577000 5881000 P4Y P3Y 115571 4751 333384 39071 56020 109417 0.2814 0.0075 3400000 97967 8500000 7800000 50000000.0 50000000.0 50000000 5800000 58132000 58126000 6000 1016564000 991120000 1101330000 4000 -4851000 3689330000 81000 42218000 22000 -2625474000 1015393000 4000 -5577000 3632246000 75000 35284000 22000 -2646661000 1059684000 4000 -4218000 3602172000 72000 43120000 22000 -2581488000 1034481000 4000 -3974000 3603586000 72000 43361000 22000 -2608590000 2126000 2109000 6300000 5700000 -1900000 400000 -2900000 700000 449300000 74400000 52900000 77060000 77060000 72065000 72065000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business and Organization</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business</font><font style="font-family:inherit;font-size:10pt;">&#8212;iStar&#160;Inc. (the "Company"), doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than </font><font style="font-family:inherit;font-size:10pt;">$35 billion</font><font style="font-family:inherit;font-size:10pt;"> over the past </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17). </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016 ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:83.82066276803118%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Income Attributable to Parent Entities</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,669</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,911</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,758</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Lease Venture</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,621</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,588</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,890</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,628</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(25,511</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,117</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Lease Venture</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,830</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,863</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,823</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Preferred Stock</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:86.54970760233918%;border-collapse:collapse;text-align:left;"><tr><td colspan="19" rowspan="1"></td></tr><tr><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="10" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cumulative Preferential Cash</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividends</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)(2)</sup></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Series</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Shares Issued and</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Outstanding</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Par Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Liquidation Preference</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rate per Annum</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Equivalent to</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Annual</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rate (per share)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">D</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,600</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.875</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.97</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">F</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.95</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">G</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,200</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.65</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.91</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">I</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.50</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.88</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">J (convertible)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Holders of shares of the Series&#160;D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th&#160;day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a </font><font style="font-family:inherit;font-size:8pt;">360</font><font style="font-family:inherit;font-size:8pt;">-day year consisting of </font><font style="font-family:inherit;font-size:8pt;">twelve</font><font style="font-family:inherit;font-size:8pt;"> </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;">-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;"> nor less than </font><font style="font-family:inherit;font-size:8pt;">10</font><font style="font-family:inherit;font-size:8pt;"> days prior to the dividend payment date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company declared and paid dividends of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$2.8 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$1.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$2.3 million</font><font style="font-family:inherit;font-size:8pt;"> on its Series&#160;D, E, F, G and I Cumulative Redeemable Preferred Stock during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">. The Company declared and paid dividends of </font><font style="font-family:inherit;font-size:8pt;">$2.3 million</font><font style="font-family:inherit;font-size:8pt;"> on its Series J Convertible Perpetual Preferred Stock during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">. The character of the 2016 dividends were as follows: </font><font style="font-family:inherit;font-size:8pt;">47.30%</font><font style="font-family:inherit;font-size:8pt;"> is a capital gain distribution, of which </font><font style="font-family:inherit;font-size:8pt;">76.15%</font><font style="font-family:inherit;font-size:8pt;"> represents unrecaptured section 1250 gain and </font><font style="font-family:inherit;font-size:8pt;">23.85%</font><font style="font-family:inherit;font-size:8pt;"> long term capital gain, and </font><font style="font-family:inherit;font-size:8pt;">52.70%</font><font style="font-family:inherit;font-size:8pt;"> is ordinary income. There are </font><font style="font-family:inherit;font-size:8pt;">no</font><font style="font-family:inherit;font-size:8pt;"> dividend arrearages on any of the preferred shares currently outstanding.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to </font><font style="font-family:inherit;font-size:8pt;">100%</font><font style="font-family:inherit;font-size:8pt;"> of the liquidation preference of </font><font style="font-family:inherit;font-size:8pt;">$25.00</font><font style="font-family:inherit;font-size:8pt;"> per share, plus accrued and unpaid dividends, if any, to the redemption date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into </font><font style="font-family:inherit;font-size:8pt;">3.9087</font><font style="font-family:inherit;font-size:8pt;"> shares of the Company's common stock (equal to an initial conversion price of approximately </font><font style="font-family:inherit;font-size:8pt;">$12.79</font><font style="font-family:inherit;font-size:8pt;"> per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to </font><font style="font-family:inherit;font-size:8pt;">100%</font><font style="font-family:inherit;font-size:8pt;"> of the liquidation preference of </font><font style="font-family:inherit;font-size:8pt;">$50.00</font><font style="font-family:inherit;font-size:8pt;"> per share, plus accrued and unpaid dividends, if any, to the redemption date.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dividends</font><font style="font-family:inherit;font-size:10pt;">&#8212;To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">90%</font><font style="font-family:inherit;font-size:10pt;"> of its taxable income, excluding net capital gains, and must distribute </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">100%</font><font style="font-family:inherit;font-size:10pt;"> of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December&#160;31, 2015, the Company had </font><font style="font-family:inherit;font-size:10pt;">$902.9 million</font><font style="font-family:inherit;font-size:10pt;"> of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2029 and through </font><font style="font-family:inherit;font-size:10pt;">2035</font><font style="font-family:inherit;font-size:10pt;"> if unused. The amount of NOL carryforwards as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> will be determined upon finalization of the Company's 2016 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility permit the Company to distribute </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">100%</font><font style="font-family:inherit;font-size:10pt;"> of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any common stock dividends for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock Repurchase Program</font><font style="font-family:inherit;font-size:10pt;">&#8212;In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new </font><font style="font-family:inherit;font-size:10pt;">$50.0 million</font><font style="font-family:inherit;font-size:10pt;"> stock repurchase program. After having substantially utilized the availability authorized in February 2016, the Company's Board of Directors authorized an increase to the stock repurchase program to </font><font style="font-family:inherit;font-size:10pt;">$50.0 million</font><font style="font-family:inherit;font-size:10pt;">, effective August 4, 2016. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company did not repurchase any shares of common stock. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company repurchased </font><font style="font-family:inherit;font-size:10pt;">5.8 million</font><font style="font-family:inherit;font-size:10pt;"> shares of its outstanding common stock for </font><font style="font-family:inherit;font-size:10pt;">$58.1 million</font><font style="font-family:inherit;font-size:10pt;">, at an average cost of </font><font style="font-family:inherit;font-size:10pt;">$9.94</font><font style="font-family:inherit;font-size:10pt;"> per share. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had remaining authorization to repurchase up to </font><font style="font-family:inherit;font-size:10pt;">$50.0 million</font><font style="font-family:inherit;font-size:10pt;"> of common stock available to repurchase under its stock repurchase program.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Other Comprehensive Income (Loss)</font><font style="font-family:inherit;font-size:10pt;">&#8212;"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:82.26120857699804%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized gains (losses) on available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized gains (losses) on cash flow hedges</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">689</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized losses on cumulative translation adjustment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,795</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,394</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accumulated other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,974</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,218</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:75.43859649122807%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average<br clear="none"/>Recorded<br clear="none"/>Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest<br clear="none"/>Income<br clear="none"/>Recognized</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average<br clear="none"/>Recorded<br clear="none"/>Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest<br clear="none"/>Income<br clear="none"/>Recognized</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With no related allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,542</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,542</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With an allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">126,843</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,224</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,571</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">241,418</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132,414</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">131,385</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,224</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">252,371</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">136,956</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Land and Development</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's land and development assets were comprised of the following ($ in thousands): </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:72.90448343079922%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:64%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and land development, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">961,907</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">952,051</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,757</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,486</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total land and development, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Acquisitions&#8212;</font><font style="font-family:inherit;font-size:10pt;">In 2016, the Company acquired an additional </font><font style="font-family:inherit;font-size:10pt;">10.7%</font><font style="font-family:inherit;font-size:10pt;"> interest in a consolidated entity for </font><font style="font-family:inherit;font-size:10pt;">$10.8 million</font><font style="font-family:inherit;font-size:10pt;">. The Company owns </font><font style="font-family:inherit;font-size:10pt;">95.7%</font><font style="font-family:inherit;font-size:10pt;"> of the entity as of </font><font style="font-family:inherit;font-size:10pt;">March 31,</font><font style="font-family:inherit;font-size:10pt;"> 2017.</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dispositions&#8212;</font><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, the Company sold residential lots and units and recognized land development revenue of </font><font style="font-family:inherit;font-size:10pt;">$20.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$14.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from its land and development portfolio. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, the Company recognized land development cost of sales of </font><font style="font-family:inherit;font-size:10pt;">$15.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11.6 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from its land and development portfolio.</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Redeemable Noncontrolling Interest&#8212;</font><font style="font-family:inherit;font-size:10pt;">The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, this interest had a carrying value of </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and December 31, 2016, this interest did not have a redemption value.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's land and development assets were comprised of the following ($ in thousands): </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:72.90448343079922%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:64%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and land development, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">961,907</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">952,051</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,757</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,486</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total land and development, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Loans Receivable and Other Lending Investments, net</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Type of Investment</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, <br clear="none"/>2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, <br clear="none"/>2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">834,795</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">940,738</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">519,198</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">490,389</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,242</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total gross carrying value of loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,379,235</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,456,068</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reserves for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(85,545</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loans receivable, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,299,846</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,370,523</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other lending investments&#8212;securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,381</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,916</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loans receivable and other lending investments, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reserve for Loan Losses</font><font style="font-family:inherit;font-size:10pt;">&#8212;Changes in the Company's reserve for loan losses were as follows ($ in thousands):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.39571150097466%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reserve for loan losses at beginning of period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,545</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Recovery of) provision for loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Charge-offs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,228</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reserve for loan losses at end of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,389</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109,671</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.28654970760235%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Individually</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Evaluated for</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Impairment</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Collectively</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Evaluated for</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Impairment</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,801</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,135,134</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,385,935</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Reserve for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,400</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">189,812</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,116,734</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,306,546</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,941</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,209,062</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,463,003</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Reserve for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23,300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(85,545</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">191,696</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,185,762</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,377,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of </font><font style="font-family:inherit;font-size:8pt;">$0.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.4 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of </font><font style="font-family:inherit;font-size:8pt;">$2.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.9 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company's recorded investment in loans as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;"> includes accrued interest of </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.9 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, excludes </font><font style="font-family:inherit;font-size:8pt;">$81.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$79.9 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of securities that are evaluated for impairment under ASC 320.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit Characteristics</font><font style="font-family:inherit;font-size:10pt;">&#8212;As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:83.04093567251462%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Performing</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Risk Ratings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Performing</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Risk Ratings</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">756,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.31</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">859,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.12</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364,159</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.06</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">335,677</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.09</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.46</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,135,134</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.55</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,209,062</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.11</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="20" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Less Than</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">and Equal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">to 90 Days</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Greater</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Than</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">90 Days</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Past Due</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">762,720</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,454</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,454</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">839,174</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364,159</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">521,462</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,299</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,299</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,152,178</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,385,935</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">868,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,182</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">335,677</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492,823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,229,180</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,823</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,823</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,463,003</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">four</font><font style="font-family:inherit;font-size:8pt;"> loans which were greater than </font><font style="font-family:inherit;font-size:8pt;">90 days</font><font style="font-family:inherit;font-size:8pt;"> delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from </font><font style="font-family:inherit;font-size:8pt;">1.0</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">8.0 years</font><font style="font-family:inherit;font-size:8pt;"> outstanding. As of December 31, 2016, the Company had </font><font style="font-family:inherit;font-size:8pt;">four</font><font style="font-family:inherit;font-size:8pt;"> loans which were greater than </font><font style="font-family:inherit;font-size:8pt;">90 days</font><font style="font-family:inherit;font-size:8pt;"> delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from </font><font style="font-family:inherit;font-size:8pt;">1.0</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">8.0 years</font><font style="font-family:inherit;font-size:8pt;"> outstanding. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Impaired Loans</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:29%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recorded</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unpaid</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Principal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Related</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Allowance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recorded</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unpaid</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Principal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Related</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Allowance</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With no related allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With an allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,933</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,780</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">239,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">229,354</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,079</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">232,563</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,933</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,780</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,801</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,381</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,941</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,409</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">____________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">All of the Company's non-accrual loans are considered impaired and included in the table above. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:75.43859649122807%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average<br clear="none"/>Recorded<br clear="none"/>Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest<br clear="none"/>Income<br clear="none"/>Recognized</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average<br clear="none"/>Recorded<br clear="none"/>Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest<br clear="none"/>Income<br clear="none"/>Recognized</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With no related allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,542</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,542</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With an allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">126,843</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,224</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,571</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">241,418</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132,414</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">131,385</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,224</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">252,371</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">136,956</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities</font><font style="font-family:inherit;font-size:10pt;">&#8212;Other lending investments&#8212;securities includes the following ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:88.69395711500975%;border-collapse:collapse;text-align:left;"><tr><td colspan="20" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortized Cost Basis</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Unrealized Gain (Loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Carrying Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-Sale Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Municipal debt securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,230</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,230</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">409</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Held-to-Maturity Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,742</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,321</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,063</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,742</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,097</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,972</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,730</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,381</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-Sale Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Municipal debt securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">426</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Held-to-Maturity Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,753</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,003</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,694</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,490</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,179</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,669</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,916</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Assets and Other Liabilities</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred expenses and other assets, net, consist of the following items ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.87134502923976%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,723</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,098</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other receivables</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,047</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,877</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,591</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,290</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,883</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Leasing costs, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,812</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,566</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate furniture, fixtures and equipment, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(4)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,399</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred expenses and other assets, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">204,148</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">199,649</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was </font><font style="font-family:inherit;font-size:8pt;">$33.2 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$32.6 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by </font><font style="font-family:inherit;font-size:8pt;">$0.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.2 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was </font><font style="font-family:inherit;font-size:8pt;">$0.5 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, included </font><font style="font-family:inherit;font-size:8pt;">$25.8 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">$26.0 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of receivables related to the construction and development of an amphitheater.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated amortization of leasing costs was </font><font style="font-family:inherit;font-size:8pt;">$6.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated depreciation on corporate furniture, fixtures and equipment was </font><font style="font-family:inherit;font-size:8pt;">$9.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$9.0 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.06627680311891%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,398</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75,993</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,139</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,693</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued interest payable</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,901</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,033</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible liabilities, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,602</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,851</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable, accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">192,040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,570</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, "Other liabilities" includes </font><font style="font-family:inherit;font-size:8pt;">$24.0 million</font><font style="font-family:inherit;font-size:8pt;"> related to profit sharing arrangements with developers for certain properties sold. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, includes </font><font style="font-family:inherit;font-size:8pt;">$1.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.2 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, "Other liabilities" also includes </font><font style="font-family:inherit;font-size:8pt;">$7.8 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$8.5 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, related to tax increment financing bonds which were issued by government entities to fund development within </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, accrued expenses includes </font><font style="font-family:inherit;font-size:8pt;">$2.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.7 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.4 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by </font><font style="font-family:inherit;font-size:8pt;">$0.3 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.78557504873294%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:57%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets (liabilities)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,806</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66,498</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation allowance</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(70,806</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(66,498</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net deferred tax assets (liabilities)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Investments</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.45614035087719%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Equity in Earnings (Losses)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate equity investments</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">iStar Net Lease I LLC ("Net Lease Venture")</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,024</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,669</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">946</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms, LLC ("Marina Palms")</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,185</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,117</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other real estate equity investments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,230</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,202</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,357</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">164,693</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181,056</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,455</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,465</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other strategic investments</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,267</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended March&#160;31, 2016, the Company recognized </font><font style="font-family:inherit;font-size:8pt;">$3.2 million</font><font style="font-family:inherit;font-size:8pt;"> of carried interest income. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Lease Venture</font><font style="font-family:inherit;font-size:10pt;">&#8212;In February 2014, the Company partnered with a sovereign wealth fund to form an unconsolidated entity in which the Company has an equity interest of approximately </font><font style="font-family:inherit;font-size:10pt;">51.9%</font><font style="font-family:inherit;font-size:10pt;">. The partners plan to contribute up to an aggregate </font><font style="font-family:inherit;font-size:10pt;">$500 million</font><font style="font-family:inherit;font-size:10pt;"> of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of </font><font style="font-family:inherit;font-size:10pt;">0.6%</font><font style="font-family:inherit;font-size:10pt;"> equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;"> of any promote payment received based on the </font><font style="font-family:inherit;font-size:10pt;">47.5%</font><font style="font-family:inherit;font-size:10pt;"> partner's interest. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the venture's carrying value of total assets was </font><font style="font-family:inherit;font-size:10pt;">$516.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$511.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, the Company recorded </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> of management fees, respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Marina Palms</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company owned a </font><font style="font-family:inherit;font-size:10pt;">47.5%</font><font style="font-family:inherit;font-size:10pt;"> equity interest in Marina Palms, a </font><font style="font-family:inherit;font-size:10pt;">468</font><font style="font-family:inherit;font-size:10pt;"> unit, two tower residential condominium development in North Miami Beach, Florida. The </font><font style="font-family:inherit;font-size:10pt;">234</font><font style="font-family:inherit;font-size:10pt;"> unit north tower has </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> unit remaining for sale as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. The </font><font style="font-family:inherit;font-size:10pt;">234</font><font style="font-family:inherit;font-size:10pt;"> unit south tower is </font><font style="font-family:inherit;font-size:10pt;">84%</font><font style="font-family:inherit;font-size:10pt;"> sold or pre-sold (based on unit count) as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the venture's carrying value of total assets was </font><font style="font-family:inherit;font-size:10pt;">$98.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$201.8 million</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other real estate equity investments</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company's other real estate equity investments included equity interests in real estate ventures ranging from </font><font style="font-family:inherit;font-size:10pt;">20%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">85%</font><font style="font-family:inherit;font-size:10pt;">, comprised of investments of </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;"> in operating properties and </font><font style="font-family:inherit;font-size:10pt;">$50.0 million</font><font style="font-family:inherit;font-size:10pt;"> in land assets. As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company's other real estate equity investments included </font><font style="font-family:inherit;font-size:10pt;">$3.6 million</font><font style="font-family:inherit;font-size:10pt;"> in operating properties and </font><font style="font-family:inherit;font-size:10pt;">$49.6 million</font><font style="font-family:inherit;font-size:10pt;"> in land assets. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a </font><font style="font-family:inherit;font-size:10pt;">50.0%</font><font style="font-family:inherit;font-size:10pt;"> equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner both made </font><font style="font-family:inherit;font-size:10pt;">$7.0 million</font><font style="font-family:inherit;font-size:10pt;"> contributions to the venture and the Company provided financing to the entity in the form of a </font><font style="font-family:inherit;font-size:10pt;">$27.0 million</font><font style="font-family:inherit;font-size:10pt;"> senior loan commitment, which had a carrying value of </font><font style="font-family:inherit;font-size:10pt;">$23.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$22.7 million</font><font style="font-family:inherit;font-size:10pt;"> as of March 31, 2017 and December 31, 2016, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2017, the Company recorded </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> of interest income on the senior loan.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other strategic investments</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and December 31, 2016, the carrying value of the Company's cost method investments was </font><font style="font-family:inherit;font-size:10pt;">$0.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-bottom:4px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summarized investee financial information</font><font style="font-family:inherit;font-size:10pt;">&#8212;The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016 ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:83.82066276803118%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Income Attributable to Parent Entities</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,669</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,911</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,758</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Lease Venture</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,621</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,588</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,890</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,628</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(25,511</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,117</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net Lease Venture</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,830</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,863</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,823</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Encumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unencumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Encumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unencumbered Assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,005,826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">470,765</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">881,212</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">610,540</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">919,985</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">910,400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137,293</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,080,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">172,581</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,142,050</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,212,055</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">639,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,178,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,952,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,088,958</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,600,748</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the amounts presented exclude general reserves for loan losses of </font><font style="font-family:inherit;font-size:8pt;">$18.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$23.3 million</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the amounts presented exclude loan participations of </font><font style="font-family:inherit;font-size:8pt;">$181.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$159.1 million</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):</font></div><div style="line-height:120%;text-align:left;padding-left:6px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:93.37231968810916%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23,990</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,618</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,458</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net (income) loss attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">942</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preferred dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,830</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,830</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar&#160;Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.28654970760235%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Individually</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Evaluated for</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Impairment</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Collectively</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Evaluated for</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Impairment</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,801</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,135,134</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,385,935</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Reserve for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,400</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">189,812</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,116,734</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,306,546</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,941</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,209,062</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,463,003</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Reserve for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23,300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(85,545</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">191,696</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,185,762</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,377,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of </font><font style="font-family:inherit;font-size:8pt;">$0.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.4 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of </font><font style="font-family:inherit;font-size:8pt;">$2.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.9 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company's recorded investment in loans as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;"> includes accrued interest of </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.9 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, excludes </font><font style="font-family:inherit;font-size:8pt;">$81.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$79.9 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of securities that are evaluated for impairment under ASC 320.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Type of Investment</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, <br clear="none"/>2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, <br clear="none"/>2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">834,795</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">940,738</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">519,198</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">490,389</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,242</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total gross carrying value of loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,379,235</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,456,068</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reserves for loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(79,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(85,545</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loans receivable, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,299,846</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,370,523</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other lending investments&#8212;securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,381</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,916</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loans receivable and other lending investments, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's real estate assets were comprised of the following ($ in thousands): </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:76.0233918128655%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating</font></div><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271,433</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,054</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">482,487</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements, at cost</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,097,049</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">316,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,413,775</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(370,168</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,503</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(419,671</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478,277</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,476,591</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">550,211</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,548,525</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,054</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">483,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements, at cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,111,589</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311,283</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,422,872</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(368,665</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(46,175</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(414,840</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,015,590</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">476,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,491,752</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,284</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,480</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,016,874</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">558,642</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,575,516</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">$71.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$82.5 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of residential properties available for sale in its operating properties portfolio.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">100%</font><font style="font-family:inherit;font-size:10pt;"> of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.44054580896686%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans and Other Lending Investments</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Performance-Based Commitments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,814</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,059</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">339,735</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Strategic Investments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,564</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,564</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,862</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,814</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,623</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">385,299</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Excludes </font><font style="font-family:inherit;font-size:8pt;">$155.3 million</font><font style="font-family:inherit;font-size:8pt;"> of commitments on loan participations sold that are not the obligation of the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company did not have any Discretionary Fundings as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the Company's reserve for loan losses were as follows ($ in thousands):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.39571150097466%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reserve for loan losses at beginning of period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,545</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Recovery of) provision for loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Charge-offs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,228</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reserve for loan losses at end of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,389</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109,671</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Unfunded Commitments</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">100%</font><font style="font-family:inherit;font-size:10pt;"> of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.44054580896686%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans and Other Lending Investments</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Performance-Based Commitments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,814</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,059</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">339,735</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Strategic Investments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,564</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,564</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,862</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,814</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,623</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">385,299</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Excludes </font><font style="font-family:inherit;font-size:8pt;">$155.3 million</font><font style="font-family:inherit;font-size:8pt;"> of commitments on loan participations sold that are not the obligation of the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company did not have any Discretionary Fundings as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Legal Proceedings</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings:</font></div><div style="line-height:174%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Shareholder Action</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As previously reported, a shareholder action was filed in 2014 in Maryland state court purporting to assert derivative, class and individual claims against the Company, a number of our current and former senior executives (including our chief executive officer) and current and former directors as defendants.&#160; The complaint alleged breach of fiduciary duty, breach of contract and other causes of action arising out of compensation awards granted by the Company to our senior executives in December 2008 and modified in July 2011. On October 30, 2014, the Maryland Circuit Court dismissed all of plaintiffs' claims in the action. Plaintiffs appealed and, on January 28, 2016, the Maryland Court of Special Appeals affirmed the order of the Circuit Court. Plaintiffs appealed that decision and, on January 20, 2017, the Maryland Court of Appeals (Maryland&#8217;s highest court) issued its opinion affirming the dismissal of all of plaintiffs&#8217; claims against the Company and the other defendants. This matter is concluded. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863)</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This litigation involves a dispute over the purchase and sale of approximately </font><font style="font-family:inherit;font-size:10pt;">1,250</font><font style="font-family:inherit;font-size:10pt;"> acres of land in Prince George&#8217;s County, Maryland. On January 22, 2015, the United States District Court for the District of Maryland (the District Court) entered a judgment in favor of the Company, as seller, and against Lennar, as purchaser. The District Court found that the Company is entitled to specific performance and awarded damages to the Company in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of </font><font style="font-family:inherit;font-size:10pt;">$114.0 million</font><font style="font-family:inherit;font-size:10pt;">; plus (ii) simple interest on the unpaid amount at a rate of </font><font style="font-family:inherit;font-size:10pt;">12%</font><font style="font-family:inherit;font-size:10pt;"> annually, calculated from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. Lennar appealed the District Court's judgment and posted an appeal bond. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 12, 2017, the United States Court of Appeals for the Fourth Circuit (the Court of Appeals) affirmed the judgment of the District Court in its entirety. Lennar has filed a petition with the Court of Appeals for rehearing en banc, only with respect to the calculation of interest owed by Lennar on the unpaid purchase price following the date of the judgment of the District Court, which petition is pending. Lennar&#8217;s time period to seek review of the Court of Appeals&#8217; decision by the United States Supreme Court has not expired. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$231.1 million</font><font style="font-family:inherit;font-size:10pt;"> after payment of </font><font style="font-family:inherit;font-size:10pt;">$6.3 million</font><font style="font-family:inherit;font-size:10pt;"> in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of </font><font style="font-family:inherit;font-size:10pt;">$114.0 million</font><font style="font-family:inherit;font-size:10pt;"> of sales proceeds, </font><font style="font-family:inherit;font-size:10pt;">$121.8 million</font><font style="font-family:inherit;font-size:10pt;"> of interest and </font><font style="font-family:inherit;font-size:10pt;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> of real estate tax reimbursements. The amount of attorneys&#8217; fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a </font><font style="font-family:inherit;font-size:10pt;">4.3%</font><font style="font-family:inherit;font-size:10pt;"> participation interest in all proceeds received by the Company. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Debt Obligations, net</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's debt obligations were as follows ($&#160;in&#160;thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:36%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stated</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest Rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Scheduled</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Secured credit facilities and mortgages:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2015 $250 Million Secured Revolving Credit Facility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR + 2.75%</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016 Senior Secured Credit Facility</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">498,648</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR&#160;+&#160;3.75%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017 Secured Financing</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">227,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3.795</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2027</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Mortgages collateralized by net lease assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">247,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">249,987</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3.875%&#160;-&#160;7.26%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(4)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Various through 2032</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total secured credit facilities and mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">974,535</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">748,635</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Unsecured notes:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.85% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">99,722</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.85</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9.00% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(5)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">550,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">550,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.00</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">November 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.125% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">February 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.875% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(6)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.875</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(7)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(8)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2021</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(9)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">375,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2022</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total unsecured notes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,845,000</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,569,722</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Other debt obligations:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Trust preferred securities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR&#160;+&#160;1.50%</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">October 2035</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total debt obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,919,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,418,357</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Debt discounts and deferred financing costs, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(37,140</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,449</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total debt obligations, net</font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(10)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,882,395</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,389,908</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus </font><font style="font-family:inherit;font-size:8pt;">0.5%</font><font style="font-family:inherit;font-size:8pt;"> or (c) LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;"> and subject to a margin ranging from </font><font style="font-family:inherit;font-size:8pt;">1.25%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">1.75%</font><font style="font-family:inherit;font-size:8pt;">, or (ii) LIBOR subject to a margin ranging from </font><font style="font-family:inherit;font-size:8pt;">2.25%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">2.75%</font><font style="font-family:inherit;font-size:8pt;">. At maturity, the Company may convert outstanding borrowings to a </font><font style="font-family:inherit;font-size:8pt;">one year</font><font style="font-family:inherit;font-size:8pt;"> term loan which matures in quarterly installments through March 2019.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus </font><font style="font-family:inherit;font-size:8pt;">0.5%</font><font style="font-family:inherit;font-size:8pt;"> or (c) LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;"> and subject to a margin of </font><font style="font-family:inherit;font-size:8pt;">2.75%</font><font style="font-family:inherit;font-size:8pt;"> or (ii) LIBOR subject to a margin of </font><font style="font-family:inherit;font-size:8pt;">3.75%</font><font style="font-family:inherit;font-size:8pt;"> with a minimum LIBOR rate of </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company entered into a </font><font style="font-family:inherit;font-size:8pt;">$200 million</font><font style="font-family:inherit;font-size:8pt;"> notional rate lock swap, bringing the effective interest rate down from </font><font style="font-family:inherit;font-size:8pt;">3.795%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">3.773%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, includes a loan with a floating rate of LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">2.0%</font><font style="font-family:inherit;font-size:8pt;">. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the weighted average interest rate of these loans is </font><font style="font-family:inherit;font-size:8pt;">5.1%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(5)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning August 1, 2017.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(6)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning January 1, 2018.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(7)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning July 1, 2018.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(8)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning July 1, 2020.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(9)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning April 1, 2021.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(10)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company capitalized interest relating to development activities of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.4 million</font><font style="font-family:inherit;font-size:8pt;"> during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016, respectively.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Future Scheduled Maturities</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:92.39766081871345%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:50%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unsecured Debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Secured Debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2017 (remaining nine months)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">825,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">825,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2018</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">600,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">610,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2019</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">798,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">119,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">394,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">475,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">316,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">791,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total principal maturities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,945,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">974,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,919,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unamortized discounts and deferred financing costs, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,148</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,992</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(37,140</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt obligations, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,923,852</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">958,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,882,395</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_____________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company has </font><font style="font-family:inherit;font-size:8pt;">$825.0 million</font><font style="font-family:inherit;font-size:8pt;"> of debt obligations maturing in </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> separate tranches during 2017, and </font><font style="font-family:inherit;font-size:8pt;">$310.6 million</font><font style="font-family:inherit;font-size:8pt;"> of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of </font><font style="font-family:inherit;font-size:8pt;">May&#160;3, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had approximately </font><font style="font-family:inherit;font-size:8pt;">$1.2 billion</font><font style="font-family:inherit;font-size:8pt;"> of cash and available capacity under existing borrowing arrangements.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017 Secured Financing</font><font style="font-family:inherit;font-size:10pt;">&#8212;In March 2017, the Company entered into a </font><font style="font-family:inherit;font-size:10pt;">$227.0</font><font style="font-family:inherit;font-size:10pt;"> million secured financing transaction (the "2017 Secured Financing") that accrues interest at </font><font style="font-family:inherit;font-size:10pt;">3.795%</font><font style="font-family:inherit;font-size:10pt;"> and matures in </font><font style="font-family:inherit;font-size:10pt;">April 2027</font><font style="font-family:inherit;font-size:10pt;">. Subsequent to March 31, 2017, the 2017 Secured Financing was assumed by an entity in which the Company has a </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> noncontrolling interest (refer to Note 18). The 2017 Secured Financing is collateralized by </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> properties including </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> ground net leases and&#160;</font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> master lease (covering the accounts of </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> properties). In connection with the 2017 Secured Financing, the Company incurred&#160;</font><font style="font-family:inherit;font-size:10pt;">$7.4 million</font><font style="font-family:inherit;font-size:10pt;">&#160;of lender and third-party fees, substantially all of which&#160;was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016 Secured Term Loan</font><font style="font-family:inherit;font-size:10pt;">&#8212;In December 2016, the Company arranged a </font><font style="font-family:inherit;font-size:10pt;">$170.0 million</font><font style="font-family:inherit;font-size:10pt;"> delayed draw secured term loan (the "2016 Secured Term Loan"). During the three months ended March 31, 2017, the Company allowed the 2016 Secured Term Loan to expire and replaced the 2016 Secured Term Loan with the 2017 Secured Financing. The 2016 Secured Term Loan was collateralized by the </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> properties that now serve as collateral for the 2017 Secured Financing which were sold subsequent to March 31, 2017.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016 Senior Secured Credit Facility</font><font style="font-family:inherit;font-size:10pt;">&#8212;In June 2016, the Company entered into a senior secured credit facility of </font><font style="font-family:inherit;font-size:10pt;">$450.0 million</font><font style="font-family:inherit;font-size:10pt;"> (the "2016 Senior Secured Credit Facility"). In August 2016, the Company upsized the facility to </font><font style="font-family:inherit;font-size:10pt;">$500.0 million</font><font style="font-family:inherit;font-size:10pt;">. The initial </font><font style="font-family:inherit;font-size:10pt;">$450.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the 2016 Senior Secured Credit Facility was issued at </font><font style="font-family:inherit;font-size:10pt;">99%</font><font style="font-family:inherit;font-size:10pt;"> of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility initially accrued interest at a floating rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">4.50%</font><font style="font-family:inherit;font-size:10pt;"> with a </font><font style="font-family:inherit;font-size:10pt;">1.00%</font><font style="font-family:inherit;font-size:10pt;"> LIBOR floor. In January 2017, the Company repriced the 2016 Senior Secured Credit Facility to LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">3.75%</font><font style="font-family:inherit;font-size:10pt;"> with a </font><font style="font-family:inherit;font-size:10pt;">1.00%</font><font style="font-family:inherit;font-size:10pt;"> LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized </font><font style="font-family:inherit;font-size:10pt;">1.25</font><font style="font-family:inherit;font-size:10pt;">x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees, and is required to repay </font><font style="font-family:inherit;font-size:10pt;">0.25%</font><font style="font-family:inherit;font-size:10pt;"> of the principal amount on the first business day of each quarter. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay other secured debt.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the 2016 Senior Secured Credit Facility, the Company incurred&#160;</font><font style="font-family:inherit;font-size:10pt;">$4.5 million</font><font style="font-family:inherit;font-size:10pt;">&#160;of lender fees, substantially all of which&#160;was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. The Company also incurred&#160;</font><font style="font-family:inherit;font-size:10pt;">$6.2 million</font><font style="font-family:inherit;font-size:10pt;">&#160;in third party fees, of which&#160;</font><font style="font-family:inherit;font-size:10pt;">$4.3 million</font><font style="font-family:inherit;font-size:10pt;">&#160;was capitalized in &#8220;Debt obligations, net&#8221; on the Company's consolidated balance sheets, as it related to new lenders, and </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;">&#160;was recognized in &#8220;Other expense&#8221; in the Company's consolidated statements of operations as it related primarily to those lenders from the original facility that modified their debt under the new facility. In connection with the repricing of the 2016 Senior Secured Credit Facility in January 2017, the Company incurred an additional </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> in fees, substantially all of which was recognized in "Other expense."</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2015 Secured Revolving Credit Facility</font><font style="font-family:inherit;font-size:10pt;">&#8212;In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of </font><font style="font-family:inherit;font-size:10pt;">$250.0 million</font><font style="font-family:inherit;font-size:10pt;"> (the "2015 Secured Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from </font><font style="font-family:inherit;font-size:10pt;">0.375%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">0.50%</font><font style="font-family:inherit;font-size:10pt;">, based on average utilization each quarter. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the weighted average cost of the credit facility was </font><font style="font-family:inherit;font-size:10pt;">3.46%</font><font style="font-family:inherit;font-size:10pt;">. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a </font><font style="font-family:inherit;font-size:10pt;">one year</font><font style="font-family:inherit;font-size:10pt;"> term loan which matures in quarterly installments through March 2019. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, based on the Company's borrowing base of assets, the Company had </font><font style="font-family:inherit;font-size:10pt;">$236.0 million</font><font style="font-family:inherit;font-size:10pt;"> of borrowing capacity available under the 2015 Secured Revolving Credit Facility.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Unsecured Notes</font><font style="font-family:inherit;font-size:10pt;">&#8212;In March 2017, the Company issued </font><font style="font-family:inherit;font-size:10pt;">$375.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">6.00%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the </font><font style="font-family:inherit;font-size:10pt;">$99.7 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">5.85%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes due March 2017 and, subsequent to March 31, 2017, repay in full the </font><font style="font-family:inherit;font-size:10pt;">$275.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">9.00%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes due June 2017. In March 2016, the Company repaid its </font><font style="font-family:inherit;font-size:10pt;">$261.4 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">5.875%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes at maturity using available cash. In addition, the Company issued </font><font style="font-family:inherit;font-size:10pt;">$275.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay in full the </font><font style="font-family:inherit;font-size:10pt;">$265.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of senior unsecured notes due July 2016 and repay </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the 2015 Secured Revolving Credit Facility. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, in connection with the retirement of the Company's </font><font style="font-family:inherit;font-size:10pt;">$200.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">3.0%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured convertible notes due November 2016, the Company converted </font><font style="font-family:inherit;font-size:10pt;">$9.6 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount into </font><font style="font-family:inherit;font-size:10pt;">0.8 million</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Encumbered/Unencumbered Assets</font><font style="font-family:inherit;font-size:10pt;">&#8212;The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Encumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unencumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Encumbered Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unencumbered Assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,005,826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">470,765</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">881,212</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">610,540</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">919,985</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">910,400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137,293</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,080,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">172,581</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,142,050</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,212,055</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">639,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,178,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,952,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,088,958</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,600,748</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the amounts presented exclude general reserves for loan losses of </font><font style="font-family:inherit;font-size:8pt;">$18.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$23.3 million</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the amounts presented exclude loan participations of </font><font style="font-family:inherit;font-size:8pt;">$181.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$159.1 million</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Debt Covenants</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.2</font><font style="font-family:inherit;font-size:10pt;">x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is </font><font style="font-family:inherit;font-size:10pt;">1.5</font><font style="font-family:inherit;font-size:10pt;">x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Secured Credit Facility requires the Company to maintain collateral coverage of at least </font><font style="font-family:inherit;font-size:10pt;">1.25</font><font style="font-family:inherit;font-size:10pt;">x outstanding borrowings on the facility. The 2015 Secured Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both collateral coverage of at least </font><font style="font-family:inherit;font-size:10pt;">1.5</font><font style="font-family:inherit;font-size:10pt;">x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least </font><font style="font-family:inherit;font-size:10pt;">1.5</font><font style="font-family:inherit;font-size:10pt;">x. The 2015 Secured Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least </font><font style="font-family:inherit;font-size:10pt;">1.5</font><font style="font-family:inherit;font-size:10pt;">x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as the Company maintains its qualification as a REIT, the 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit the Company to distribute </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss ("NOL") carryforwards). The Company may not pay common dividends if it ceases to qualify as a REIT.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred expenses and other assets, net, consist of the following items ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.87134502923976%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,723</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,098</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other receivables</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,047</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,877</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,591</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,290</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,883</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Leasing costs, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,812</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,566</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate furniture, fixtures and equipment, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(4)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,399</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred expenses and other assets, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">204,148</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">199,649</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was </font><font style="font-family:inherit;font-size:8pt;">$33.2 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$32.6 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by </font><font style="font-family:inherit;font-size:8pt;">$0.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.2 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was </font><font style="font-family:inherit;font-size:8pt;">$0.5 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, included </font><font style="font-family:inherit;font-size:8pt;">$25.8 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">$26.0 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of receivables related to the construction and development of an amphitheater.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated amortization of leasing costs was </font><font style="font-family:inherit;font-size:8pt;">$6.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated depreciation on corporate furniture, fixtures and equipment was </font><font style="font-family:inherit;font-size:8pt;">$9.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$9.0 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivatives</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Assets as of </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Liabilities as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td colspan="6" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">307</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">307</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives not Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">702</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">264</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):</font></div><div style="line-height:100%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:28%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location of Gain (Loss)</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recognized in Income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;(Ineffective Portion)</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">467</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(30</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(299</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(185</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(502</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(459</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(97</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:100%;padding-bottom:13px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.67641325536063%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recognized in Income</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location of Gain</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Loss) Recognized in</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Income</font></div></td><td rowspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives not Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(803</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(125</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(182</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Foreign Exchange Contracts</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date. </font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.68615984405457%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(USD Equivalent)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells Indian rupee ("INR")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8360;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,089</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, &#8364;, and &#163; in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(USD Equivalent)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells euro ("EUR")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8364;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,549</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells pound sterling ("GBP")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#163;</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,400</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,168</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains related to foreign investments of </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> during the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016 in its consolidated statements of operations. &#160;</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rate Hedges</font><font style="font-family:inherit;font-size:10pt;">&#8212;For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Variable Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,254</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LIBOR + 2.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.47%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">October 2012</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 2019</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended March 31, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing. As a result of the settlement, the Company recorded a </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> unrealized gain in &#8220;Accumulated other comprehensive income&#8221; on the Company&#8217;s consolidated balance sheets. The unrealized gain will be amortized from accumulated other comprehensive as a reduction to interest expense over the term of the 2017 Secured Financing.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands): </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Variable Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LIBOR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 2017</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Over the next </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12 months</font><font style="font-family:inherit;font-size:10pt;">, the Company expects that </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> related to terminated cash flow hedges will be reclassified</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">from "Accumulated other comprehensive income (loss)" into interest expense and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit Risk-Related Contingent Features</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company has posted collateral of </font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock-Based Compensation Plans and Employee Benefits</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock-Based Compensation</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company recorded stock-based compensation expense, including the effect of performance incentive plans (see below), of </font><font style="font-family:inherit;font-size:10pt;">$5.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively, in "General and administrative" in the Company's consolidated statements of operations. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">$3.0 million</font><font style="font-family:inherit;font-size:10pt;"> of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of </font><font style="font-family:inherit;font-size:10pt;">2.1</font><font style="font-family:inherit;font-size:10pt;"> years. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Performance Incentive Plans</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points.</font></div><div style="line-height:120%;padding-left:48px;padding-bottom:13px;text-align:justify;text-indent:30px;"><font style="padding-bottom:13px;text-align:justify;font-family:inherit;font-size:10pt;padding-right:18px;">&#8226;</font><font style="font-family:inherit;font-size:10pt;">In May 2014, the Company granted </font><font style="font-family:inherit;font-size:10pt;">73</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the initial 2013-2014 investment pool.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:78px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the Company granted an additional </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2013-2014 investment pool and </font><font style="font-family:inherit;font-size:10pt;">34</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2015-2016 investment pool. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:78px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the Company granted an additional </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2013-2014 investment pool and an additional </font><font style="font-family:inherit;font-size:10pt;">40</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2015-2016 investment pool. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:78px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the Company granted an additional </font><font style="font-family:inherit;font-size:10pt;text-transform:default;">2.5</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2015-2016 investment pool.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:78px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the Company granted an additional </font><font style="font-family:inherit;font-size:10pt;text-transform:default;">5</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2013-2014 investment pool, an additional </font><font style="font-family:inherit;font-size:10pt;text-transform:default;">18</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2015-2016 investment pool, and </font><font style="font-family:inherit;font-size:10pt;">44</font><font style="font-family:inherit;font-size:10pt;"> iPIP points in the 2017-2018 investment pool.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company had accrued compensation costs relating to iPIP of </font><font style="font-family:inherit;font-size:10pt;">$28.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$22.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Long-Term Incentive Plan</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, an aggregate of </font><font style="font-family:inherit;font-size:10pt;">3.4 million</font><font style="font-family:inherit;font-size:10pt;"> shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Share Issuances</font><font style="font-family:inherit;font-size:10pt;">&#8212;During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company granted </font><font style="font-family:inherit;font-size:10pt;">97,967</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and </font><font style="font-family:inherit;font-size:10pt;">62,704</font><font style="font-family:inherit;font-size:10pt;"> shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to </font><font style="font-family:inherit;font-size:10pt;">18 months</font><font style="font-family:inherit;font-size:10pt;"> from the date of grant.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">2017</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Restricted Stock Unit Activity</font><font style="font-family:inherit;font-size:10pt;">&#8212;During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115,571</font><font style="font-family:inherit;font-size:10pt;"> service-based Units granted on February 22, 2017, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> installment on December 31, 2019, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">115,571</font><font style="font-family:inherit;font-size:10pt;"> of such service-based Units were outstanding.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following additional stock-based compensation awards outstanding:</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,000</font><font style="font-family:inherit;font-size:10pt;"> service-based Units granted on June 15, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will vest in equal annual installments over </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-transform:default;">109,417</font><font style="font-family:inherit;font-size:10pt;"> service-based Units granted on January 29, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> installment on December 31, 2018, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,071</font><font style="font-family:inherit;font-size:10pt;"> target amount of performance-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from </font><font style="font-family:inherit;font-size:10pt;">0%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">200%</font><font style="font-family:inherit;font-size:10pt;"> of the target amount of the awards, depending on the Company&#8217;s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of common stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were </font><font style="font-family:inherit;font-size:10pt;">0.75%</font><font style="font-family:inherit;font-size:10pt;"> for risk-free interest rate and </font><font style="font-family:inherit;font-size:10pt;">28.14%</font><font style="font-family:inherit;font-size:10pt;"> for expected stock price volatility.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">56,020</font><font style="font-family:inherit;font-size:10pt;"> service-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,751</font><font style="font-family:inherit;font-size:10pt;"> service-based Units granted on various dates, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units have an original vesting term of </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Directors' Awards</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, a combined total of </font><font style="font-family:inherit;font-size:10pt;">333,384</font><font style="font-family:inherit;font-size:10pt;"> CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of </font><font style="font-family:inherit;font-size:10pt;">$3.9 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">401(k) Plan</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company made gross contributions of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings Per Share</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):</font></div><div style="line-height:120%;text-align:left;padding-left:6px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:93.37231968810916%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23,990</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,618</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,458</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net (income) loss attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">942</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preferred dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,830</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,830</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar&#160;Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.81286549707602%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings allocable to common shares:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Numerator for basic and diluted earnings per share:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to iStar&#160;Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Denominator for basic and diluted earnings per share:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding for basic and diluted earnings per common share</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,065</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77,060</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basic and diluted earnings per common share:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.38</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.27</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to iStar&#160;Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.27</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:67.64132553606238%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00% convertible senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,992</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series J convertible perpetual preferred stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.50% convertible senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,567</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Joint venture shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">For the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.45614035087719%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Equity in Earnings (Losses)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate equity investments</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">iStar Net Lease I LLC ("Net Lease Venture")</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,024</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,669</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">946</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marina Palms, LLC ("Marina Palms")</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,185</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,117</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other real estate equity investments</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,230</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,202</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,357</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">164,693</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181,056</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,455</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,465</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other strategic investments</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,267</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended March&#160;31, 2016, the Company recognized </font><font style="font-family:inherit;font-size:8pt;">$3.2 million</font><font style="font-family:inherit;font-size:8pt;"> of carried interest income. </font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):</font></div><div style="line-height:120%;text-align:right;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted market</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">prices in</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">active markets</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant other</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">observable</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">inputs</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">unobservable</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">inputs</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">571</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">571</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-sale securities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired real estate</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-sale securities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired loans</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired real estate</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(4)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,063</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,063</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">____________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded an impairment on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> real estate asset with a fair value of </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">$10.1 million</font><font style="font-family:inherit;font-size:8pt;"> based on a discount rate of </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">11%</font><font style="font-family:inherit;font-size:8pt;"> using discounted cash flows over a </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> year sellout period.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded a provision for loan losses on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> loan with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$5.2 million</font><font style="font-family:inherit;font-size:8pt;"> using an appraisal based on market comparable sales. In</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">addition, the Company recorded a recovery of loan losses on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> loan with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;"> based on proceeds to be received.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded an impairment on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> real estate asset with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$3.1 million</font><font style="font-family:inherit;font-size:8pt;"> based on a discount rate of </font><font style="font-family:inherit;font-size:8pt;">11%</font><font style="font-family:inherit;font-size:8pt;"> using discounted cash flows over a </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> year sellout period.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016 ($ in thousands):</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:6px;text-align:center;text-indent:30px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:78.3625730994152%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning balance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,161</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Purchases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,366</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Repayments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized (losses) gains recorded in other comprehensive income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(17</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ending balance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,536</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Values</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level&#160;1:&#160;&#160;&#160;&#160;Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level&#160;2:&#160;&#160;&#160;&#160;Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level&#160;3:&#160;&#160;&#160;&#160;Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e.,&#160;supported by little or no market activity).</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):</font></div><div style="line-height:120%;text-align:right;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted market</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">prices in</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">active markets</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant other</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">observable</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">inputs</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">unobservable</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">inputs</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">571</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">571</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-sale securities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired real estate</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-sale securities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-recurring basis:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired loans</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impaired real estate</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(4)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,063</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,063</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">____________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded an impairment on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> real estate asset with a fair value of </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">$10.1 million</font><font style="font-family:inherit;font-size:8pt;"> based on a discount rate of </font><font style="font-family:inherit;font-size:8pt;text-transform:default;">11%</font><font style="font-family:inherit;font-size:8pt;"> using discounted cash flows over a </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> year sellout period.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded a provision for loan losses on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> loan with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$5.2 million</font><font style="font-family:inherit;font-size:8pt;"> using an appraisal based on market comparable sales. In</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">addition, the Company recorded a recovery of loan losses on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> loan with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;"> based on proceeds to be received.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company recorded an impairment on </font><font style="font-family:inherit;font-size:8pt;">one</font><font style="font-family:inherit;font-size:8pt;"> real estate asset with a fair value of </font><font style="font-family:inherit;font-size:8pt;">$3.1 million</font><font style="font-family:inherit;font-size:8pt;"> based on a discount rate of </font><font style="font-family:inherit;font-size:8pt;">11%</font><font style="font-family:inherit;font-size:8pt;"> using discounted cash flows over a </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> year sellout period.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016 ($ in thousands):</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:6px;text-align:center;text-indent:30px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:78.3625730994152%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning balance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,161</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Purchases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,366</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Repayments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized (losses) gains recorded in other comprehensive income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(17</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ending balance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,536</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair values of financial instruments&#8212;</font><font style="font-family:inherit;font-size:10pt;">The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was </font><font style="font-family:inherit;font-size:10pt;">$1.4 billion</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4.2 billion</font><font style="font-family:inherit;font-size:10pt;">, respectively, as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.5 billion</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.6 billion</font><font style="font-family:inherit;font-size:10pt;">, respectively, as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">. The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level&#160;1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:83.04093567251462%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Performing</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Risk Ratings</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Performing</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Risk Ratings</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">756,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.31</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">859,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.12</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364,159</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.06</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">335,677</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.09</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.46</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,135,134</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.55</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,209,062</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.11</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:29%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recorded</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unpaid</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Principal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Related</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Allowance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recorded</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Investment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unpaid</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Principal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Related</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Allowance</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With no related allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">With an allowance recorded:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,933</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,780</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subtotal</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">239,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">229,354</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,079</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">232,563</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,933</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,780</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">146,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12,471</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,846</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,801</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,381</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,989</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">253,941</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,409</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,245</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">____________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">All of the Company's non-accrual loans are considered impaired and included in the table above. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other lending investments&#8212;securities includes the following ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:88.69395711500975%;border-collapse:collapse;text-align:left;"><tr><td colspan="20" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortized Cost Basis</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Unrealized Gain (Loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Estimated Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Carrying Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-Sale Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Municipal debt securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,230</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,230</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">409</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,639</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Held-to-Maturity Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,742</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,321</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,063</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,742</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,097</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,972</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,730</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,381</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Available-for-Sale Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Municipal debt securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">426</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Held-to-Maturity Securities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt securities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,753</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,003</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,694</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,490</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,179</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,669</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,916</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation&#8212;Stock Compensation: Improvements to Employee Share-Based Payment Accounting </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8212;</font><font style="font-family:inherit;font-size:10pt;">In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets </font><font style="font-family:inherit;font-size:10pt;">("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations: Clarifying the Definition of a Business </font><font style="font-family:inherit;font-size:10pt;">("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU 2016-18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows: Restricted Cash</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">the</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">the</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">FASB issued ASU 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments&#8212;Credit Losses:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real Estate Sales</font><font style="font-family:inherit;font-size:10pt;">. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from sales of real estate, land development revenue and other income will be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation and Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;">&#8212;The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form&#160;10-Q and Article&#160;10-01 of Regulation&#160;S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> (the "</font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> Annual Report").</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Principles of Consolidation</font><font style="font-family:inherit;font-size:10pt;">&#8212;The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Consolidated VIEs</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company consolidates VIEs for which it is considered the primary beneficiary. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the total assets of these consolidated VIEs were </font><font style="font-family:inherit;font-size:10pt;">$449.3 million</font><font style="font-family:inherit;font-size:10pt;"> and total liabilities were </font><font style="font-family:inherit;font-size:10pt;">$74.4 million</font><font style="font-family:inherit;font-size:10pt;">. The classifications of these assets are primarily within "Land and development, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" and "debt obligations, net" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Unconsolidated VIEs</font><font style="font-family:inherit;font-size:10pt;">&#8212;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company's maximum exposure to loss from these investments does not exceed the sum of the </font><font style="font-family:inherit;font-size:10pt;">$52.9 million</font><font style="font-family:inherit;font-size:10pt;"> carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and </font><font style="font-family:inherit;font-size:10pt;">$58.0 million</font><font style="font-family:inherit;font-size:10pt;"> of related unfunded commitments.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="20" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Less Than</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">and Equal</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">to 90 Days</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Greater</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Than</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">90 Days</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Past Due</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">762,720</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,454</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,454</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">839,174</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364,159</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">521,462</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,299</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,299</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,152,178</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,385,935</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior mortgages</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">868,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,182</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate/Partnership loans</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">335,677</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,146</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492,823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subordinate mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,229,180</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,823</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">233,823</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,463,003</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">four</font><font style="font-family:inherit;font-size:8pt;"> loans which were greater than </font><font style="font-family:inherit;font-size:8pt;">90 days</font><font style="font-family:inherit;font-size:8pt;"> delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from </font><font style="font-family:inherit;font-size:8pt;">1.0</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">8.0 years</font><font style="font-family:inherit;font-size:8pt;"> outstanding. As of December 31, 2016, the Company had </font><font style="font-family:inherit;font-size:8pt;">four</font><font style="font-family:inherit;font-size:8pt;"> loans which were greater than </font><font style="font-family:inherit;font-size:8pt;">90 days</font><font style="font-family:inherit;font-size:8pt;"> delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from </font><font style="font-family:inherit;font-size:8pt;">1.0</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">8.0 years</font><font style="font-family:inherit;font-size:8pt;"> outstanding. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Real Estate</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's real estate assets were comprised of the following ($ in thousands): </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:76.0233918128655%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:47%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating</font></div><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271,433</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,054</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">482,487</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements, at cost</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,097,049</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">316,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,413,775</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(370,168</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,503</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(419,671</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478,277</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,476,591</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">550,211</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,548,525</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land, at cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,054</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">483,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements, at cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,111,589</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311,283</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,422,872</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(368,665</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(46,175</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(414,840</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,015,590</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">476,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,491,752</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,284</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,480</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,016,874</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">558,642</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,575,516</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">$71.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$82.5 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of residential properties available for sale in its operating properties portfolio.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Real Estate Available and Held for Sale&#8212;</font><font style="font-family:inherit;font-size:10pt;"> During the three months ended March 31, 2016, the Company transferred </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> net lease asset with a carrying value of </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> to held for sale due to an executed contract with a third party.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dispositions&#8212;</font><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, the Company sold residential condominiums for total net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$10.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$19.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and recorded income from sales of real estate totaling </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, the Company sold net lease assets for net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$20.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, resulting in gains of </font><font style="font-family:inherit;font-size:10pt;">$6.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. During the three months ended March 31, 2016, the Company also sold a commercial operating property for net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$5.9 million</font><font style="font-family:inherit;font-size:10pt;"> resulting in a gain of </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;">. The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Impairments&#8212;</font><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded an impairment of </font><font style="font-family:inherit;font-size:10pt;">$4.4 million</font><font style="font-family:inherit;font-size:10pt;"> on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Tenant Reimbursements&#8212;</font><font style="font-family:inherit;font-size:10pt;">The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were </font><font style="font-family:inherit;font-size:10pt;">$5.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$6.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Allowance for Doubtful Accounts&#8212;</font><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the allowance for doubtful accounts related to real estate tenant receivables was </font><font style="font-family:inherit;font-size:10pt;">$1.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and the allowance for doubtful accounts related to deferred operating lease income was </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The following is a reconciliation of segment profit to net income (loss) ($ in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:62.1832358674464%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Segment profit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,878</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,203</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Recovery of (provision for) loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,928</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,506</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Impairment of assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Stock-based compensation expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,881</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,577</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(13,067</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(14,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Income tax (expense) benefit</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(607</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">414</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Loss on early extinguishment of debt, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income (loss)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(15,372</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(9,299</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.06627680311891%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,398</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75,993</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,139</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,693</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued interest payable</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,901</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,033</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible liabilities, net</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,602</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,851</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable, accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">192,040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">211,570</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, "Other liabilities" includes </font><font style="font-family:inherit;font-size:8pt;">$24.0 million</font><font style="font-family:inherit;font-size:8pt;"> related to profit sharing arrangements with developers for certain properties sold. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, includes </font><font style="font-family:inherit;font-size:8pt;">$1.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.2 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, "Other liabilities" also includes </font><font style="font-family:inherit;font-size:8pt;">$7.8 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$8.5 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, related to tax increment financing bonds which were issued by government entities to fund development within </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, accrued expenses includes </font><font style="font-family:inherit;font-size:8pt;">$2.4 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.7 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was </font><font style="font-family:inherit;font-size:8pt;">$6.7 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$6.4 million</font><font style="font-family:inherit;font-size:8pt;"> as of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by </font><font style="font-family:inherit;font-size:8pt;">$0.3 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:82.26120857699804%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized gains (losses) on available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized gains (losses) on cash flow hedges</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">689</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized losses on cumulative translation adjustment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,795</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,394</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accumulated other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,974</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,218</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:67.64132553606238%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00% convertible senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,992</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series J convertible perpetual preferred stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.50% convertible senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,567</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Joint venture shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">For the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's debt obligations were as follows ($&#160;in&#160;thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:36%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stated</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest Rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Scheduled</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Secured credit facilities and mortgages:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2015 $250 Million Secured Revolving Credit Facility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR + 2.75%</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016 Senior Secured Credit Facility</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">498,648</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR&#160;+&#160;3.75%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017 Secured Financing</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">227,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3.795</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2027</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Mortgages collateralized by net lease assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">247,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">249,987</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3.875%&#160;-&#160;7.26%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(4)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Various through 2032</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total secured credit facilities and mortgages</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">974,535</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">748,635</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Unsecured notes:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.85% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">99,722</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.85</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9.00% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(5)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">550,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">550,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.00</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">November 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.125% senior notes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">February 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.875% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(6)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4.875</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(7)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(8)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">275,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">July 2021</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.00% senior notes</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(9)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">375,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2022</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total unsecured notes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,845,000</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,569,722</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Other debt obligations:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Trust preferred securities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">LIBOR&#160;+&#160;1.50%</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">October 2035</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total debt obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,919,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,418,357</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Debt discounts and deferred financing costs, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(37,140</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,449</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total debt obligations, net</font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(10)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,882,395</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,389,908</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus </font><font style="font-family:inherit;font-size:8pt;">0.5%</font><font style="font-family:inherit;font-size:8pt;"> or (c) LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;"> and subject to a margin ranging from </font><font style="font-family:inherit;font-size:8pt;">1.25%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">1.75%</font><font style="font-family:inherit;font-size:8pt;">, or (ii) LIBOR subject to a margin ranging from </font><font style="font-family:inherit;font-size:8pt;">2.25%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">2.75%</font><font style="font-family:inherit;font-size:8pt;">. At maturity, the Company may convert outstanding borrowings to a </font><font style="font-family:inherit;font-size:8pt;">one year</font><font style="font-family:inherit;font-size:8pt;"> term loan which matures in quarterly installments through March 2019.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus </font><font style="font-family:inherit;font-size:8pt;">0.5%</font><font style="font-family:inherit;font-size:8pt;"> or (c) LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;"> and subject to a margin of </font><font style="font-family:inherit;font-size:8pt;">2.75%</font><font style="font-family:inherit;font-size:8pt;"> or (ii) LIBOR subject to a margin of </font><font style="font-family:inherit;font-size:8pt;">3.75%</font><font style="font-family:inherit;font-size:8pt;"> with a minimum LIBOR rate of </font><font style="font-family:inherit;font-size:8pt;">1.0%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company entered into a </font><font style="font-family:inherit;font-size:8pt;">$200 million</font><font style="font-family:inherit;font-size:8pt;"> notional rate lock swap, bringing the effective interest rate down from </font><font style="font-family:inherit;font-size:8pt;">3.795%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">3.773%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:8pt;">, includes a loan with a floating rate of LIBOR plus </font><font style="font-family:inherit;font-size:8pt;">2.0%</font><font style="font-family:inherit;font-size:8pt;">. As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the weighted average interest rate of these loans is </font><font style="font-family:inherit;font-size:8pt;">5.1%</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(5)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning August 1, 2017.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(6)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning January 1, 2018.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(7)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning July 1, 2018.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(8)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning July 1, 2020.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(9)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company can prepay these senior notes without penalty beginning April 1, 2021.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(10)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company capitalized interest relating to development activities of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$1.4 million</font><font style="font-family:inherit;font-size:8pt;"> during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016, respectively.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.78557504873294%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:57%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets (liabilities)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,806</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66,498</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation allowance</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(70,806</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(66,498</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net deferred tax assets (liabilities)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):</font></div><div style="line-height:100%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:28%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location of Gain (Loss)</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recognized in Income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;(Ineffective Portion)</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">467</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(30</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(299</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Three Months Ended March 31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(185</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(502</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(459</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(97</font></div></td><td style="vertical-align:top;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings from equity method investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(87</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:100%;padding-bottom:13px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:81.67641325536063%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount of Gain (Loss) </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Recognized in Income</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location of Gain</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Loss) Recognized in</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Income</font></div></td><td rowspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives not Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(803</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(125</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(182</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Assets as of </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Liabilities as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td colspan="6" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">307</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swaps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">307</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivatives not Designated in Hedging Relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign exchange contracts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">702</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">727</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">264</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.81286549707602%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings allocable to common shares:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Numerator for basic and diluted earnings per share:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to iStar&#160;Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(27,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,187</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Denominator for basic and diluted earnings per share:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding for basic and diluted earnings per common share</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,065</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77,060</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:14px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basic and diluted earnings per common share:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.38</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.27</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to iStar&#160;Inc. and allocable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(0.27</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:92.39766081871345%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:50%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unsecured Debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Secured Debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2017 (remaining nine months)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">825,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">825,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2018</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">600,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">610,648</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2019</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">770,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">798,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">119,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">394,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">475,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">316,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">791,045</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total principal maturities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,945,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">974,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,919,535</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unamortized discounts and deferred financing costs, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,148</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,992</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(37,140</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt obligations, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,923,852</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">958,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,882,395</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_____________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company has </font><font style="font-family:inherit;font-size:8pt;">$825.0 million</font><font style="font-family:inherit;font-size:8pt;"> of debt obligations maturing in </font><font style="font-family:inherit;font-size:8pt;">two</font><font style="font-family:inherit;font-size:8pt;"> separate tranches during 2017, and </font><font style="font-family:inherit;font-size:8pt;">$310.6 million</font><font style="font-family:inherit;font-size:8pt;"> of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of </font><font style="font-family:inherit;font-size:8pt;">May&#160;3, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had approximately </font><font style="font-family:inherit;font-size:8pt;">$1.2 billion</font><font style="font-family:inherit;font-size:8pt;"> of cash and available capacity under existing borrowing arrangements.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands): </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Variable Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,254</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LIBOR + 2.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.47%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">October 2012</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 2019</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands): </font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Variable Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LIBOR</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 2017</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.68615984405457%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(USD Equivalent)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells Indian rupee ("INR")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8360;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,089</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, &#8364;, and &#163; in thousands):</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(USD Equivalent)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells euro ("EUR")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8364;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,549</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sells pound sterling ("GBP")/Buys USD Forward</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#163;</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,400</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,168</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2017</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's loan participations payable, net were as follows ($&#160;in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:71.9298245614035%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loan participations payable</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,251</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt discounts and deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(766</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(930</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loan participations payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182,087</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">159,321</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> loan participations payable with a weighted average interest rate of </font><font style="font-family:inherit;font-size:8pt;">5.2%</font><font style="font-family:inherit;font-size:8pt;">. As of December 31, 2016, the Company had </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> loan participations payable with a weighted average interest rate of </font><font style="font-family:inherit;font-size:8pt;">4.8%</font><font style="font-family:inherit;font-size:8pt;">. </font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Land and Development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Corporate/Other</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Company Total</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended March 31, 2017:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,496</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,989</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,355</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">386</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">541</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,864</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings (loss) from equity method investments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">632</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,842</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,702</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,898</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,618</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue and other earnings</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,134</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44,703</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,874</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,384</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">788</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,883</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35,741</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development cost of sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(605</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,888</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,783</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,606</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,118</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,798</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(51,193</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated general and administrative</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,596</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,755</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,926</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,373</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment profit (loss)</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,045</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,552</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,647</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,878</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other significant items:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recovery of loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment of assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,428</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,039</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,067</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capitalized expenditures</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">771</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,592</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended March 31, 2016:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,750</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,081</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,937</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,297</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,344</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,065</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,755</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,541</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings (loss) from equity method investments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">946</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(142</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,661</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,267</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,928</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,530</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,458</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue and other earnings</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,516</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,704</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,813</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,779</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,557</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">133,369</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,508</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,120</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(34,305</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development cost of sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">86</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(740</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,702</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(16,236</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,620</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,359</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,104</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(57,021</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated general and administrative</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,831</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,296</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,870</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,270</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,258</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,525</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment profit (loss)</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,069</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,664</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,203</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,631</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,203</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other significant items:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,851</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">274</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capitalized expenditures</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">851</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,797</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,268</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,916</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Land and Development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Corporate/Other</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Company Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478,277</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,476,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">550,211</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,548,525</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,024</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,215</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total portfolio assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,090,338</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">553,426</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,024,604</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,082,461</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,212,055</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,294,516</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,015,590</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">476,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,491,752</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,284</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,480</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,016,874</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">558,642</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,575,516</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,583</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,804</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total portfolio assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,109,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">562,225</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,030,369</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,185,926</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">639,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,825,514</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">General and administrative excludes stock-based compensation expense of </font><font style="font-family:inherit;font-size:8pt;">$5.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$4.6 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016. respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The following is a reconciliation of segment profit to net income (loss) ($ in thousands):</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:62.1832358674464%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Segment profit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,878</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,203</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Recovery of (provision for) loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,928</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,506</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Impairment of assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Stock-based compensation expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,881</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,577</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(13,067</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(14,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Income tax (expense) benefit</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(607</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">414</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Loss on early extinguishment of debt, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income (loss)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(15,372</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(9,299</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:86.54970760233918%;border-collapse:collapse;text-align:left;"><tr><td colspan="19" rowspan="1"></td></tr><tr><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="10" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cumulative Preferential Cash</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividends</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)(2)</sup></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Series</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Shares Issued and</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Outstanding</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Par Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Liquidation Preference</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)(4)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rate per Annum</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Equivalent to</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fixed Annual</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rate (per share)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">D</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,600</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.875</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.97</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">F</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.95</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">G</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,200</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.65</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.91</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">I</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.50</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.88</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">J (convertible)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.001</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Holders of shares of the Series&#160;D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th&#160;day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a </font><font style="font-family:inherit;font-size:8pt;">360</font><font style="font-family:inherit;font-size:8pt;">-day year consisting of </font><font style="font-family:inherit;font-size:8pt;">twelve</font><font style="font-family:inherit;font-size:8pt;"> </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;">-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;"> nor less than </font><font style="font-family:inherit;font-size:8pt;">10</font><font style="font-family:inherit;font-size:8pt;"> days prior to the dividend payment date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company declared and paid dividends of </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$2.8 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$2.0 million</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$1.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$2.3 million</font><font style="font-family:inherit;font-size:8pt;"> on its Series&#160;D, E, F, G and I Cumulative Redeemable Preferred Stock during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">. The Company declared and paid dividends of </font><font style="font-family:inherit;font-size:8pt;">$2.3 million</font><font style="font-family:inherit;font-size:8pt;"> on its Series J Convertible Perpetual Preferred Stock during the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2016</font><font style="font-family:inherit;font-size:8pt;">. The character of the 2016 dividends were as follows: </font><font style="font-family:inherit;font-size:8pt;">47.30%</font><font style="font-family:inherit;font-size:8pt;"> is a capital gain distribution, of which </font><font style="font-family:inherit;font-size:8pt;">76.15%</font><font style="font-family:inherit;font-size:8pt;"> represents unrecaptured section 1250 gain and </font><font style="font-family:inherit;font-size:8pt;">23.85%</font><font style="font-family:inherit;font-size:8pt;"> long term capital gain, and </font><font style="font-family:inherit;font-size:8pt;">52.70%</font><font style="font-family:inherit;font-size:8pt;"> is ordinary income. There are </font><font style="font-family:inherit;font-size:8pt;">no</font><font style="font-family:inherit;font-size:8pt;"> dividend arrearages on any of the preferred shares currently outstanding.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to </font><font style="font-family:inherit;font-size:8pt;">100%</font><font style="font-family:inherit;font-size:8pt;"> of the liquidation preference of </font><font style="font-family:inherit;font-size:8pt;">$25.00</font><font style="font-family:inherit;font-size:8pt;"> per share, plus accrued and unpaid dividends, if any, to the redemption date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into </font><font style="font-family:inherit;font-size:8pt;">3.9087</font><font style="font-family:inherit;font-size:8pt;"> shares of the Company's common stock (equal to an initial conversion price of approximately </font><font style="font-family:inherit;font-size:8pt;">$12.79</font><font style="font-family:inherit;font-size:8pt;"> per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to </font><font style="font-family:inherit;font-size:8pt;">100%</font><font style="font-family:inherit;font-size:8pt;"> of the liquidation preference of </font><font style="font-family:inherit;font-size:8pt;">$50.00</font><font style="font-family:inherit;font-size:8pt;"> per share, plus accrued and unpaid dividends, if any, to the redemption date.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment Reporting</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has determined that it has </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Land and Development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Corporate/Other</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Company Total</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended March 31, 2017:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,496</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,989</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,355</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">386</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">541</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,864</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings (loss) from equity method investments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">632</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,842</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,702</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,720</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,898</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,618</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue and other earnings</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,134</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44,703</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,874</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,384</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">788</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,883</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,726</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,518</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35,741</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development cost of sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,910</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(605</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,888</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,783</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,606</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,118</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,798</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(51,193</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated general and administrative</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,596</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,755</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,926</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,373</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment profit (loss)</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,045</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,552</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(15,647</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,878</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other significant items:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recovery of loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,928</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment of assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,428</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,039</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,067</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capitalized expenditures</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">771</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,592</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended March 31, 2016:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,750</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,081</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,937</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,297</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,344</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,065</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,755</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,541</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development revenue</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings (loss) from equity method investments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">946</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(142</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,661</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">802</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,267</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from sales of real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,928</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,530</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,458</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue and other earnings</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,516</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,704</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,813</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,779</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,557</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">133,369</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,508</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(21,120</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,677</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(34,305</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land development cost of sales</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">86</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(740</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,702</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(16,236</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,620</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,359</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,104</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(57,021</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allocated general and administrative</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,831</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,296</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,870</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,270</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,258</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,525</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment profit (loss)</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,069</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,664</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,203</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,631</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,203</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other significant items:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for loan losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,506</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,851</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">274</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capitalized expenditures</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">851</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,797</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,268</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,916</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Real Estate Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net Lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Land and Development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Corporate/Other</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Company Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of March 31, 2017</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478,277</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,476,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,934</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">998,314</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">550,211</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,548,525</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">955,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,024</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,215</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,559</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total portfolio assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,381,227</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,090,338</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">553,426</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,024,604</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,866</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,082,461</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,212,055</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,294,516</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2016</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,015,590</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">476,162</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,491,752</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate available and held for sale</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,284</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82,480</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">83,764</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total real estate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,016,874</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">558,642</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,575,516</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land and development, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">945,565</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loans receivable and other lending investments, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other investments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,583</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,804</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214,406</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total portfolio assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,450,439</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,109,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">562,225</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,030,369</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,185,926</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and other assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">639,588</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,825,514</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">General and administrative excludes stock-based compensation expense of </font><font style="font-family:inherit;font-size:8pt;">$5.9 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$4.6 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three months</font><font style="font-family:inherit;font-size:8pt;"> ended </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;"> and 2016. respectively.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The following is a reconciliation of segment profit to net income (loss) ($ in thousands):</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:62.1832358674464%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Segment profit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,878</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,203</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Recovery of (provision for) loan losses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,928</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,506</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Impairment of assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,413</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Stock-based compensation expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,881</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(4,577</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(13,067</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(14,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Income tax (expense) benefit</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(607</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">414</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Loss on early extinguishment of debt, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(210</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net income (loss)</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(15,372</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(9,299</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summary of Significant Accounting Policies</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation&#8212;Stock Compensation: Improvements to Employee Share-Based Payment Accounting </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8212;</font><font style="font-family:inherit;font-size:10pt;">In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets </font><font style="font-family:inherit;font-size:10pt;">("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations: Clarifying the Definition of a Business </font><font style="font-family:inherit;font-size:10pt;">("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU 2016-18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows: Restricted Cash</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">the</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:10pt;">the</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">FASB issued ASU 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments&#8212;Credit Losses:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real Estate Sales</font><font style="font-family:inherit;font-size:10pt;">. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from sales of real estate, land development revenue and other income will be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Events</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 12, 2017, the Company repaid in full the </font><font style="font-family:inherit;font-size:10pt;">$275.0 million</font><font style="font-family:inherit;font-size:10pt;"> principal amount of </font><font style="font-family:inherit;font-size:10pt;">9.00%</font><font style="font-family:inherit;font-size:10pt;"> senior unsecured notes due June 2017 at par. In connection with the repayment prior to maturity, the Company paid a </font><font style="font-family:inherit;font-size:10pt;">$2.75 million</font><font style="font-family:inherit;font-size:10pt;"> make whole premium.</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 14, 2017, </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> institutional investors acquired, through a merger and related transactions, a </font><font style="font-family:inherit;font-size:10pt;">51%</font><font style="font-family:inherit;font-size:10pt;"> interest in the Company's ground net lease business, a component of the Company's net lease segment, consisting of </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> properties subject to long-term net leases including </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> ground net leases and </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> master lease (covering </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> properties). The Company will deconsolidate the </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> properties and own a </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> noncontrolling interest in the new entity and account for its investment in the new entity as an equity method investment. The Company received total consideration of </font><font style="font-family:inherit;font-size:10pt;">$340.0 million</font><font style="font-family:inherit;font-size:10pt;">, including the venture's assumption of the </font><font style="font-family:inherit;font-size:10pt;">$227.0 million</font><font style="font-family:inherit;font-size:10pt;"> 2017 Secured Financing. The Company had a carrying value of approximately </font><font style="font-family:inherit;font-size:10pt;">$156.0 million</font><font style="font-family:inherit;font-size:10pt;"> in the </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> properties and will recognize an approximate gain of </font><font style="font-family:inherit;font-size:10pt;">$178.0 million</font><font style="font-family:inherit;font-size:10pt;"> in connection with the sale. The new entity, named Safety, Income and Growth, Inc., has filed a registration statement on Form S-11 for a possible initial public offering ("IPO") and the Company has committed to pay up to </font><font style="font-family:inherit;font-size:10pt;">$25.0 million</font><font style="font-family:inherit;font-size:10pt;"> in offering costs in connection with an IPO.</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$231.1 million</font><font style="font-family:inherit;font-size:10pt;"> after payment of </font><font style="font-family:inherit;font-size:10pt;">$6.3 million</font><font style="font-family:inherit;font-size:10pt;"> in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of </font><font style="font-family:inherit;font-size:10pt;">$114.0 million</font><font style="font-family:inherit;font-size:10pt;"> of sales proceeds, </font><font style="font-family:inherit;font-size:10pt;">$121.8 million</font><font style="font-family:inherit;font-size:10pt;"> of interest and </font><font style="font-family:inherit;font-size:10pt;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> of real estate tax reimbursements. The amount of attorneys&#8217; fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a </font><font style="font-family:inherit;font-size:10pt;">4.3%</font><font style="font-family:inherit;font-size:10pt;"> participation interest in all proceeds received by the Company.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Loan Participations Payable, net</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's loan participations payable, net were as follows ($&#160;in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:71.9298245614035%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:55%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Value as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loan participations payable</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182,853</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,251</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt discounts and deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(766</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(930</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total loan participations payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182,087</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">159,321</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">_______________________________________________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:36px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, the Company had </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> loan participations payable with a weighted average interest rate of </font><font style="font-family:inherit;font-size:8pt;">5.2%</font><font style="font-family:inherit;font-size:8pt;">. As of December 31, 2016, the Company had </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> loan participations payable with a weighted average interest rate of </font><font style="font-family:inherit;font-size:8pt;">4.8%</font><font style="font-family:inherit;font-size:8pt;">. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:36px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the corresponding loan receivable balances were </font><font style="font-family:inherit;font-size:10pt;">$181.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$159.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.</font></div></div> Refer to Note 13 for details on the Company's Preferred Stock. Includes a payment to acquire a noncontrolling interest (refer to Note 5). For the three months ended March 31, 2017 and 2016, net income (loss) shown above excludes $(1,341) and $(1,300) of net loss attributable to redeemable noncontrolling interests. Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $160 for the three months ended March 31, 2017 and 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $97 for the three months ended March 31, 2017 and 2016, respectively. EX-101.SCH 6 star-20170331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2102100 - Disclosure - Basis of Presentation and Principles of Consolidation link:presentationLink link:calculationLink link:definitionLink 2402401 - Disclosure - Basis of Presentation and Principles of Consolidation (VIEs) (Details) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Business and Organization link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Business and Organization (Details) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2413402 - Disclosure - Commitments and Contingencies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2313301 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 2413403 - Disclosure - Commitments and Contingencies (Unfunded Commitments) (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1006000 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Consolidated Statements of Changes in Equity link:presentationLink link:calculationLink link:definitionLink 1004001 - Statement - Consolidated Statements of Changes in Equity (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Consolidated Statements of Comprehensive Income (Loss) link:presentationLink link:calculationLink link:definitionLink 1003001 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Debt Obligations, net link:presentationLink link:calculationLink link:definitionLink 2412407 - Disclosure - Debt Obligations, net (Debt Covenants) (Details) link:presentationLink link:calculationLink link:definitionLink 2412406 - Disclosure - Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 2412403 - Disclosure - Debt Obligations, net (Future Scheduled Maturities) (Details) link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Debt Obligations, net (Schedule of Debt) (Details) link:presentationLink link:calculationLink link:definitionLink 2412404 - Disclosure - Debt Obligations, net (Secured Credit Facility Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Debt Obligations, net (Tables) link:presentationLink link:calculationLink link:definitionLink 2412405 - Disclosure - Debt Obligations, net (Unsecured Notes Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2114100 - Disclosure - Derivatives link:presentationLink link:calculationLink link:definitionLink 2414403 - Disclosure - Derivatives (Classification on the Consolidated Statements of Operations) (Details) link:presentationLink link:calculationLink link:definitionLink 2414406 - Disclosure - Derivatives (Credit Risk-Related Contingent Features) (Details) link:presentationLink link:calculationLink link:definitionLink 2414402 - Disclosure - Derivatives (Fair Value of Derivative Financial Instruments) (Details) link:presentationLink link:calculationLink link:definitionLink 2414404 - Disclosure - Derivatives (Foreign Exchange Contracts) (Details) link:presentationLink link:calculationLink link:definitionLink 2414405 - Disclosure - Derivatives (Interest Rate Hedges) (Details) link:presentationLink link:calculationLink link:definitionLink 2314301 - Disclosure - Derivatives (Tables) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2117100 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 2417404 - Disclosure - Earnings Per Share (Anti-dilutive Shares) (Details) link:presentationLink link:calculationLink link:definitionLink 2417403 - Disclosure - Earnings Per Share (Earnings Allocable to Common Shares) (Details) link:presentationLink link:calculationLink link:definitionLink 2417402 - Disclosure - Earnings Per Share (Schedule of Earnings Per Share) (Details) link:presentationLink link:calculationLink link:definitionLink 2317301 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2115100 - Disclosure - Equity link:presentationLink link:calculationLink link:definitionLink 2415405 - Disclosure - Equity (Accumulated Other Comprehensive Income (Loss)) (Details) link:presentationLink link:calculationLink link:definitionLink 2415403 - Disclosure - Equity (Dividends) (Details) link:presentationLink link:calculationLink link:definitionLink 2415402 - Disclosure - Equity (Preferred Stock) (Details) link:presentationLink link:calculationLink link:definitionLink 2415404 - Disclosure - Equity (Stock Repurchase Program) (Details) link:presentationLink link:calculationLink link:definitionLink 2315301 - Disclosure - Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 2118100 - Disclosure - Fair Values link:presentationLink link:calculationLink link:definitionLink 2418404 - Disclosure - Fair Values (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2418402 - Disclosure - Fair Values (Schedule of Fair Value Measurement) (Details) link:presentationLink link:calculationLink link:definitionLink 2418403 - Disclosure - Fair Values (Schedule of Level 3 Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 2318301 - Disclosure - Fair Values (Tables) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Land and Development link:presentationLink link:calculationLink link:definitionLink 2406403 - Disclosure - Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Land and Development (Schedule of Land and Development) (Details) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Land and Development (Tables) link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Loan Participations Payable, net link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Loan Participations Payable, net (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - Loan Participations Payable, net (Tables) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Loans Receivable and Other Lending Investments, net link:presentationLink link:calculationLink link:definitionLink 2408406 - Disclosure - Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) link:presentationLink link:calculationLink link:definitionLink 2408405 - Disclosure - Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) link:presentationLink link:calculationLink link:definitionLink 2408407 - Disclosure - Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) link:presentationLink link:calculationLink link:definitionLink 2408408 - Disclosure - Loans Receivable and Other Lending Investments, net (Securities) (Details) link:presentationLink link:calculationLink link:definitionLink 2408408 - Disclosure - Loans Receivable and Other Lending Investments, net (Securities) (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Loans Receivable and Other Lending Investments, net (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Other Assets and Other Liabilities link:presentationLink link:calculationLink link:definitionLink 2410404 - Disclosure - Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - Other Assets and Other Liabilities (Schedule of Other Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 2410403 - Disclosure - Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - Other Assets and Other Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Other Investments link:presentationLink link:calculationLink link:definitionLink 2409403 - Disclosure - Other Investments (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2409402 - Disclosure - Other Investments (Schedule of Other Investments) (Details) link:presentationLink link:calculationLink link:definitionLink 2409404 - Disclosure - Other Investments (Schedule of Summarized Investee Financial Information) (Details) link:presentationLink link:calculationLink link:definitionLink 2309301 - Disclosure - Other Investments (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Real Estate link:presentationLink link:calculationLink link:definitionLink 2405407 - Disclosure - Real Estate (Allowance for Doubtful Accounts) (Details) link:presentationLink link:calculationLink link:definitionLink 2405404 - Disclosure - Real Estate (Dispositions) (Details) link:presentationLink link:calculationLink link:definitionLink 2405405 - Disclosure - Real Estate (Impairments) (Details) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Real Estate (Real Estate Available and Held for Sale) (Details) link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Real Estate (Schedule of Real Estate Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Real Estate (Tables) link:presentationLink link:calculationLink link:definitionLink 2405406 - Disclosure - Real Estate (Tenant Reimbursements) (Details) link:presentationLink link:calculationLink link:definitionLink 2119100 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 2419403 - Disclosure - Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) link:presentationLink link:calculationLink link:definitionLink 2419402 - Disclosure - Segment Reporting (Schedule of Segments) (Details) link:presentationLink link:calculationLink link:definitionLink 2319301 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 2116100 - Disclosure - Stock-Based Compensation Plans and Employee Benefits link:presentationLink link:calculationLink link:definitionLink 2416403 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) link:presentationLink link:calculationLink link:definitionLink 2416402 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) link:presentationLink link:calculationLink link:definitionLink 2416401 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) link:presentationLink link:calculationLink link:definitionLink 2120100 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 2420401 - Disclosure - Subsequent Events (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2204201 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 star-20170331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 star-20170331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 star-20170331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Land and development [Abstract] Land and development [Abstract] Land and land development assets land and land improvements [Table Text Block] [Table Text Block] for land and land improvements [Table] Equity [Abstract] Equity Equity Related Disclosure [Text Block] This element includes disclosures of Equity related items, including common stock, preferred stock, dividend requirements, treasury stock and accumulated other comprehensive income. Receivables [Abstract] Schedule of Financing Receivables Past Due [Table] Schedule of Financing Receivables Past Due [Table] Receivable Type [Axis] Receivable Type [Axis] Receivable [Domain] Receivable [Domain] Senior mortgages First Mortgage [Member] Corporate/Partnership loans Corporate/Partnership Loan [Member] Corporate/Partnership Loan [Member] Subordinate mortgages Second Mortgage [Member] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum Minimum [Member] Maximum Maximum [Member] Recorded investment in loans, aged by payment status and presented by class Financing Receivable, Recorded Investment, Past Due [Line Items] Current Financing Receivable, Recorded Investment, Current Less Than and Equal to 90 Days Financing Receivable Recorded Investment Equal to Less than 90 Days Past Due Financing receivables that are equal to or less than 90 days past due. Greater Than 90 Days Financing Receivable Recorded Investment Greater than 90 Days Past Due Financing receivables that are greater than 90 days past due. Total Past Due Financing Receivable, Recorded Investment, Past Due Loans Financing Receivable, Gross Financing receivable, number of loans greater than 90 days past due Financing Receivable, Number of Loans Greater than 90 Days Past Due Financing Receivable, Number of Loans Greater than 90 Days Past Due Financing receivables, past due time period Financing Receivables, Past Due Time Period Financing Receivables, Past Due Time Period Commitments and Contingencies Disclosure [Abstract] Schedule of unfunded commitments Unfunded Financial Commitments [Table Text Block] Tabular disclosure of off-balance sheet unfunded financial commitments which includes performance-based commitments, discretionary funding arrangements and strategic investment commitments. Allowance for Loan Losses [Roll Forward] Allowance for Loan Losses [Roll Forward] Reserve for loan losses at beginning of period Financing Receivable, Allowance for Credit Losses (Recovery of) provision for loan losses Provision for Loan Losses Expensed Charge-offs Allowance for Loan Losses Write-Offs Reflects the amount of loans that have been removed, or charged off, from both loan receivables and the reserve for credit losses, typically because they are considered to be not salvageable or have been purchased by unconsolidated collection entities. Reserve for loan losses at end of period Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Series D Series D Preferred Stock [Member] Series E Series E Preferred Stock [Member] Series F Series F Preferred Stock [Member] Series G Series G Preferred Stock [Member] Series I Series I Preferred Stock [Member] Outstanding nonredeemable series I preferred stock or outstanding series I preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Series J Series J Preferred Stock [Member] Series J Preferred Stock [Member] Class of Stock [Line Items] Class of Stock [Line Items] Shares Issued and Outstanding (in shares) Preferred Stock Shares Issued and Outstanding Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury) and held by stockholders. May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt and preferred shares that have been repurchased. Par Value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Liquidation preference (in dollars per share) Preferred Stock, Liquidation Preference Per Share Rate per Annum Preferred Stock, Dividend Rate, Percentage Equivalent to Fixed Annual Rate (in dollars per share) Preferred Stock, Dividend Rate, Per-Dollar-Amount Number of days in year used in the computation of preferred stock dividends for any partial dividend period Preferred Stock, Dividends Computation of Dividends Payable for Any Partial Dividend Period, Number of Days in Year Represents the number of days in year used in the computation of preferred stock dividends for any partial dividend period. Number of months used in the computation of preferred stock dividends for any partial dividend period Preferred Stock, Dividends Computation of Dividends Payable for Any Partial Dividend Period, Number of Months Represents the number of months used in the computation of preferred stock dividends for any partial dividend period. Number of days in month, dividends computation of dividends payable for any partial dividend period Preferred Stock, Dividends Computation of Dividends Payable for Any Partial Dividend Period, Number of Days in Month Represents the number of days in month used in the computation of preferred stock dividends for any partial dividend period. Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date Preferred Stock Dividends, Number of Days Prior to Dividend Payment Date That Board of Directors May Elect to Designate as Payment Date Represents the number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date. Dividends declared and paid Dividends declared and paid Aggregate dividends declared and paid during the period for each share of common stock outstanding. Capital gains distribution (as a percent) Capital Gains Distribution, Percentage Capital Gains Distribution, Percentage Unrecaptured Section 1250 gain (s a percent) Unrecaptured Section 1250 Gain, Percentage of Dividend Unrecaptured Section 1250 Gain, Percentage of Dividend Long term capital gain (as a percent) Long Term Capital Gain, Percentage of Dividend Long Term Capital Gain, Percentage of Dividend Ordinary income (as a percent) Ordinary Income, Percentage of Dividend Ordinary Income, Percentage of Dividend Amount of preferred dividends in arrears Preferred Stock, Amount of Preferred Dividends in Arrears Redemption price as a percentage of liquidation preference Preferred Stock, Redemption Price as a Percentage of Liquidation Preference Preferred Stock, Redemption Price as a Percentage of Liquidation Preference Shares issued upon conversion Convertible Preferred Stock, Shares Issued upon Conversion Conversion price per share (in dollars per share) Convertible Preferred Stock, Conversion Price Per Share Convertible Preferred Stock, Conversion Price Per Share Segment Reporting [Abstract] Number of reportable segments Number of Reportable Segments Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Operating Segments Operating Segments [Member] Corporate/Other Corporate, Non-Segment [Member] Segments [Axis] Segments [Axis] Segments [Domain] Segments [Domain] Real Estate Finance Real Estate Lending [Member] Represents the Real Estate Lending segment that includes all of the Company's activities related to senior and mezzanine real estate debt and corporate capital investments. Net Lease Net Leasing [Member] Represents the Net Leasing segment that includes all of the company's activities related to the ownership and leasing of corporate facilities. Operating Properties Operating Property [Member] Operating Property [Member] Land and Development Land and Development Segment [Member] Land and Development Segment [Member] Segment Reporting Segment Reporting Information [Line Items] Operating lease income Operating Leases, Income Statement, Lease Revenue Interest income Interest and Fee Income, Loans, Commercial Other income Other Income Land development revenue Land Sales Earnings (loss) from equity method investments Income (Loss) from Equity Method Investments Income from sales of real estate Gain (Loss) on Sale of Properties Total revenue and other earnings Revenue and Other Earnings The sum of the Company's total revenue and other earnings related to the Company's business segments. Real estate expense Cost of Real Estate Held-for-Sale and Other Real Estate Owned This element represents the aggregate of the holding and operating costs related to real estate held for investment and the net costs related to other real estate owned. Land development cost of sales Costs of Land Sales Costs of Land Sales Other expense Other Expenses Allocated interest expense Interest Expense Including Discontinued Operations The cost of borrowed funds accounted for as interest that was charged against earnings during the period including amounts presented in discontinued operations. Allocated general and administrative General and Administrative Expense Excluding Stock-based Compensation Expense The aggregate total of expenses of managing and administering the affairs of the entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line, excluding stock-based compensation expense. Segment profit (loss) Segment Profit (Loss) Amount of profit or loss during the period recognized by the reportable segment. Other significant items: Segment Reporting, Other Significant Reconciling Item, Consolidated [Abstract] (Recovery of) provision for loan losses Impairment of assets Asset Impairment Charges Including Discontinued Operations The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value including amounts presented in discontinued operations. Depreciation and amortization Depreciation and Amortization Including Discontinued Operations The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production including amounts presented in discontinued operations. Capitalized expenditures Real Estate and Accumulated Depreciation Costs, Capitalized Subsequent to Acquisition Carrying amount as of the balance sheet date of costs that were capitalized after acquisition, including property improvements and carrying costs (for example, real estate taxes and insurance), but excluding the initial purchase price. Real estate, net Real Estate Investment Property, Held for Use, Net Real Estate Investment Property, Held for Use, Net Real estate available and held for sale Real Estate Available and Held for Sale Carrying amount as of the balance sheet date of investments in land and buildings held for sale, including real estate considered to be inventory of the entity. Total real estate Real Estate Investment Property, Net Land and development, net Inventory, Real Estate, Land and Land Development Costs Loans receivable and other lending investments, net Loans and Other Lending Investments Amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. In addition, amount also includes total debt and equity financial instruments including: securities held-to-maturity and securities available-for-sale. Other investments Other Investments Total portfolio assets Portfolio Assets The aggregate of Total real estate, loans receivable, net and Other investments. Cash and other assets Cash and Other Assets Sum of all assets excluding the Company's Total Portfolio Assets. Total assets Assets Stock-based compensation expense Allocated Share-based Compensation Expense Earnings Per Share [Abstract] Earnings Per Share Earnings Per Share [Text Block] Subsequent Events [Abstract] Subsequent Events Subsequent Events [Text Block] Derivative Instruments and Hedging Activities Disclosure [Abstract] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Hedging Designation [Axis] Hedging Designation [Axis] Hedging Designation [Domain] Hedging Designation [Domain] Designated as hedge Designated as Hedging Instrument [Member] Not designated as hedge Not Designated as Hedging Instrument [Member] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Contract [Domain] Derivative Contract [Domain] Foreign exchange contracts Foreign Exchange Contract [Member] Interest rate swaps Interest Rate Swap [Member] Interest rate cap Interest Rate Cap [Member] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Other Assets Other Assets [Member] Other Liabilities Other Liabilities [Member] Derivative financial instruments on consolidated balance sheets Derivatives, Fair Value [Line Items] Derivative assets, fair value Derivative Asset, Fair Value, Gross Asset Derivative liabilities, fair value Derivative Liability, Fair Value, Gross Liability Other Assets and Other Liabilities [Abstract] -- None. No documentation exists for this element. -- Schedule of deferred tax assets and liabilities [Table] Schedule of deferred tax assets and liabilities [Table] Schedule of deferred tax assets and liabilities [Table] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Taxable REIT Subsidiaries Taxable REIT Subsidiaries [Member] Represents the taxable REIT subsidiaries ("TRSs") through which the entity is engaged in various real estate related opportunities, including but not limited to managing various investments in equity affiliates and managing activities related to certain foreclosed assets. Schedule of deferred tax assets and liabilities [Line Items] Schedule of deferred tax assets and liabilities [Line Items] [Line Items] for Schedule of deferred tax assets and liabilities [Table] Deferred tax assets (liabilities) Deferred Tax Assets, Gross Valuation allowance Deferred Tax Assets, Valuation Allowance Net deferred tax assets (liabilities) Deferred Tax Assets, Net Other Commitments [Table] Other Commitments [Table] Unfunded Financial Commitments [Axis] Unfunded Financial Commitments [Axis] Information by arrangements in which the entity has committed to off-balance sheet financial commitments. Unfunded Financial Commitments [Domain] Unfunded Financial Commitments [Domain] This item is intended to be populated, by the entity, with Members identifying each off-balance sheet financial commitment. Loans and Other Lending Investments Loans Receivable [Member] Real Estate Real Estate [Member] Other Investments Other Investments [Member] Loan participations, not the obligation of the Company Loan Participations Payable [Member] Loan Participations Payable [Member] Other Commitments [Line Items] Other Commitments [Line Items] Performance-Based Commitments Performance-Based Commitments Represents the off-balance sheet unfunded maximum amount of funds for construction and development loans and build-outs of space in net lease assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. Strategic Investments Other Commitments Represents the off-balance sheet maximum other commitments of the entity. Total Unfunded Commitments Represents certain off-balance sheet unfunded commitments of the entity. Schedule of Impaired Financing Receivable [Table] Schedule of Impaired Financing Receivable [Table] Impaired Loans Related Allowance [Axis] Impaired Loans Related Allowance [Axis] Attributes of impaired loans classified as impaired with or without specific allowance related to the loans, by class of financial receivable. Impaired Loans Related Allowance [Domain] Impaired Loans Related Allowance [Domain] Represents a subset of a class of impaired loans that have or do not have the specific allowances related to the impaired receivables. With no related allowance recorded Receivables Without Allowance [Member] Receivables Without Allowance [Member] With an allowance recorded Receivables With Allowance [Member] Receivables With Allowance [Member] Financing Receivable, Impaired [Line Items] Financing Receivable, Impaired [Line Items] Recorded Investment Impaired Financing Receivable, Recorded Investment Unpaid Principal Balance Impaired Financing Receivable, Unpaid Principal Balance Related Allowance Impaired Financing Receivable, Related Allowance Average Recorded Investment Impaired Financing Receivable, Average Recorded Investment Interest Income Recognized Impaired Financing Receivables Interest Income Cash or Accrual Method The interest income recognized on a cash-basis or accrual method of accounting during the time within that period that the financing receivables were impaired. Stock Repurchase Program Stock Repurchase Program [Abstract] -- None. No documentation exists for this element. -- Repurchase of common stock, authorized amount Stock Repurchase Program, Authorized Amount Treasury stock, shares, acquired Stock Repurchased and Retired During Period, Shares Treasury stock value acquired including acquisition costs Common Stock Value Acquired Including Acquisition Costs Common Stock Value Acquired Including Acquisition Costs Treasury stock acquired, average cost per share (in dollars per share) Common Stock Acquired, Average Cost Per Share Common Stock Acquired, Average Cost Per Share Available repurchase of common stock, authorized amount (up to) Stock Repurchase Program, Remaining Authorized Repurchase Amount Schedule of Operating Leased Assets [Table] Schedule of Operating Leased Assets [Table] Real Estate Property Ownership [Axis] Real Estate Property Ownership [Axis] Real Estate Properties [Domain] Real Estate Properties [Domain] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Depreciation and Amortization Depreciation and Amortization [Member] Depreciation and Amortization [Member] Operating Leased Assets [Line Items] Operating Leased Assets [Line Items] Intangible assets, net Finite-Lived Intangible Assets, Net Other receivables Other Receivables Other assets Other Assets Restricted cash Restricted Cash and Cash Equivalents Leasing costs, net Deferred Costs, Leasing, Net Corporate furniture, fixtures and equipment, net Furniture Fixtures, Leasehold Improvements and Software Costs, Net Furniture Fixtures, Leasehold Improvements and Software Costs, Net Deferred expenses and other assets, net Deferred Expenses and Other Assets Net This element represents net amount of other deferred expenses and other assets capitalized at the end of the reporting period. Intangible assets, accumulated amortization Finite-Lived Intangible Assets, Accumulated Amortization Amortization of above market lease Amortization of Above Market Lease and Lease Incentive Asset Amortization of Above Market Lease and Lease Incentive Asset Amortization of intangible assets Amortization of Intangible Assets Accumulated amortization on leasing costs Deferred Costs, Leasing, Accumulated Amortization Accumulated depreciation on corporate furniture, fixtures and equipment Accumulated Depreciation Furniture Fixtures and Leasehold Improvements The cumulative amount of depreciation, related to leasehold improvements, corporate furniture, fixtures and equipment that has been recognized in the income statement. Derivative [Table] Derivative [Table] Deferred Expenses and Other Assets, Net Deferred Expenses and Other Assets, Net [Member] Deferred Expenses and Other Assets, Net [Member] Derivative, by Nature [Axis] Derivative, by Nature [Axis] Derivative, Name [Domain] Derivative, Name [Domain] Forward Contracts Forward Contracts [Member] Derivative [Line Items] Derivative [Line Items] Collateral posted for hedges Collateral Posted For Hedges Collateral Posted For Hedges Credit derivative, maximum exposure, undiscounted Derivative Liability, Fair Value, Amount Offset Against Collateral Real Estate [Abstract] Schedule of Real Estate Properties [Table] Schedule of Real Estate Properties [Table] Operating Lease Income Operating Lease Income [Member] Operating Lease Income [Member] Real Estate Properties [Line Items] Real Estate Properties [Line Items] Tenant reimbursements Tenant Reimbursements Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] 3.00% convertible senior unsecured notes Unsecured Notes 3 Percent Senior Convertible Notes Due October 2016 [Member] Unsecured Notes 3 Percent Senior Convertible Notes Due October 2016 Series J convertible perpetual preferred stock 1.50% convertible senior unsecured notes Unsecured Notes 1 point 50 Percent Senior Convertible Notes Due November 2016 [Member] [Member] Unsecured Notes 1 point 50 Percent Senior Convertible Notes Due November 2016 [Member] [Member] Joint venture shares Joint Venture Shares [Member] Incremental common shares attributable to joint venture shares that were not included in diluted earnings per share (EPS) because to do so would increase EPS amounts or decrease loss per share amounts during the period presented. Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Anti-dilutive shares Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Stated interest rates (as a percent) Debt Instrument, Interest Rate, Stated Percentage Statement of Stockholders' Equity [Abstract] Statement [Table] Statement [Table] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Preferred Stock Preferred Stock [Member] Preferred Stock Series J Common Stock at Par Common Stock [Member] Additional Paid-In Capital Additional Paid-in Capital [Member] Retained Earnings (Deficit) Retained Earnings [Member] Accumulated Other Comprehensive Income (Loss) AOCI Attributable to Parent [Member] Noncontrolling Interests Noncontrolling Interest [Member] Statement [Line Items] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Beginning Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Dividends declared—preferred Dividends, Preferred Stock, Cash Issuance of stock/restricted stock unit amortization, net Issuance of Stock and Restricted Stock Unit Amortization Net Value of stock related to restricted stocks awards issued during the period and the amortization of restricted stock units and other restricted stock activity. Net income (loss) for the period Profit (Loss) Adjusted for Income (Loss) Attributable to Redeemable Noncontrolling Interest The consolidated profit or loss for the period including the portion attributable to the noncontrolling interest, net of income taxes and income (loss) attributable to redeemable noncontrolling interest. Change in accumulated other comprehensive income (loss) Other Comprehensive Income (Loss), Net of Tax Repurchase of stock Stock Repurchased During Period, Value Change in additional paid in capital attributable to redeemable noncontrolling interest Adjustments to Additional Paid in Capital, Other Change in noncontrolling interest Noncontrolling Interest, Decrease from Deconsolidation Ending Balance Debt Disclosure [Abstract] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Asset Class [Axis] Asset Class [Axis] Asset Class [Domain] Asset Class [Domain] Encumbered Assets Encumbered Assets [Member] Encumbered Assets [Member] Unencumbered Assets Unencumbered Assets [Member] Unencumbered Assets [Member] Evaluation Type [Axis] Evaluation Type [Axis] Evaluation Type [Axis] Evaluation Type [Domain] Evaluation Type [Domain] [Domain] for Evaluation Type [Axis] Collectively Evaluated for Impairment Collectively Evaluated for Impairment [Member] Collectively Evaluated for Impairment [Member] Investment Type [Axis] Investment Type [Axis] Investments [Domain] Investments [Domain] Total loan participations payable, net Debt Instrument [Line Items] Debt Instrument [Line Items] Real estate available and held for sale Land and development, net Loans receivable and other lending investments, net Other investments Cash and other assets General reserves for loan losses Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment Loans receivable, net Loans Receivable, Net Reconciliation of segment profit (loss) to income (loss) from continuing operations Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] Segment profit Less: Recovery of (provision for) loan losses Provision for Loan and Lease Losses Less: Impairment of assets Segment Asset Impairment Charges Segment Asset Impairment Charges Less: Stock-based compensation expense Less: Depreciation and amortization Segment Depreciation and Amortization Segment Depreciation and Amortization Less: Income tax (expense) benefit Segment Income Tax (Benefit) Segment Income Tax (Benefit) Less: Loss on early extinguishment of debt, net Gains (Losses) on Extinguishment of Debt Net income (loss) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Dividends [Abstract] Dividends [Abstract] Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT Minimum Percentage of Taxable Income Excluding Capital Gains to be Distributed to Qualify as REIT Represents the minimum percentage of taxable income (excluding capital gains) to be distributed in order to qualify as REIT. Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT Percentage of Taxable Income Including Capital Gains to be Distributed to Qualify as REIT Represents the percentage of taxable income (including capital gains) to be distributed in order to qualify as REIT. Operating loss carryforwards Operating Loss Carryforwards Net income (loss) attributable to redeemable noncontrolling interest Net Income (Loss) Attributable to Redeemable Noncontrolling Interest Schedule of financial measures for each segment based on which performance is evaluated Schedule of Segment Reporting Information, by Segment [Table Text Block] Reconciliation of segment profit to income (loss) Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Schedule of Variable Interest Entities [Table] Schedule of Variable Interest Entities [Table] Variable Interest Entities by Classification of Entity [Axis] Variable Interest Entities [Axis] Variable Interest Entity, Classification [Domain] Variable Interest Entity, Classification [Domain] Consolidated VIEs Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] Unconsolidated VIEs Variable Interest Entity, Not Primary Beneficiary [Member] Variable interest entities Variable Interest Entity [Line Items] Variable interest entity, consolidated, carrying amount, assets Variable Interest Entity, Consolidated, Carrying Amount, Assets Variable interest entity, consolidated, carrying amount, liabilities Variable Interest Entity, Consolidated, Carrying Amount, Liabilities Carrying value of the investments Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net Variable interest entity unfunded commitment Variable Interest Entity Unfunded Commitment The amount of unfunded commitments that the entity has to the Variable Interest Entity. Loan Participations Payable [Abstract] Loan Participations Payable [Abstract] Schedule of Participating Mortgage Loans Schedule of Participating Mortgage Loans [Table Text Block] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Land & Development Land [Member] Transaction Type [Axis] Transaction Type [Axis] Transaction [Domain] Transaction [Domain] Real Estate Sales Real Estate Sales [Member] Real Estate Sales [Member] Percentage of capital committed to strategic investments that may be drawn down Percentage of Capital Committed that May be Drawn Down Represents the percentage of capital committed to strategic investments by the entity that may be drawn down. Area of land subject to litigation (in acres) LandSubjecttoLitigation Land acreage subject to litigation. Unpaid purchase price Unpaid Purchase Price Unpaid Purchase Price Unpaid purchase price, interest rate Unpaid Purchase Price, Interest Rate Unpaid Purchase Price, Interest Rate Net proceeds from sales of land and development assets Proceeds from Sale of Land Held-for-investment Payments for documentary transfer taxes Payments for Documentary Transfer Taxes Payments for Documentary Transfer Taxes Sales proceeds from sale of land Proceeds from Sale of Land Proceeds from Sale of Land Proceeds from interest received Proceeds from Interest Received Proceeds from real estate tax reimbursements Proceeds from Real Estate Tax Reimbursements Proceeds from Real Estate Tax Reimbursements Participation interests held by third party (as a percent) Loss Contingency, Participation Interests Held by Third Party, Percent Loss Contingency, Participation Interests Held by Third Party, Percent Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table] Disposal Groups, Including Discontinued Operations [Table] Residential Condominiums Condominium Units [Member] Condominium Units [Member] Net Lease Asset Two Net Lease Asset Two [Member] Net Lease Asset Two [Member] Commercial Operating Properties Commercial Operating Properties [Member] Commercial Operating Properties [Member] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Proceeds from sale of other real estate Proceeds from Sale of Other Real Estate Net proceeds from sales of real estate Proceeds from Sale of Real Estate Held-for-investment Loans Receivable and Other Lending Investments, net Loans and Other Lending Investments Net [Text Block] This element represents a summarization of loans and other lending investments held by the company. Derivatives Derivative Instruments and Hedging Activities Disclosure [Text Block] April 2017 Maturity April 2017 Maturity [Member] April 2017 Maturity [Member] Sells Indian rupee (INR)/Buys USD Forward Sells INR Buys USD Forward [Member] Sells INR Buys USD Forward [Member] Sells euro (EUR)/Buys USD Forward Sells EUR Buys USD Forward [Member] Represents the Sells EUR /Buy USD Forward Foreign currency contract member. Sells pound sterling (GBP)/Buys USD Forward Sells GBP Buys USD Forward [Member] Represents the Sells GBP/ Buy USD Forward Foreign currency contract member. Notional Amount Derivative, Notional Amount Foreign currency transaction gain (loss) Foreign Currency Transaction Gain (Loss), before Tax Schedule of Debt Securities [Table] Schedule of Available-for-sale Securities [Table] Debt Security [Axis] Debt Security [Axis] Major Types of Debt Securities [Domain] Major Types of Debt Securities [Domain] Municipal debt securities Municipal Bonds [Member] Debt securities Corporate Debt Securities [Member] Schedule of Debt Securities [Line Items] Schedule of Available-for-sale Securities [Line Items] Available-for-Sale Securities Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] Face Value Available-for-sale Securities, Debt Security, Face Amount Available-for-sale Securities, Debt Security, Face Amount Amortized Cost Basis Available-for-sale Debt Securities, Amortized Cost Basis Net Unrealized Gain (Loss) Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax Estimated Fair Value Available-for-sale Securities, Debt Securities, Fair Value Available-for-sale Securities, Debt Securities, Fair Value Net Carrying Value Available-for-sale Securities, Debt Securities Held-to-Maturity Securities Held-to-maturity Securities, Debt Maturities [Abstract] Face Value Held-to-maturity Securities, Debt Security, Face Amount Held-to-maturity Securities, Debt Security, Face Amount Amortized Cost Basis Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment Net Unrealized Gain (Loss) Held-to-Maturity Securities, Accumulated Unrealized Holding Gain (Loss) Held-to-Maturity Securities, Accumulated Unrealized Holding Gain (Loss) Estimated Fair Value Held-to-maturity Securities, Fair Value Net Carrying Value Held-to-maturity Securities Investments, Debt and Equity Securities [Abstract] Investments, Debt and Equity Securities [Abstract] Face Value Debt Securities, Face Amount Debt Securities, Face Amount Amortized Cost Basis Debt Securities, Amortized Cost Basis Debt Securities, Amortized Cost Basis Net Unrealized Gain (Loss) Debt Securities, Unrealized Holding Gains Debt Securities, Unrealized Holding Gains Estimated Fair Value Debt Securities, Fair Value Debt Securities, Fair Value Net Carrying Value Debt Securities, Net Carrying Amount Debt Securities, Net Carrying Amount Fair Value Disclosures [Abstract] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Beginning balance Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value Purchases Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases Repayments Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements Unrealized (losses) gains recorded in other comprehensive income Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) Ending balance Schedule of Financing Receivable, Recorded Investment, Credit Quality Indicator [Table] Schedule of Financing Receivable, Recorded Investment, Credit Quality Indicator [Table] External Credit Rating by Grouping [Axis] External Credit Rating by Grouping [Axis] External Credit Rating by Grouping [Domain] External Credit Rating by Grouping [Domain] Real Estate Finance Performing Financial Instruments [Member] Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating Financing Receivable, Recorded Investment [Line Items] Loans Weighted Average Risk Ratings Weighted Average Risk Ratings Represents the weighted average risk rating of the instrument. Loan Participations Payable, net Transfers and Servicing of Financial Assets [Text Block] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Unsecured Debt Unsecured Debt [Member] Secured Debt Secured Debt [Member] Other Debt Obligations Other Long-term Debt [Member] Other Long-term Debt [Member] Maturities of Long-term Debt [Abstract] Maturities of Long-term Debt [Abstract] 2017 (remaining nine months) Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year 2018 Long-term Debt, Maturities, Repayments of Principal in Year Two 2019 Long-term Debt, Maturities, Repayments of Principal in Year Three 2020 Long-term Debt, Maturities, Repayments of Principal in Year Four 2021 Long-term Debt, Maturities, Repayments of Principal in Year Five Thereafter Long-term Debt, Maturities, Repayments of Principal after Year Five Total principal maturities Long-term Debt, Gross Unamortized discounts and deferred financing costs, net Debt Instrument, Unamortized Discount (Premium) and Deferred Financing Costs, Net Debt Instrument, Unamortized Discount (Premium) and Deferred Financing Costs, Net Total debt obligations, net Long-term Debt Number of tranches Number of Tranches under Term Loans Represents the number of tranches under term loans. Remaining borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Award Type [Axis] Award Type [Axis] Award Type [Domain] Equity Award [Domain] 2013-2014 Performance Incentive Plan 2013-2014 Performance Incentive Plan [Member] 2013-2014 Performance Incentive Plan [Member] 2015-2016 Performance Plan 2015-2016Performance Plan [Member] 2015-2016Performance Plan [Member] 2017-2018 Performance Incentive Plan 2017-2018 Performance Incentive Plan [Member] 2017-2018 Performance Incentive Plan [Member] All Performance Incentive Plans All performance incentive plans [Member] All performance incentive plans [Member] Common Stock Subject to Sales Restriction Common Stock Subject to Sales Restriction [Member] Common Stock Subject to Sales Restriction [Member] Service Based Restricted Stock Units Vesting on December 31, 2019 Service Based Restricted Stock Units Vesting on December 31, 2019 [Member] Service Based Restricted Stock Units Vesting on December 31, 2019 [Member] Service Based Restricted Stock Units Vesting 20% on each Anniversary Date Service Based Restricted Stock Units Vesting 20% on each Anniversary Date [Member] Service Based Restricted Stock Units Vesting 20% on each Anniversary Date [Member] Service Based Restricted Stock Units Vesting on December 31, 2018 Service Based Restricted Stock Units Vesting on December 31, 2018 [Member] Service Based Restricted Stock Units Vesting on December 31, 2018 [Member] Performance Based Restricted Stock Units Vesting on December 31, 2017 Performance Based Restricted Stock Units Vesting on December 31, 2017 [Member] Performance Based Restricted Stock Units Vesting on December 31, 2017 [Member] Service Based Restricted Stock Units Vesting on December 31, 2017 Service Based Restricted Stock Units Vesting on December 31, 2017 [Member] Service Based Restricted Stock Units Vesting on December 31, 2017 [Member] Service Based Restricted Stock Units with specified vesting dates Service-based Restricted Stock Units with Specified Vesting Terms [Member] Represents details pertaining to service-based restricted stock units with specified original vesting terms. Plan Name [Axis] Plan Name [Axis] Plan Name [Domain] Plan Name [Domain] Long-term Incentive Plan 2009 Long-term Incentive Plan 2009 [Member] Represents information pertaining to 2009 Long-Term Incentive Plan of the entity. Schedule of Share-based Compensation Arrangement by Title of Individual [Axis] Schedule of Share-based Compensation Arrangement by Title of Individual [Axis] Reflects the pertinent provisions pertaining to equity-based compensation arrangement, by individual. Schedule of Share-based Compensation Arrangement by Title of Individual with Relationship to Entity [Domain] Schedule of Share-based Compensation Arrangement by Title of Individual with Relationship to Entity [Domain] Title of the individual (or the nature of the entity's relationship with the individual) who is party to the equity-based compensation arrangement. Employees Employees [Member] Represent employees of the entity. Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Unrecognized compensation cost Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Weighted-average period to recognize the unrecognized compensation cost Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Number of points issued (in shares) Number of Points Issued Number of Points Issued Accrued expenses Accrued Liabilities Other than Interest Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include property accounts payable, legal liabilities, loan costs, general and administrative liabilities, but exclude interest. Shares available for issuance Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Vested, number of shares Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period Restricted shares awarded Restricted Stock, Shares Issued Net of Shares for Tax Withholdings Sale restriction period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Sale Restriction Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Sale Restriction Period Granted units (in share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted, Number Number of vesting installments Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Installments, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Installments, Number Non-vested, outstanding (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Vesting term Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Vesting percentage Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Percentage Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Percentage Risk-free interest rate (as a percent) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate Expected stock price volatility (as a percent) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Investments, All Other Investments [Abstract] Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Table] Real estate equity investments Real Estate Investment [Member] Investment, Name [Axis] Investment, Name [Axis] Investment, Name [Domain] Investment, Name [Domain] Net lease venture iStar Net Lease I LLC [Member] iStar Net Lease I LLC [Member] Marina Palms Marina Palms, LLC [Member] Marina Palms, LLC [Member] Other real estate equity investments Other Real Estate Equity Investments [Member] Other Real Estate Equity Investments [Member] Other strategic investments Other Strategic Investments [Member] Other Strategic Investments [Member] Oak Hill Funds Oak Hill Funds Group 2 [Member] Represents information pertaining to Oak Hill group two, which includes OHA Strategic Master Fund, L.P. Schedule of Equity Method Investments [Line Items] Schedule of Equity Method Investments [Line Items] Equity method investments, carrying value Equity Method Investments 6.00% senior notes Unsecured Six Percent Senior Notes Due April 2022 [Member] Unsecured Six Percent Senior Notes Due April 2022 [Member] 5.85% senior notes Unsecured Notes 5 point 85 Percent Senior Notes Due March 2017 [Member] Unsecured Notes 5.85% due March 2017 senior notes debt instrument of the entity. 9.00% senior notes Unsecured Notes Nine Percent Senior Notes Due June 2017 [Member] Unsecured Notes Nine Percent Senior Notes Due June 2017 [Member] 5.875% senior notes Unsecured Notes 5 point 875 Percent Senior Notes Due March 2016 [Member] Unsecured Notes 5.875% due March 2016 senior notes debt instrument of the entity. 6.50% senior notes Unsecured Notes Six Point Five Percent Senior Notes Due July 2021 [Member] Unsecured Notes Six Point Five Percent Senior Notes Due July 2021 [Member] 3.875% senior notes Unsecured Notes 3 point 875 Percent Senior Notes Due July 2016 [Member] Unsecured Notes 3 point 875 Percent Senior Notes Due July 2016 [Member] 2015 $250 Million Secured Revolving Credit Facility Secured Credit Facility Revolver Due March 2018 [Member] Secured Credit Facility Revolver Due March 2018 [Member] 3.00% senior convertible notes Senior Convertible Three Point Zero Percent Notes Due November 2016 [Member] Senior Convertible Three Point Zero Percent Notes Due November 2016 [Member] Debt instrument, face amount Debt Instrument, Face Amount Repayments of debt Repayments of Debt Conversion of senior unsecured convertible notes into common stock Debt Conversion, Converted Instrument, Amount Shares of common stock converted (in shares) Debt Conversion, Converted Instrument, Shares Issued Income Statement [Abstract] Revenues: Revenues [Abstract] Total revenues Revenues Costs and expenses: Costs and Expenses [Abstract] Interest expense Interest Expense Real estate expense Cost of Real Estate Revenue Land development cost of sales Costs of Real Estate Services and Land Sales Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction General and administrative General and Administrative Expense Impairment of assets Asset Impairment Charges Other expense Total costs and expenses Costs and Expenses Income (loss) before earnings from equity method investments and other items Income (Loss) from Continuing Operations before Income (Loss) from Equity Method Investments and Other Items This element represents the income (loss) from continuing operations before income (loss) from equity method investments, gains (losses) on early extinguishment of debt, and other items. Loss on early extinguishment of debt, net Earnings from equity method investments Income (loss) from operations before income taxes Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income tax (expense) benefit Income Tax Expense (Benefit) Income (loss) from operations Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Net (income) loss attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Net income (loss) attributable to iStar Inc. Net Income (Loss) Attributable to Parent Preferred dividends Preferred Stock Dividends, Income Statement Impact Net income (loss) allocable to common shareholders Net Income (Loss) Available to Common Stockholders, Basic Per common share data: Earnings Per Share, Basic and Diluted [Abstract] Income (loss) attributable to iStar Inc. from operations: Income (Loss) from Operations before Extraordinary Items, Per Basic and Diluted Share [Abstract] Basic and diluted (in dollars per share) Income (Loss) from Continuing Operations, Per Basic and Diluted Share Net income (loss) attributable to iStar Inc.: Basic and diluted (in dollars per share) Earnings Per Share, Basic and Diluted Weighted average number of common shares: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic and diluted (in shares) Weighted Average Number of Shares Outstanding, Basic and Diluted Other Assets and Other Liabilities Other Assets and Other Liabilities Disclosure [Text Block] This element may be used as a single block of text to encapsulate the entire disclosure for other assets and other liabilities including data and tables. 2016 Senior Secured Credit Facility 2016 Senior Secured Credit Facility [Member] 2016 Senior Secured Credit Facility [Member] 2017 Secured Financing 2017 Secured Financing [Member] 2017 Secured Financing [Member] Mortgages collateralized by net lease assets Secured Term Loans Collateralized by Loans Net Lease Assets Due Through 2026 [Member] Secured Term Loans Collateralized by net lease assets due through 2026 debt instrument of the entity. Total secured credit facilities and mortgages Secured Credit Facilities [Member] Represents the secured credit facility of the entity. 4.00% senior notes Unsecured Notes Four Percent Senior Notes Due November 2017 [Member] Unsecured Notes Four Percent Senior Notes Due November 2017 [Member] 7.125% senior notes Unsecured Notes Seven Point One Two Five Percent Senior Notes Due February 2018 [Member] Unsecured Notes Seven Point One Two Five Percent Senior Notes Due February 2018 [Member] 4.875% senior notes Unsecured Notes 4 point 875 Percent Senior Notes Due July 2018 [Member] Unsecured Notes 4 point 875 Percent Senior Notes Due July 2018 [Member] 5.00% senior notes Unsecured Notes Five Percent Senior Notes Due July 2019 [Member] Unsecured Notes Five Percent Senior Notes Due July 2019 [Member] Unsecured Notes Unsecured Senior Notes [Member] Represents the unsecured senior notes of the entity. Trust preferred securities Other Debt Securities, Due October 2035 [Member] Represents other debt obligations due in October, 2035. Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] London Interbank Offered Rate (LIBOR) London Interbank Offered Rate (LIBOR) [Member] Federal Funds Effective Swap Rate Federal Funds Effective Swap Rate [Member] Debt Instrument, Interest Rate Category [Axis] Debt Instrument, Interest Rate Category [Axis] Debt Instrument, Interest Rate Category [Axis] Debt Instrument, Interest Rate Category [Domain] Debt Instrument, Interest Rate Category [Domain] [Domain] for Debt Instrument, Interest Rate Category [Axis] Interest Rate Category One Interest Rate Category One [Member] Interest Rate Category One [Member] Interest Rate Category Two Interest Rate Category Two [Member] Interest Rate Category Two [Member] Name of Property [Axis] Name of Property [Axis] Name of Property [Domain] Name of Property [Domain] Property One Property One [Member] Property One [Member] Total debt obligations Debt discounts and deferred financing costs, net Basis point spread on variable interest rate (as a percent) Debt Instrument, Basis Spread on Variable Rate Effective interest rate (as a percent) Debt Instrument, Interest Rate, Effective Percentage Notional amount Stated interest rate, minimum (as a percent) Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum Stated interest rate, maximum (as a percent) Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum Debt instrument, margin (as a percent) Debt Instrument, Margin Debt Instrument, Margin Converted term loan, term Converted Term Loan, Term Converted Term Loan, Term Weighted average interest rate (as a percent) Debt, Weighted Average Interest Rate Interest costs capitalized Interest Costs Capitalized Real Estate Assets Held-for-Sale Real Estate Asses Held-for-Sale [Member] Real Estate Asses Held-for-Sale [Member] Real Estate, Type of Property [Axis] Real Estate, Type of Property [Axis] Real Estate [Domain] Real Estate [Domain] Residential Real Estate Residential Real Estate [Member] Residential Real Estate, Type of Property [Axis] Residential Real Estate, Type of Property [Axis] Residential Real Estate, Type of Property [Axis] Residential Real Estate, Type of Property [Domain] Residential Real Estate, Type of Property [Domain] Residential Real Estate, Type of Property [Domain] Master Planned Community Master Planned Community [Member] Master Planned Community [Member] Real Estate Available and Held for Sale Real Estate Available and Held for Sale [Member] Real Estate Available and Held for Sale [Member] Other liabilities Other Liabilities Accrued interest payable Interest Payable Intangible liabilities, net Below Market Lease, Net Accounts payable, accrued expenses and other liabilities Accounts Payable and Accrued Liabilities Developer fee payable Profit Sharing Payable Profit Sharing Payable Special assessment bond Special Assessment Bond Number of properties Number of Properties Number of Properties Below market lease, accumulated amortization Below Market Lease, Accumulated Amortization Amortization of below market lease Amortization of Below Market Lease Gross contributions made by the Company Defined Contribution Plan, Cost Recognized Accounting Policies [Abstract] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] Derivative Instruments, Gain (Loss) [Table] Interest Expense Interest Expense [Member] Earnings from equity method investments Earnings from Equity Method Investments [Member] Earnings from Equity Method Investments [Member] Other Expense Other Expense [Member] Derivative financial instruments on consolidated statements of operations Derivative Instruments, Gain (Loss) [Line Items] Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net Amount of Gain or (Loss) Recognized in Income Derivative, Gain (Loss) on Derivative, Net Statement of Comprehensive Income [Abstract] Interest Expense Reclassification of (gains)/losses on cash flow hedges into earnings upon realization Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax Business and Organization Business and Organization [Text Block] This element represents nature of an entity's business, the major products or services it sells or provides and its principal markets. It also discloses background of the entity. Net Lease Net Lease Asset [Member] Represents details pertaining to net lease assets. Residential Operating Properties Residential Operating Properties [Member] Residential Operating Properties [Member] Land, at cost Land and Land Improvements Buildings and improvements, at cost Investment Building and Building Improvements Less: accumulated depreciation Real Estate Investment Property, Accumulated Depreciation Real estate, net Schedule of Financing Receivable, Allowance for Credit Losses [Table] Schedule of Financing Receivable, Allowance for Credit Losses [Table] Individually Evaluated for Impairment Individually Evaluated for Impairment [Member] Individually Evaluated for Impairment [Member] Financing Receivable, Allowance for Credit Losses [Line Items] Financing Receivable, Allowance for Credit Losses [Line Items] Less: Reserve for loan losses Less: Reserve for loan losses Total Financing Receivable, Net Unamortized discounts, premiums, deferred fees and costs Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums Release of general reserve Interest receivable Interest Receivable Held-to-maturity and available-for-sale securities Net income (loss) Other comprehensive income (loss): Other Comprehensive Income (Loss), Net of Tax [Abstract] Reclassification of (gains)/losses on cash flow hedges into earnings upon realization Unrealized gains/(losses) on available-for-sale securities Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Unrealized gains/(losses) on cash flow hedges Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Unrealized gains/(losses) on cumulative translation adjustment Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax Other comprehensive income (loss) Comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive (income) loss attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income (loss) attributable to iStar Inc. Comprehensive Income (Loss), Net of Tax, Attributable to Parent Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Income (loss) from operations Net (income) loss attributable to noncontrolling interests Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share Income (Loss) from Continuing Operations Attributable to Parent and Available to Common Shareholders Hpu Holders and Participating Security Holders The income or loss from continuing operations during the period which is attributable to the parent and is available to common shareholders, HPU holders and Participating Security holders. Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, Plant and Equipment [Line Items] Land and land development, at cost Land and land development Land and land development Less: accumulated depreciation Real Estate Investment Property, Accumulated Depreciation and Amortization Real Estate Investment Property, Accumulated Depreciation and Amortization Total land and development, net Investment [Axis] Investment [Axis] Investment [Domain] Investment [Domain] Land Redemption Status [Axis] Redemption Status [Axis] Redemption Status [Axis] Redemption Status [Domain] Redemption Status [Domain] [Domain] for Redemption Status [Axis] Not Currently Redeemable Not Currently Redeemable [Member] Not Currently Redeemable [Member] Noncontrolling interest increase (percent) Noncontrolling Interest, Ownership Percentage by Parent, Period Increase (Decrease) Noncontrolling Interest, Ownership Percentage by Parent, Period Increase (Decrease) Noncontrolling interest, decrease from redemptions or purchase of interests Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests Noncontrolling interest, ownership percentage by parent Noncontrolling Interest, Ownership Percentage by Parent Land development cost of sales Redeemable noncontrolling interests Redeemable Noncontrolling Interest, Equity, Carrying Amount Loan Participations Payable, net [Table] Loan Participations Payable, net [Table] Loan Participations Payable, net [Table] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Loan Participations Payable, net [Line Items] Loan Participations Payable, net [Line Items] [Line Items] for Loan Participations Payable, net [Table] Loan participations payable, gross Loan Participations Payable, gross Loan Participations Payable, gross Loan participations payable, net Loan Participations Payable, net Loan Participations Payable, net Number of loan participations payable Transfers and Servicing of Financial Liabilities, Number of Instruments Transfers and Servicing of Financial Liabilities, Number of Instruments Real Estate Real Estate Disclosure [Text Block] Other Investments Other Investments [Text Block] This element represents the disclosures for equity method investments, cost method investments, and marketable securities. Investment across a range of real estate sectors over the past two decades (more than) Real Estate Investment Real Estate Investment Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Basis [Axis] Measurement Basis [Axis] Fair Value Measurement [Domain] Fair Value Measurement [Domain] Portion at Fair Value Measurement Portion at Fair Value Measurement [Member] Fair Value Estimate of Fair Value Measurement [Member] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Recurring basis Fair Value, Measurements, Recurring [Member] Non-recurring basis Fair Value, Measurements, Nonrecurring [Member] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Quoted market prices in active markets (Level 1) Fair Value, Inputs, Level 1 [Member] Significant other observable inputs (Level 2) Fair Value, Inputs, Level 2 [Member] Significant unobservable inputs (Level 3) Fair Value, Inputs, Level 3 [Member] Valuation Technique [Axis] Valuation Technique [Axis] Valuation Technique [Domain] Valuation Technique [Domain] Comparable Sales comparable sales [Member] comparable sales [Member] Discounted Cash Flow Valuation Technique Discounted Cash Flow Valuation Technique [Member] Discounted cash flow valuation technique used to measure fair value. Loans Receivable One Loans Receivable One [Member] Loans Receivable One [Member] Loans Receivable Two Loans Receivable Two [Member] Loans Receivable Two [Member] Assets and liabilities recorded at fair value Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Derivative assets Derivative Asset Derivative liabilities Derivative Liability Available-for-sale securities Available-for-sale Securities Impaired loans Impaired Loans Receivable Fair Value Disclosure This element represents impaired loans as of the end of the reporting period that are valued by the entity at fair value on the balance sheet date. Impaired real estate Impaired Other Real Estate Owned Fair Value Disclosure This element represents impaired OREOs held by the Company as of the end of the reporting period that are valued by the entity at fair value on the balance sheet date. Number of impaired loans Number of Impaired Loans Number of Impaired Loans Discount rate Fair Value Inputs, Discount Rate Sellout period Impaired Real Estate Asset, Sellout Period Impaired Real Estate Asset, Sellout Period Land and Development Land and Development [Text Block] Land and Development [Text Block] Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations Schedule of Income (Loss) from Continuing Operations Used in Basic and Diluted Earnings Per Share Calculations [Table Text Block] Tabular disclosure of the reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations. Schedule of earnings per share allocable to common shares and HPU shares Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of anti-dilutive shares Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of debt obligations Schedule of Debt [Table Text Block] Schedule of future scheduled maturities of outstanding long-term debt obligations, net Schedule of Maturities of Long-term Debt [Table Text Block] Schedule of carrying value of encumbered assets by asset type Schedule of Encumbered Assets [Table Text Block] Tabular disclosure of assets which were encumbered with mortgages or pledged as collateral for borrowings at the end of the reporting period(s). Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] Unrealized gains (losses) on available-for-sale securities Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Unrealized gains (losses) on cash flow hedges Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax Unrealized losses on cumulative translation adjustment Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax Accumulated other comprehensive income (loss) Accumulated Other Comprehensive Income (Loss), Net of Tax Statement of Financial Position [Abstract] Series D, E, F, G and I Preferred Stock Series D, E, F, G and I Preferred Stock [Member] Series D, E, F, G and I Preferred Stock [Member] Common Stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Common Stock, shares authorized (in shares) Common Stock, Shares Authorized Common Stock, shares issued (in shares) Common Stock, Shares, Issued Common Stock, shares outstanding (in shares) Common Stock, Shares, Outstanding Fair Value, by Balance Sheet Grouping [Table] Fair Value, by Balance Sheet Grouping [Table] Book and estimated fair values of financial instruments Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Debt obligations, net Schedule of Operating Lease Allowance for Doubtful Accounts [Table] Schedule of Operating Lease Allowance for Doubtful Accounts [Table] Schedule of Operating Lease Allowance for Doubtful Accounts [Table] Real Estate Tenant Receivables Real Estate Tenant Receivables [Member] Real Estate Tenant Receivables [Member] Deferred Operating Lease Deferred Operating Lease [Member] Deferred Operating Lease [Member] Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items] Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items] [Line Items] for Schedule of Operating Lease Allowance for Doubtful Accounts [Table] Allowance for doubtful accounts receivable Allowance for Doubtful Accounts Receivable Earnings Per Share Type [Axis] Earnings Per Share Type [Axis] Earnings Per Share Type [Axis] Earnings per share type [Domain] Earnings per share type [Domain] [Domain] for Earnings per share type [Axis] Basic and Diluted Basic and Diluted [Member] Basic and Diluted [Member] Common Stock Earnings allocable to common shares: Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] Numerator for basic earnings per share: Net Income (Loss) Available to Common Stockholders, Basic [Abstract] Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders Income (Loss) from Continuing Operations, Attributable to Parent and Available to Common Shareholders The income or loss from continuing operations during the period which is attributable to the parent and is available to common shareholders. Net income (loss) attributable to iStar Inc. and allocable to common shareholders Net Income (Loss) Attributable to Parent and Available to Common Shareholders Net Income (Loss) Attributable to Parent and Available to Common Shareholders Denominator for basic and diluted earnings per share: Denominator for Basic and Diluted Earnings Per Share or Hpu Share [Abstract] -- None. No documentation exists for this element. -- Weighted average common shares outstanding for basic and diluted earnings per common share Basic and diluted earnings per common share: Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) Income (Loss) from Operations before Extraordinary Items, Per Basic and Diluted Share Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) Derivative Instruments and Hedging Activities Disclosures [Table] Derivative Instruments and Hedging Activities Disclosures [Table] Foreign exchange contracts Foreign Exchange Forward [Member] Interest rate swap Interest Rate Swap One [Member] Forward based contracts first in which two parties agree to swap periodic payments that are fixed at the outset of the swap contract with variable payments based on a market interest rate (index rate) over a specified period. Derivative Instruments and Hedging Activities Disclosures [Line Items] Derivative Instruments and Hedging Activities Disclosures [Line Items] Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] Schedule of derivative financial instruments on Consolidated Statements of Operations Derivative Instruments, Gain (Loss) [Table Text Block] Schedule of notional amounts of outstanding derivative positions Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] Schedule of real estate assets Schedule of Real Estate Assets [Table Text Block] Schedule of Real Estate Assets [Table Text Block] Stock-Based Compensation Plans and Employee Benefits Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Marine Palms North Tower Marine Palms, LLC, North Tower [Member] Marine Palms, LLC, North Tower [Member] Marine Palms South Tower Marine Palms, LLC, South Tower [Member] Marine Palms, LLC, South Tower [Member] Newly formed unconsolidated entity Newly Formed Unconsolidated Entity [Member] Newly Formed Unconsolidated Entity [Member] Other income Other Income [Member] Operating Properties iStar's ownership percentage Equity Method Investment, Ownership Percentage Partners' capital account, contributions (up to) Partners' Capital Commitment Partners' Capital Commitment Equity method investment, related party ownership percentage Equity Method Investment, Related Party Ownership Percentage Equity Method Investment, Related Party Ownership Percentage Equity method investment, related party promote fee percentage Equity Method Investment, Related Party Promote Fee Percentage Equity Method Investment, Related Party Promote Fee Percentage Equity method investment, partner ownership percentage Equity Method Investment, Partner Ownership Percentage Equity Method Investment, Partner Ownership Percentage Total assets carrying value Equity Method Investment, Summarized Financial Information, Assets Management fees revenue Management Fees Revenue Number of units Number of Units in Real Estate Property Percentage of units pre-sold Real Estate Property, Percentage of Units Pre-sold Real Estate Property, Percentage of Units Pre-sold Contributions Payments for Contributions to Unconsolidated Entities This element represents payments for contributions to unconsolidated entities. Loan commitments Loans Commitments,Related Party Loans Commitments,Related Party Loans receivable, carrying value Loans Receivable, Related Party Loans Receivable, Related Party Interest income Interest Income, Related Party Cost method investments Cost Method Investments Segment Reporting Segment Reporting Disclosure [Text Block] Directors Director [Member] CSE and Restricted Stock Units CSE and Restricted Stock Award [Member] CSE and Restricted Stock Award [Member] Aggregate intrinsic value for directors Share based Compensation Arrangement by Share based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value for Directors The aggregate intrinsic value of outstanding equity awards on equity-based plans excluding option plans for which the Company is contingently obligated to issue equity instruments or transfer assets to an director as calculated by applying the disclosed pricing methodology. Schedule of the Company's loans and other lending investments by class Schedule of Loans and Other Lending Investments [Table Text Block] Tabular disclosure of loans and other lending investments by class. Includes the gross carrying value of a loan by class, reserve for loan losses, and the net carrying value as of the Balance Sheet date. Schedule of changes in the Company's reserve for loan losses Allowance for Credit Losses on Financing Receivables [Table Text Block] Schedule of recorded investment in loans and associated reserve for loan losses Schedule of Investment in Loans and Associated Reserve for Loan Losses [Table Text Block] Tabular disclosure of the Company's recorded investment in loans and the associated reserve for loan losses. Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating Financing Receivable Credit Quality Indicators [Table Text Block] Schedule of recorded investment in loans, aged by payment status and presented by class Past Due Financing Receivables [Table Text Block] Schedule of recorded investment in impaired loans, presented by class Impaired Financing Receivables [Table Text Block] Schedule of average recorded investment in impaired loans and interest income recognized, presented by class Impaired Financing Receivables Average Recorded Investment and Interest Income Recognized [Table Text Block] Tabular disclosure by class of the average recorded investment in impaired loans and the related interest income recognized. Schedule of other lending investments - securities Marketable Securities [Table Text Block] Schedule of Accounts, Notes, Loans and Financing Receivable [Table] Accounts, Notes, Loans and Financing Receivable [Line Items] Total gross carrying value of loans Loans Receivable Net of Deferred Income Reflects the aggregate gross carrying amount of all categories of loans held in portfolio, after deducting deferred income, but before deducting the allowance for losses on loans. Reserves for loan losses Total loans receivable, net Other lending investments—securities Held-to-Maturity and Available-for-sale Securities This item represents investments in debt securities which are categorized as held-to-maturity and securities classified as available for sale. Total loans receivable and other lending investments, net Investment [Table] Investment [Table] Held for Sale Reclassification [Axis] Held for Sale Reclassification [Axis] Held for Sale Reclassification [Axis] Held for Sale Reclassification [Domain] Held for Sale Reclassification [Domain] [Domain] for Held for Sale Reclassification [Axis] Held-for-Sale, Change in Business Strategy Held-for-Sale, Change in Business Strategy [Member] Held-for-Sale, Change in Business Strategy [Member] Investment [Line Items] Investment [Line Items] Schedule of other investments and its proportionate share of results for equity method investments Equity Method Investments [Table Text Block] Summarized investee financial information Equity Method Investments, Summarized Financial Information [Table Text Block] [Table Text Block] for Equity Method Investments, Summarized Financial Information [Table] Debt Obligations, net Debt Disclosure [Text Block] Line of Credit Facility [Table] Line of Credit Facility [Table] Safety, Income nad Growth, Inc. Safety, Income and Growth, Inc. [Member] Safety, Income and Growth, Inc. [Member] 2016 Secured Term Loan 2016 Secured Term Loan [Member] 2016 Secured Term Loan [Member] Other Expense Maximum Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Noncontrolling interest (as a percent) Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Number of properties collateralizing loan Debt Instrument, Number of Properties Collateralizing Loan Debt Instrument, Number of Properties Collateralizing Loan Number of ground net leases collateralizing loan Debt Instrument, Number of Ground Net Leases Collateralizing Loan Debt Instrument, Number of Ground Net Leases Collateralizing Loan Number of master lease collateralizing loan Debt Instrument, Number of Master Lease Collateralizing Loan Debt Instrument, Number of Master Lease Collateralizing Loan Number of properties covered under master lease agreement Debt Instrument, Number of Properties Covered Under Master Lease Agreement Debt Instrument, Number of Properties Covered Under Master Lease Agreement Deferred financing costs Deferred Finance Costs, Gross Percentage of par credit facilities were issued at Line of Credit Facility Issue Price as Percentage of Principal Amount Represents the percentage of principal amount used in the computation of issue price for the line of credit facility. Multiple of the minimum collateral coverage on outstanding borrowings (at least) Debt Instrument Covenant Multiple of Minimum Collateral Coverage on Outstanding Borrowings Represents the multiple of the minimum collateral coverage on outstanding borrowings required under the terms of the debt covenant. Required quarterly principal payment (as a percent) Debt Instrument, Periodic Principal Payment, Percent Debt Instrument, Periodic Principal Payment, Percent Deferred finance costs, gross Debt Instrument, Lender Fees, Amount Debt Instrument, Lender Fees, Amount Debt instrument, thirst party fees, amount recognized Debt Instrument, Third Party Fees, Amount Recognized Debt Instrument, Third Party Fees, Amount Recognized Debt issuance fees Debt Issuance Cost Debt instrument, third party fees, amount capitalized Debt Instrument, Third Party Fees, Amount Capitalized Debt Instrument, Third Party Fees, Amount Capitalized Line of credit facility, maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Commitment fee percentage Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Interest rate during period Line of Credit Facility, Interest Rate During Period Executed Contract with Third Party Executed Contract with Third Party [Member] Executed Contract with Third Party [Member] Net lease asset transferred Number of Real Estate Properties Transferred to Held for Sale Number of Real Estate Properties Transferred to Held for Sale Property transferred to held for sale, carrying value Property Transferred to Held for Sale, Aggregate, Carrying Value Property Transferred to Held for Sale, Aggregate, Carrying Value Basis of Presentation and Principles of Consolidation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Unsecured Credit Facilities Unsecured Credit Facilities [Member] Represents the unsecured credit facility of the entity. Minimum ratio of unencumbered assets to unsecured indebtedness (at least) Debt Instrument Covenant Ratio of Unencumbered Assets to Unsecured Indebtedness Represents the minimum ratio of encumbered assets to unsecured indebtedness required under the terms of the debt covenant. Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings Debt Instrument Covenant Multiple of Minimum Fixed Charges on Outstanding Borrowings Debt Instrument Covenant Multiple of Minimum Fixed Charges on Outstanding Borrowings Percentage of REIT taxable income permitted for distribution under debt covenants Debt Instrument Covenant Percentage of Taxable Income Permitted for Distribution if Reit classification is Maintained Represents the percentage of taxable income that is permitted for distribution, under the terms of the debt covenant, if the entity maintains its REIT qualification. New Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Fair Values Fair Value Disclosures [Text Block] ASSETS Assets [Abstract] Real estate Real estate, at cost Real Estate Investment Property, Held for Use, Gross Real Estate Investment Property, Held for Use, Gross Less: accumulated depreciation Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Accrued interest and operating lease income receivable, net Accrued Interest and Operating Lease Income Receivable Net This element represents interest, rents, ancillary and operating lease income earned but not yet received by the entity on its loans and other lending investments and net lease assets. Deferred operating lease income receivable, net Deferred Rent Receivables, Net Deferred expenses and other assets, net LIABILITIES AND EQUITY Liabilities and Equity [Abstract] Liabilities: Liabilities [Abstract] Accounts payable, accrued expenses and other liabilities Loan participations payable, net Total liabilities Liabilities Commitments and contingencies (refer to Note 11) Commitments and Contingencies Redeemable noncontrolling interests (refer to Note 5) Equity: Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] iStar Inc. shareholders' equity: Stockholders' Equity Attributable to Parent [Abstract] Preferred Stock Preferred Stock, Value, Issued Common Stock, $0.001 par value, 200,000 shares authorized, 72,105 and 72,042 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Retained earnings (deficit) Retained Earnings (Accumulated Deficit) Accumulated other comprehensive income (loss) (refer to Note 13) Total iStar Inc. shareholders' equity Stockholders' Equity Attributable to Parent Noncontrolling interests Stockholders' Equity Attributable to Noncontrolling Interest Total equity Total liabilities and equity Liabilities and Equity Subsequent Event [Table] Subsequent Event [Table] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Ground Net Lease Business Ground Net Lease Business [Member] Ground Net Lease Business [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Payments of make whole premium Payments of Debt Extinguishment Costs Number of Institutional Investors Number of Institutional Investors Number of Institutional Investors Ownership interests acquired in ground net lease business Business Acquisition, Percentage of Voting Interests Acquired Number of ground net leases Number of Net Lease Assets Number of Net Lease Assets Number of master leases Number of Master Lease Assets Number of Master Lease Assets Consideration transferred Business Combination, Consideration Transferred Assumption of long term debt Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt Carrying value of properties Property, Plant and Equipment, Net Gain sale of properties Offering costs in connection with IPO Initial Public Offering Costs Payable Initial Public Offering Costs Payable Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] Summary of changes in Level 3 available-for-sale securities reported at fair value Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Schedule of deferred expenses and other assets, net Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] Schedule of accounts payable, accrued expenses and other liabilities Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Schedule of deferred tax assets and liabilities Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Document and Entity Information [Abstract] -- None. No documentation exists for this element. -- Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Amendment Flag Amendment Flag Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Statement of Cash Flows [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to cash flows from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Impairment of assets Depreciation and amortization Depreciation, Depletion and Amortization Non-cash expense for stock-based compensation Share-based Compensation Amortization of discounts/premiums and deferred financing costs on debt obligations, net Amortization of Financing Costs and Discounts Amortization of discounts/premiums on loans, net Amortization of Discounts or Premiums and Costs on Lending Investments, net Amortization of discounts/premiums and costs on loans, net Deferred interest on loans, net Decrease (Increase) in Deferred Interest on Loans, Net Decrease (Increase) in Deferred Interest on Loans, Net Earnings from equity method investments Distributions from operations of other investments Proceeds from Equity Method Investment, Dividends or Distributions Deferred operating lease income Straight Line Rent Income from sales of real estate Gain (Loss) on Sale of Properties, Cash Flow Impact Gain (Loss) on Sale of Properties, Cash Flow Impact Land development revenue in excess of cost of sales Loss on early extinguishment of debt, net Gains (Losses) on Extinguishment of Debt, Cash Flow Impact Amount represents the cash flow impact of the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Debt discount on repayments of debt obligations Repayments and repurchases of debt discount The component of debt repayments representing repayment of original issue discounts, classified as operating cash flows. Other operating activities, net Other Operating Activities, Cash Flow Statement Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Changes in accrued interest and operating lease income receivable, net Increase (Decrease) in Accrued Interest and Operating Lease and Income Receivable This element represents net change during the reporting period in accrued interest income and operating lease income receivable earned but not yet received. Changes in deferred expenses and other assets, net Increase (Decrease) in Prepaid Expense and Other Assets Changes in accounts payable, accrued expenses and other liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Cash flows used in operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Originations and fundings of loans receivable, net Payments to Acquire Notes Receivable Capital expenditures on real estate assets Payments for Capital Improvements Capital expenditures on land and development assets Payment for Capital Expenditures on Land and Development Assets Payment for Capital Expenditures on Land and Development Assets Repayments of and principal collections on loans receivable and other lending investments, net Proceeds from Principal Repayments on Portfolio of Assets Proceeds from Principal Repayments on Portfolio of Assets Net proceeds from sales of real estate Proceeds from Sale of Real Estate Distributions from other investments Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital Contributions to other investments Changes in restricted cash held in connection with investing activities Increase (Decrease) in Restricted Cash Other investing activities, net Payments for (Proceeds from) Other Investing Activities Cash flows provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Borrowings from debt obligations Proceeds from Issuance of Debt Repayments and repurchases of debt obligations Preferred dividends paid Payments of Ordinary Dividends, Preferred Stock and Preference Stock Repurchase of stock Payments for Repurchase of Common Stock Payments for deferred financing costs Payments of Financing Costs Payments for withholding taxes upon vesting of stock-based compensation Payments Related to Tax Withholding for Share-based Compensation Other financing activities, net Proceeds from (Payments for) Other Financing Activities Cash flows provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Effect of exchange rate changes on cash Effect of Exchange Rate on Cash and Cash Equivalents Changes in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosure of non-cash investing and financing activity: Supplemental Cash Flow Elements [Abstract] Fundings of loan receivables and loan participations Loans Assumed Accounts payable for capital expenditures on land and development assets Capital Expenditures Incurred but Not yet Paid on Land and Development Assets Capital Expenditures Incurred but Not yet Paid on Land and Development Assets Accounts payable for capital expenditures on real estate assets Capital Expenditures Incurred but Not yet Paid on Real Estate Assets Capital Expenditures Incurred but Not yet Paid on Real Estate Assets Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series Schedule of Stock by Class [Table Text Block] Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Terminated interest rate swap Terminated Interest Rate Swap [Member] Terminated Interest Rate Swap [Member] Variable Rate (as a percent) Derivative, Basis Spread on Variable Rate Fixed Rate (as a percent) Derivative, Fixed Interest Rate Gain (loss) recognized in accumulated other comprehensive income Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion Cash flow hedge gain (loss) to be reclassified within twelve months Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months Equity Method Investments, Summarized Financial Information [Table] Equity Method Investments, Summarized Financial Information [Table] Equity Method Investments, Summarized Financial Information [Table] Net Lease Venture Equity investment 1 [Member] Equity investment 1 [Member] Equity Method Investments, Summarized Financial Information [Line Items] Equity Method Investments, Summarized Financial Information [Line Items] [Line Items] for Equity Method Investments, Summarized Financial Information [Table] Revenues Equity Method Investment, Summarized Financial Information, Revenue Expenses Equity Method Investment, Summarized Financial Information, Cost of Sales Net Income Attributable to Parent Entities Equity Method Investment, Summarized Financial Information, Net Income (Loss) EX-101.PRE 10 star-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 11 star-093020_chartx35384a01.jpg begin 644 star-093020_chartx35384a01.jpg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end XML 12 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
May 02, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name ISTAR INC.  
Entity Central Index Key 0001095651  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   72,105,169
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  

XML 13 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Real estate    
Real estate, at cost $ 1,896,262 $ 1,906,592
Less: accumulated depreciation (419,671) (414,840)
Real estate, net 1,476,591 1,491,752
Real estate available and held for sale 71,934 83,764
Total real estate 1,548,525 1,575,516
Land and development, net 955,150 945,565
Loans receivable and other lending investments, net 1,381,227 1,450,439
Other investments 197,559 214,406
Cash and cash equivalents 897,487 328,744
Accrued interest and operating lease income receivable, net 12,561 14,775
Deferred operating lease income receivable, net 97,859 96,420
Deferred expenses and other assets, net 204,148 199,649
Total assets 5,294,516 4,825,514
Liabilities:    
Accounts payable, accrued expenses and other liabilities 192,040 211,570
Loan participations payable, net 182,087 159,321
Debt obligations, net 3,882,395 3,389,908
Total liabilities 4,256,522 3,760,799
Commitments and contingencies (refer to Note 11) 0 0
Redeemable noncontrolling interests (refer to Note 5) 3,513 5,031
iStar Inc. shareholders' equity:    
Common Stock, $0.001 par value, 200,000 shares authorized, 72,105 and 72,042 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively 72 72
Additional paid-in capital 3,603,586 3,602,172
Retained earnings (deficit) (2,608,590) (2,581,488)
Accumulated other comprehensive income (loss) (refer to Note 13) (3,974) (4,218)
Total iStar Inc. shareholders' equity 991,120 1,016,564
Noncontrolling interests 43,361 43,120
Total equity 1,034,481 1,059,684
Total liabilities and equity 5,294,516 4,825,514
Series D, E, F, G and I Preferred Stock    
iStar Inc. shareholders' equity:    
Preferred Stock 22 22
Preferred Stock Series J    
iStar Inc. shareholders' equity:    
Preferred Stock $ 4 $ 4
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2017
Dec. 31, 2016
Common Stock, par value (in dollars per share) $ 0.001 $ 0.001
Common Stock, shares authorized (in shares) 200,000 200,000
Common Stock, shares issued (in shares) 72,105 72,042
Common Stock, shares outstanding (in shares) 72,105 72,042
Series D, E, F, G and I Preferred Stock    
Liquidation preference (in dollars per share) $ 25 $ 25
Preferred Stock Series J    
Liquidation preference (in dollars per share) $ 50 $ 50.00
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Operating lease income $ 52,591 $ 54,937
Interest income 29,058 33,219
Other income 11,864 11,541
Land development revenue 20,050 14,947
Total revenues 113,563 114,644
Costs and expenses:    
Interest expense 51,193 57,021
Real estate expense 35,741 34,305
Land development cost of sales 15,910 11,575
Depreciation and amortization 13,067 14,708
General and administrative 25,173 23,102
(Recovery of) provision for loan losses (4,928) 1,506
Impairment of assets 4,413 0
Other expense 1,869 740
Total costs and expenses 142,438 142,957
Income (loss) before earnings from equity method investments and other items (28,875) (28,313)
Loss on early extinguishment of debt, net (210) (125)
Earnings from equity method investments 5,702 8,267
Income (loss) from operations before income taxes (23,383) (20,171)
Income tax (expense) benefit (607) 414
Income (loss) from operations (23,990) (19,757)
Income from sales of real estate 8,618 10,458
Net income (loss) (15,372) (9,299)
Net (income) loss attributable to noncontrolling interests 1,100 942
Net income (loss) attributable to iStar Inc. (14,272) (8,357)
Preferred dividends (12,830) (12,830)
Net income (loss) allocable to common shareholders $ (27,102) $ (21,187)
Income (loss) attributable to iStar Inc. from operations:    
Basic and diluted (in dollars per share) $ (0.38) $ (0.27)
Net income (loss) attributable to iStar Inc.:    
Basic and diluted (in dollars per share) $ (0.38) $ (0.27)
Weighted average number of common shares:    
Basic and diluted (in shares) 72,065 77,060
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (15,372) $ (9,299)
Other comprehensive income (loss):    
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization [1] 122 257
Unrealized gains/(losses) on available-for-sale securities (17) 19
Unrealized gains/(losses) on cash flow hedges 540 (962)
Unrealized gains/(losses) on cumulative translation adjustment (401) (40)
Other comprehensive income (loss) 244 (726)
Comprehensive income (loss) (15,128) (10,025)
Comprehensive (income) loss attributable to noncontrolling interests 1,100 942
Comprehensive income (loss) attributable to iStar Inc. $ (14,028) $ (9,083)
[1] Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $160 for the three months ended March 31, 2017 and 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $97 for the three months ended March 31, 2017 and 2016, respectively.
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization [1] $ 122 $ 257
Interest Expense    
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization 30 160
Earnings from equity method investments    
Reclassification of (gains)/losses on cash flow hedges into earnings upon realization $ 92 $ 97
[1] Reclassified to "Interest expense" in the Company's consolidated statements of operations are $30 and $160 for the three months ended March 31, 2017 and 2016, respectively. Reclassified to "Earnings from equity method investments" in the Company's consolidated statements of operations are $92 and $97 for the three months ended March 31, 2017 and 2016, respectively.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Preferred Stock
 [1]
Preferred Stock Series J
 [1]
Common Stock at Par
Additional Paid-In Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning Balance at Dec. 31, 2015 $ 1,101,330 $ 22 $ 4 $ 81 $ 3,689,330 $ (2,625,474) $ (4,851) $ 42,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared—preferred (12,830)         (12,830)    
Issuance of stock/restricted stock unit amortization, net 604       604      
Net income (loss) for the period [2] (7,999)         (8,357)   358
Change in accumulated other comprehensive income (loss) (726)           (726)  
Repurchase of stock (58,132)     (6) (58,126)      
Change in additional paid in capital attributable to redeemable noncontrolling interest 438       438      
Change in noncontrolling interest [3] (7,292)             (7,292)
Ending Balance at Mar. 31, 2016 1,015,393 22 4 75 3,632,246 (2,646,661) (5,577) 35,284
Beginning Balance at Dec. 31, 2016 1,059,684 22 4 72 3,602,172 (2,581,488) (4,218) 43,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared—preferred (12,830)         (12,830)    
Issuance of stock/restricted stock unit amortization, net 1,237       1,237      
Net income (loss) for the period [2] (14,031)         (14,272)   241
Change in accumulated other comprehensive income (loss) 244           244  
Change in additional paid in capital attributable to redeemable noncontrolling interest 177       177      
Ending Balance at Mar. 31, 2017 $ 1,034,481 $ 22 $ 4 $ 72 $ 3,603,586 $ (2,608,590) $ (3,974) $ 43,361
[1] Refer to Note 13 for details on the Company's Preferred Stock.
[2] For the three months ended March 31, 2017 and 2016, net income (loss) shown above excludes $(1,341) and $(1,300) of net loss attributable to redeemable noncontrolling interests.
[3] Includes a payment to acquire a noncontrolling interest (refer to Note 5).
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]    
Net income (loss) attributable to redeemable noncontrolling interest $ (1,341) $ (1,300)
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ (15,372) $ (9,299)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
(Recovery of) provision for loan losses (4,928) 1,506
Impairment of assets 4,413 0
Depreciation and amortization 13,067 14,708
Non-cash expense for stock-based compensation 5,881 4,577
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 3,512 4,601
Amortization of discounts/premiums on loans, net (3,184) (3,422)
Deferred interest on loans, net (11,467) (12,114)
Earnings from equity method investments (5,702) (8,267)
Distributions from operations of other investments 20,029 26,317
Deferred operating lease income (2,109) (2,126)
Income from sales of real estate (8,618) (10,458)
Land development revenue in excess of cost of sales (8,618) (10,458)
Loss on early extinguishment of debt, net 210 125
Debt discount on repayments of debt obligations (267) (492)
Other operating activities, net 2,683 1,599
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 2,214 2,415
Changes in deferred expenses and other assets, net (8,726) 1,034
Changes in accounts payable, accrued expenses and other liabilities (24,987) (23,023)
Cash flows used in operating activities (37,491) (15,691)
Cash flows from investing activities:    
Originations and fundings of loans receivable, net (61,605) (94,343)
Capital expenditures on real estate assets (7,781) (17,735)
Capital expenditures on land and development assets (27,604) (29,375)
Repayments of and principal collections on loans receivable and other lending investments, net 171,066 73,211
Net proceeds from sales of real estate 30,215 35,680
Net proceeds from sales of land and development assets 20,923 8,775
Distributions from other investments 4,709 7,675
Contributions to other investments (1,813) (6,377)
Changes in restricted cash held in connection with investing activities 284 1,660
Other investing activities, net 1,801 7,716
Cash flows provided by (used in) investing activities 130,195 (13,113)
Cash flows from financing activities:    
Borrowings from debt obligations 854,637 275,000
Repayments and repurchases of debt obligations (353,191) (282,755)
Preferred dividends paid (12,830) (12,830)
Repurchase of stock 0 (58,760)
Payments for deferred financing costs (11,497) 0
Payments for withholding taxes upon vesting of stock-based compensation (420) (1,109)
Other financing activities, net (661) (10,686)
Cash flows provided by (used in) financing activities 476,038 (91,140)
Effect of exchange rate changes on cash 1 24
Changes in cash and cash equivalents 568,743 (119,920)
Cash and cash equivalents at beginning of period 328,744 711,101
Cash and cash equivalents at end of period 897,487 591,181
Supplemental disclosure of non-cash investing and financing activity:    
Fundings of loan receivables and loan participations 22,602 1,905
Accounts payable for capital expenditures on land and development assets 0 3,650
Accounts payable for capital expenditures on real estate assets 781 0
Land and Development    
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Land development revenue in excess of cost of sales $ (4,140) $ (3,372)
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business and Organization
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Organization
Business and Organization

Business—iStar Inc. (the "Company"), doing business as "iStar," finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary business segments are real estate finance, net lease, operating properties and land and development (refer to Note 17).

Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments, as well as through corporate acquisitions.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis of Presentation and Principles of Consolidation
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Annual Report").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.
Principles of Consolidation—The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and variable interest entities ("VIEs") for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has not provided financial support to those VIEs that it was not previously contractually required to provide.    
Consolidated VIEs—As of March 31, 2017, the Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2017, the total assets of these consolidated VIEs were $449.3 million and total liabilities were $74.4 million. The classifications of these assets are primarily within "Land and development, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Accounts payable, accrued expenses and other liabilities" and "debt obligations, net" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of March 31, 2017.

Unconsolidated VIEs—As of March 31, 2017, the Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of March 31, 2017, the Company's maximum exposure to loss from these investments does not exceed the sum of the $52.9 million carrying value of the investments, which are classified in "Other investments" and "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets, and $58.0 million of related unfunded commitments.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements.
As of March 31, 2017, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially.
New Accounting Pronouncements—In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from sales of real estate, land development revenue and other income will be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Real Estate
Real Estate
The Company's real estate assets were comprised of the following ($ in thousands):
 
Net Lease(1)
 
Operating
Properties
 
Total
As of March 31, 2017
 
 
 
 
 
Land, at cost
$
271,433

 
$
211,054

 
$
482,487

Buildings and improvements, at cost
1,097,049

 
316,726

 
1,413,775

Less: accumulated depreciation
(370,168
)
 
(49,503
)
 
(419,671
)
Real estate, net
998,314

 
478,277

 
1,476,591

Real estate available and held for sale (2)
—

 
71,934

 
71,934

Total real estate
$
998,314

 
$
550,211

 
$
1,548,525

As of December 31, 2016
 
 
 
 
 
Land, at cost
$
272,666

 
$
211,054

 
$
483,720

Buildings and improvements, at cost
1,111,589

 
311,283

 
1,422,872

Less: accumulated depreciation
(368,665
)
 
(46,175
)
 
(414,840
)
Real estate, net
1,015,590

 
476,162

 
1,491,752

Real estate available and held for sale (2)
1,284

 
82,480

 
83,764

Total real estate
$
1,016,874

 
$
558,642

 
$
1,575,516


_______________________________________________________________________________
(1)
In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.
(2)
As of March 31, 2017 and December 31, 2016, the Company had $71.9 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio.

Real Estate Available and Held for Sale— During the three months ended March 31, 2016, the Company transferred one net lease asset with a carrying value of $0.7 million to held for sale due to an executed contract with a third party.

Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential condominiums for total net proceeds of $10.2 million and $19.7 million, respectively, and recorded income from sales of real estate totaling $1.9 million and $4.9 million, respectively. During the three months ended March 31, 2017 and 2016, the Company sold net lease assets for net proceeds of $20.0 million and $10.0 million, respectively, resulting in gains of $6.7 million and $4.9 million, respectively. During the three months ended March 31, 2016, the Company also sold a commercial operating property for net proceeds of $5.9 million resulting in a gain of $0.7 million. The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations.
Impairments—During the three months ended March 31, 2017, the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy.
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.
Allowance for Doubtful Accounts—As of March 31, 2017 and December 31, 2016, the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.3 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million as of March 31, 2017 and December 31, 2016. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Land and Development
 3 Months Ended
Mar. 31, 2017
Land and development [Abstract]  
Land and Development
Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):
 
As of
 
March 31,
 
December 31,
 
2017
 
2016
Land and land development, at cost
$
961,907

 
$
952,051

Less: accumulated depreciation
(6,757
)
 
(6,486
)
Total land and development, net
$
955,150

 
$
945,565



Acquisitions—In 2016, the Company acquired an additional 10.7% interest in a consolidated entity for $10.8 million. The Company owns 95.7% of the entity as of March 31, 2017.

Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential lots and units and recognized land development revenue of $20.1 million and $14.9 million, respectively, from its land and development portfolio. During the three months ended March 31, 2017 and 2016, the Company recognized land development cost of sales of $15.9 million and $11.6 million, respectively, from its land and development portfolio.

Redeemable Noncontrolling Interest—The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of March 31, 2017 and December 31, 2016, this interest had a carrying value of zero and $1.3 million, respectively. As of March 31, 2017 and December 31, 2016, this interest did not have a redemption value.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Loans Receivable and Other Lending Investments, net
Loans Receivable and Other Lending Investments, net

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
 
As of
Type of Investment
March 31,
2017
 
December 31,
2016
Senior mortgages
$
834,795

 
$
940,738

Corporate/Partnership loans
519,198

 
490,389

Subordinate mortgages
25,242

 
24,941

Total gross carrying value of loans
1,379,235

 
1,456,068

Reserves for loan losses
(79,389
)
 
(85,545
)
Total loans receivable, net
1,299,846

 
1,370,523

Other lending investments—securities
81,381

 
79,916

Total loans receivable and other lending investments, net
$
1,381,227

 
$
1,450,439



Reserve for Loan Losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):
 
 
For the Three Months Ended March 31,
 
 
2017
 
2016
Reserve for loan losses at beginning of period
 
$
85,545

 
$
108,165

(Recovery of) provision for loan losses
 
(4,928
)
 
1,506

Charge-offs
 
(1,228
)
 
—

Reserve for loan losses at end of period
 
$
79,389

 
$
109,671



The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
 
Individually
Evaluated for
Impairment(1)
 
Collectively
Evaluated for
Impairment(2)
 
Total
As of March 31, 2017
 
 
 
 
 
Loans
$
250,801

 
$
1,135,134

 
$
1,385,935

Less: Reserve for loan losses
(60,989
)
 
(18,400
)
 
(79,389
)
Total(3)
$
189,812

 
$
1,116,734

 
$
1,306,546

As of December 31, 2016
 
 
 
 
 
Loans
$
253,941

 
$
1,209,062

 
$
1,463,003

Less: Reserve for loan losses
(62,245
)
 
(23,300
)
 
(85,545
)
Total(3)
$
191,696

 
$
1,185,762

 
$
1,377,458

_______________________________________________________________________________
(1)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.4 million as of March 31, 2017 and December 31, 2016, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
(2)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $2.9 million and $1.9 million as of March 31, 2017 and December 31, 2016, respectively.
(3)
The Company's recorded investment in loans as of March 31, 2017 and December 31, 2016 includes accrued interest of $6.7 million and $6.9 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, excludes $81.4 million and $79.9 million, respectively, of securities that are evaluated for impairment under ASC 320.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt.

The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
 
As of March 31, 2017
 
As of December 31, 2016
 
Performing
Loans
 
Weighted
Average
Risk Ratings
 
Performing
Loans
 
Weighted
Average
Risk Ratings
Senior mortgages
$
756,720

 
2.31

 
$
859,250

 
3.12

Corporate/Partnership loans
364,159

 
3.06

 
335,677

 
3.09

Subordinate mortgages
14,255

 
2.46

 
14,135

 
3.00

  Total
$
1,135,134

 
2.55

 
$
1,209,062

 
3.11



The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
 
Current
 
Less Than
and Equal
to 90 Days
 
Greater
Than
90 Days(1)
 
Total
Past Due
 
Total
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Senior mortgages
$
762,720

 
$
—

 
$
76,454

 
$
76,454

 
$
839,174

Corporate/Partnership loans
364,159

 
—

 
157,303

 
157,303

 
521,462

Subordinate mortgages
25,299

 
—

 
—

 
—

 
25,299

Total
$
1,152,178

 
$
—

 
$
233,757

 
$
233,757

 
$
1,385,935

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Senior mortgages
$
868,505

 
$
—

 
$
76,677

 
$
76,677

 
$
945,182

Corporate/Partnership loans
335,677

 
—

 
157,146

 
157,146

 
492,823

Subordinate mortgages
24,998

 
—

 
—

 
—

 
24,998

Total
$
1,229,180

 
$
—

 
$
233,823

 
$
233,823

 
$
1,463,003

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. As of December 31, 2016, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding.

Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
 
As of March 31, 2017
 
As of December 31, 2016
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Subordinate mortgages
$
11,044

 
$
11,027

 
$
—

 
$
10,862

 
$
10,846

 
$
—

Subtotal
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subtotal
239,757

 
229,354

 
(60,989
)
 
243,079

 
232,563

 
(62,245
)
Total:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subordinate mortgages
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

Total
$
250,801

 
$
240,381

 
$
(60,989
)
 
$
253,941

 
$
243,409

 
$
(62,245
)
____________________________________________________________
(1)
All of the Company's non-accrual loans are considered impaired and included in the table above.

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
$
—

 
$
—

 
$
4,542

 
$
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Subtotal
10,953

 
—

 
4,542

 
—

With an allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
126,843

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subtotal
241,418

 
—

 
132,414

 
—

Total:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
131,385

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Total
$
252,371

 
$
—

 
$
136,956

 
$
—



Securities—Other lending investments—securities includes the following ($ in thousands):
 
Face Value
 
Amortized Cost Basis
 
Net Unrealized Gain (Loss)
 
Estimated Fair Value
 
Net Carrying Value
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,230

 
$
21,230

 
$
409

 
$
21,639

 
$
21,639

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
59,867

 
59,742

 
2,321

 
62,063

 
59,742

Total
$
81,097

 
$
80,972

 
$
2,730

 
$
83,702

 
$
81,381

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,240

 
$
21,240

 
$
426

 
$
21,666

 
$
21,666

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
58,454

 
58,250

 
2,753

 
61,003

 
58,250

Total
$
79,694

 
$
79,490

 
$
3,179

 
$
82,669

 
$
79,916
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Investments
 3 Months Ended
Mar. 31, 2017
Investments, All Other Investments [Abstract]  
Other Investments
Other Investments

The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
 
 
 
Equity in Earnings (Losses)
 
Carrying Value as of
 
For the Three Months Ended March 31,
 
March 31, 2017
 
December 31, 2016
 
2017
 
2016
Real estate equity investments
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
92,024

 
$
92,669

 
$
981

 
$
946

Marina Palms, LLC ("Marina Palms")
19,439

 
35,185

 
3,117

 
8,221

Other real estate equity investments
53,230

 
53,202

 
1,357

 
(1,702
)
Subtotal
164,693

 
181,056

 
5,455

 
7,465

Other strategic investments(1)
32,866

 
33,350

 
247

 
802

Total
$
197,559

 
$
214,406

 
$
5,702

 
$
8,267


_______________________________________________________________________________
(1)
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three months ended March 31, 2016, the Company recognized $3.2 million of carried interest income.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form an unconsolidated entity in which the Company has an equity interest of approximately 51.9%. The partners plan to contribute up to an aggregate $500 million of equity to acquire and develop net lease assets over time. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a promote and management fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any promote payment received based on the 47.5% partner's interest. As of March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $516.5 million and $511.3 million, respectively. During the three months ended March 31, 2017 and 2016, the Company recorded $0.5 million and $0.4 million of management fees, respectively, from the Net Lease Venture which are included in "Other income" in the Company's consolidated statements of operations. This entity is not a VIE and the Company does not have controlling interest due to the substantive participating rights of its partner.
Marina Palms—As of March 31, 2017, the Company owned a 47.5% equity interest in Marina Palms, a 468 unit, two tower residential condominium development in North Miami Beach, Florida. The 234 unit north tower has one unit remaining for sale as of March 31, 2017. The 234 unit south tower is 84% sold or pre-sold (based on unit count) as of March 31, 2017. This entity is not a VIE and the Company does not have controlling interest due to shared control of the entity with its partner. As of March 31, 2017 and December 31, 2016, the venture's carrying value of total assets was $98.3 million and $201.8 million, respectively.
Other real estate equity investments—As of March 31, 2017, the Company's other real estate equity investments included equity interests in real estate ventures ranging from 20% to 85%, comprised of investments of $3.2 million in operating properties and $50.0 million in land assets. As of December 31, 2016, the Company's other real estate equity investments included $3.6 million in operating properties and $49.6 million in land assets.
In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest. This entity is a VIE and the Company does not have a controlling interest due to shared control of the entity with its partner. The Company and its partner both made $7.0 million contributions to the venture and the Company provided financing to the entity in the form of a $27.0 million senior loan commitment, which had a carrying value of $23.1 million and $22.7 million as of March 31, 2017 and December 31, 2016, respectively, and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. During the three months ended March 31, 2017, the Company recorded $0.4 million of interest income on the senior loan.

Other strategic investments—As of March 31, 2017, the Company also had smaller investments in real estate related funds and other strategic investments in several other entities that were accounted for under the equity method or cost method. As of March 31, 2017 and December 31, 2016, the carrying value of the Company's cost method investments was $0.9 million and $1.4 million, respectively.
Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2017
 
 
 
 
 
Marina Palms
$
23,669

 
$
(14,911
)
 
$
8,758

Net Lease Venture
9,621

 
(7,588
)
 
1,890

 
 
 
 
 
 
For the Three Months Ended March 31, 2016
 
 
 
 
 
Marina Palms
$
50,628

 
$
(25,511
)
 
$
25,117

Net Lease Venture
7,830

 
(5,863
)
 
1,823
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Assets and Other Liabilities
 3 Months Ended
Mar. 31, 2017
Other Assets and Other Liabilities [Abstract]  
Other Assets and Other Liabilities
Other Assets and Other Liabilities
Deferred expenses and other assets, net, consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Intangible assets, net(1)
$
61,723

 
$
63,098

Other receivables(2)
51,047

 
52,820

Other assets
47,877

 
39,591

Restricted cash
26,290

 
25,883

Leasing costs, net(3)
11,812

 
12,566

Corporate furniture, fixtures and equipment, net(4)
5,399

 
5,691

Deferred expenses and other assets, net
$
204,148

 
$
199,649


_______________________________________________________________________________
(1)
Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $33.2 million and $32.6 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.9 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.5 million for the three months ended March 31, 2017 and 2016. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.
(2)
As of March 31, 2017 and December 31, 2016, included $25.8 million and $26.0 million, respectively, of receivables related to the construction and development of an amphitheater.
(3)
Accumulated amortization of leasing costs was $6.4 million and $6.7 million as of March 31, 2017 and December 31, 2016, respectively.
(4)
Accumulated depreciation on corporate furniture, fixtures and equipment was $9.5 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Other liabilities(1)
$
79,398

 
$
75,993

Accrued expenses(2)
62,139

 
72,693

Accrued interest payable
41,901

 
54,033

Intangible liabilities, net(3)
8,602

 
8,851

Accounts payable, accrued expenses and other liabilities
$
192,040

 
$
211,570


_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, "Other liabilities" includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2017 and December 31, 2016, includes $1.4 million and $1.2 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, "Other liabilities" also includes $7.8 million and $8.5 million, respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units.
(2)
As of March 31, 2017 and December 31, 2016, accrued expenses includes $2.4 million and $1.7 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.
(3)
Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.7 million and $6.4 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million for the three months ended March 31, 2017 and 2016.

Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Deferred tax assets (liabilities)
$
70,806

 
$
66,498

Valuation allowance
(70,806
)
 
(66,498
)
Net deferred tax assets (liabilities)
$
—

 
$
—
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loan Participations Payable, net
 3 Months Ended
Mar. 31, 2017
Loan Participations Payable [Abstract]  
Loan Participations Payable, net
Loan Participations Payable, net

The Company's loan participations payable, net were as follows ($ in thousands):
 
 
Carrying Value as of
 
 
March 31, 2017
 
December 31, 2016
Loan participations payable(1)
 
$
182,853

 
$
160,251

Debt discounts and deferred financing costs, net
 
(766
)
 
(930
)
Total loan participations payable, net
 
$
182,087

 
$
159,321

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had three loan participations payable with a weighted average interest rate of 5.2%. As of December 31, 2016, the Company had three loan participations payable with a weighted average interest rate of 4.8%.
 
Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net. As of March 31, 2017 and December 31, 2016, the corresponding loan receivable balances were $181.9 million and $159.1 million, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Debt Obligations, net
Debt Obligations, net

The Company's debt obligations were as follows ($ in thousands):
 
Carrying Value as of
 
Stated
Interest Rates
 
Scheduled
Maturity Date
 
March 31, 2017
 
December 31, 2016
 
 
Secured credit facilities and mortgages:
 
 
 
 
 
 
 
2015 $250 Million Secured Revolving Credit Facility
$
—

 
$
—

 
LIBOR + 2.75%

(1) 
March 2018
2016 Senior Secured Credit Facility
500,000

 
498,648

 
LIBOR + 3.75%

(2) 
July 2020
2017 Secured Financing
227,000

 
—

 
3.795
%
(3) 
April 2027
Mortgages collateralized by net lease assets
247,535

 
249,987

 
3.875% - 7.26%

(4) 
Various through 2032
Total secured credit facilities and mortgages
974,535

 
748,635

 
 

 
 
Unsecured notes:
 
 
 
 
 
 
 
5.85% senior notes
—

 
99,722

 
5.85
%
 
—
9.00% senior notes
275,000

 
275,000

 
9.00
%
 
June 2017
4.00% senior notes(5)
550,000

 
550,000

 
4.00
%
 
November 2017
7.125% senior notes
300,000

 
300,000

 
7.125
%
 
February 2018
4.875% senior notes(6)
300,000

 
300,000

 
4.875
%
 
July 2018
5.00% senior notes(7)
770,000

 
770,000

 
5.00
%
 
July 2019
6.50% senior notes(8)
275,000

 
275,000

 
6.50
%
 
July 2021
6.00% senior notes(9)
375,000

 
—

 
6.00
%
 
April 2022
Total unsecured notes
2,845,000

 
2,569,722

 
 

 
 
Other debt obligations:

 
 
 
 
 
 
Trust preferred securities
100,000

 
100,000

 
LIBOR + 1.50%

 
October 2035
Total debt obligations
3,919,535

 
3,418,357

 
 

 
 
Debt discounts and deferred financing costs, net
(37,140
)
 
(28,449
)
 
 

 
 
Total debt obligations, net(10)
$
3,882,395

 
$
3,389,908

 
 

 
 
_______________________________________________________________________________
(1)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
(2)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0%.
(3)
The Company entered into a $200 million notional rate lock swap, bringing the effective interest rate down from 3.795% to 3.773%.
(4)
As of March 31, 2017 and December 31, 2016, includes a loan with a floating rate of LIBOR plus 2.0%. As of March 31, 2017, the weighted average interest rate of these loans is 5.1%.
(5)
The Company can prepay these senior notes without penalty beginning August 1, 2017.
(6)
The Company can prepay these senior notes without penalty beginning January 1, 2018.
(7)
The Company can prepay these senior notes without penalty beginning July 1, 2018.
(8)
The Company can prepay these senior notes without penalty beginning July 1, 2020.
(9)
The Company can prepay these senior notes without penalty beginning April 1, 2021.
(10)
The Company capitalized interest relating to development activities of $2.0 million and $1.4 million during the three months ended March 31, 2017 and 2016, respectively.





Future Scheduled Maturities—As of March 31, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
 
Unsecured Debt
 
Secured Debt
 
Total
2017 (remaining nine months)
$
825,000

 
$
—

 
$
825,000

2018
600,000

 
10,648

 
610,648

2019
770,000

 
28,770

 
798,770

2020
—

 
500,000

 
500,000

2021
275,000

 
119,072

 
394,072

Thereafter
475,000

 
316,045

 
791,045

Total principal maturities
2,945,000

 
974,535

 
3,919,535

Unamortized discounts and deferred financing costs, net
(21,148
)
 
(15,992
)
 
(37,140
)
Total debt obligations, net
$
2,923,852

 
$
958,543

 
$
3,882,395


_____________________________________________________________________________
(1)
The Company has $825.0 million of debt obligations maturing in two separate tranches during 2017, and $310.6 million of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of May 3, 2017, the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements.

2017 Secured Financing—In March 2017, the Company entered into a $227.0 million secured financing transaction (the "2017 Secured Financing") that accrues interest at 3.795% and matures in April 2027. Subsequent to March 31, 2017, the 2017 Secured Financing was assumed by an entity in which the Company has a 49% noncontrolling interest (refer to Note 18). The 2017 Secured Financing is collateralized by 12 properties including seven ground net leases and one master lease (covering the accounts of five properties). In connection with the 2017 Secured Financing, the Company incurred $7.4 million of lender and third-party fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets.
2016 Secured Term Loan—In December 2016, the Company arranged a $170.0 million delayed draw secured term loan (the "2016 Secured Term Loan"). During the three months ended March 31, 2017, the Company allowed the 2016 Secured Term Loan to expire and replaced the 2016 Secured Term Loan with the 2017 Secured Financing. The 2016 Secured Term Loan was collateralized by the 12 properties that now serve as collateral for the 2017 Secured Financing which were sold subsequent to March 31, 2017.
2016 Senior Secured Credit Facility—In June 2016, the Company entered into a senior secured credit facility of $450.0 million (the "2016 Senior Secured Credit Facility"). In August 2016, the Company upsized the facility to $500.0 million. The initial $450.0 million of the 2016 Senior Secured Credit Facility was issued at 99% of par and the upsize was issued at par. The 2016 Senior Secured Credit Facility initially accrued interest at a floating rate of LIBOR plus 4.50% with a 1.00% LIBOR floor. In January 2017, the Company repriced the 2016 Senior Secured Credit Facility to LIBOR plus 3.75% with a 1.00% LIBOR floor. The 2016 Senior Secured Credit Facility is collateralized 1.25x by a first lien on a fixed pool of assets. Proceeds from principal repayments and sales of collateral are applied to amortize the 2016 Senior Secured Credit Facility. Proceeds received for interest, rent, lease payments and fee income are retained by the Company. The Company may also make optional prepayments, subject to prepayment fees, and is required to repay 0.25% of the principal amount on the first business day of each quarter. Proceeds from the 2016 Senior Secured Credit Facility, together with cash on hand, were primarily used to repay other secured debt.
In connection with the 2016 Senior Secured Credit Facility, the Company incurred $4.5 million of lender fees, substantially all of which was capitalized in "Debt obligations, net" on the Company's consolidated balance sheets. The Company also incurred $6.2 million in third party fees, of which $4.3 million was capitalized in “Debt obligations, net” on the Company's consolidated balance sheets, as it related to new lenders, and $1.9 million was recognized in “Other expense” in the Company's consolidated statements of operations as it related primarily to those lenders from the original facility that modified their debt under the new facility. In connection with the repricing of the 2016 Senior Secured Credit Facility in January 2017, the Company incurred an additional $0.8 million in fees, substantially all of which was recognized in "Other expense."

2015 Secured Revolving Credit Facility—In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Secured Revolving Credit Facility"). Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.375% to 0.50%, based on average utilization each quarter. During the three months ended March 31, 2017, the weighted average cost of the credit facility was 3.46%. Commitments under the revolving facility mature in March 2018. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019. As of March 31, 2017, based on the Company's borrowing base of assets, the Company had $236.0 million of borrowing capacity available under the 2015 Secured Revolving Credit Facility.
Unsecured Notes—In March 2017, the Company issued $375.0 million principal amount of 6.00% senior unsecured notes due April 2022. Proceeds from the offering were primarily used to repay in full the $99.7 million principal amount of 5.85% senior unsecured notes due March 2017 and, subsequent to March 31, 2017, repay in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017. In March 2016, the Company repaid its $261.4 million principal amount of 5.875% senior unsecured notes at maturity using available cash. In addition, the Company issued $275.0 million principal amount of 6.50% senior unsecured notes due July 2021. Proceeds from the offering were primarily used to repay in full the $265.0 million principal amount of senior unsecured notes due July 2016 and repay $5.0 million of the 2015 Secured Revolving Credit Facility.

In November 2016, in connection with the retirement of the Company's $200.0 million principal amount of 3.0% senior unsecured convertible notes due November 2016, the Company converted $9.6 million principal amount into 0.8 million shares of our common stock.

Encumbered/Unencumbered Assets—The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
 
Encumbered Assets
 
Unencumbered Assets
 
Encumbered Assets
 
Unencumbered Assets
Real estate, net
$
1,005,826

 
$
470,765

 
$
881,212

 
$
610,540

Real estate available and held for sale
—

 
71,934

 
—

 
83,764

Land and development, net
35,165

 
919,985

 
35,165

 
910,400

Loans receivable and other lending investments, net(1)(2)
137,293

 
1,080,448

 
172,581

 
1,142,050

Other investments
—

 
197,559

 
—

 
214,406

Cash and other assets
—

 
1,212,055

 
—

 
639,588

Total
$
1,178,284

 
$
3,952,746

 
$
1,088,958

 
$
3,600,748

_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $18.4 million and $23.3 million, respectively.
(2)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude loan participations of $181.9 million and $159.1 million, respectively.

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness of at least 1.2x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis, the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures.

The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, dividend payments, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Secured Credit Facility requires the Company to maintain collateral coverage of at least 1.25x outstanding borrowings on the facility. The 2015 Secured Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both collateral coverage of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. The 2015 Secured Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the collateral coverage remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. In addition, for so long as the Company maintains its qualification as a REIT, the 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative net operating loss ("NOL") carryforwards). The Company may not pay common dividends if it ceases to qualify as a REIT.

The Company's 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company sometimes establishes a maximum amount of additional funding which it will make available to a borrower or tenant for an expansion or addition to a project if it approves of the expansion or addition in its sole discretion. The Company refers to these arrangements as Discretionary Fundings. Finally, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments.

As of March 31, 2017, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):
 
Loans and Other Lending Investments(1)
 
Real Estate
 
Other
Investments
 
Total
Performance-Based Commitments
$
305,862

 
$
9,814

 
$
24,059

 
$
339,735

Strategic Investments
—

 
—

 
45,564

 
45,564

Total(2)
$
305,862

 
$
9,814

 
$
69,623

 
$
385,299


_______________________________________________________________________________
(1)
Excludes $155.3 million of commitments on loan participations sold that are not the obligation of the Company.
(2)
The Company did not have any Discretionary Fundings as of March 31, 2017.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including loan foreclosure and foreclosure-related proceedings. In addition to such matters, the Company is a party to the following legal proceedings:
Shareholder Action
As previously reported, a shareholder action was filed in 2014 in Maryland state court purporting to assert derivative, class and individual claims against the Company, a number of our current and former senior executives (including our chief executive officer) and current and former directors as defendants.  The complaint alleged breach of fiduciary duty, breach of contract and other causes of action arising out of compensation awards granted by the Company to our senior executives in December 2008 and modified in July 2011. On October 30, 2014, the Maryland Circuit Court dismissed all of plaintiffs' claims in the action. Plaintiffs appealed and, on January 28, 2016, the Maryland Court of Special Appeals affirmed the order of the Circuit Court. Plaintiffs appealed that decision and, on January 20, 2017, the Maryland Court of Appeals (Maryland’s highest court) issued its opinion affirming the dismissal of all of plaintiffs’ claims against the Company and the other defendants. This matter is concluded.

U.S. Home Corporation ("Lennar") v. Settlers Crossing, LLC, et al. (Civil Action No. DKC 08-1863)
This litigation involves a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland. On January 22, 2015, the United States District Court for the District of Maryland (the District Court) entered a judgment in favor of the Company, as seller, and against Lennar, as purchaser. The District Court found that the Company is entitled to specific performance and awarded damages to the Company in the aggregate amount of: (i) the remaining purchase price to be paid by Lennar of $114.0 million; plus (ii) simple interest on the unpaid amount at a rate of 12% annually, calculated from May 27, 2008, until Lennar proceeds to settlement on the land; plus (iii) real estate taxes paid by the Company; plus (iv) actual and reasonable attorneys' fees and costs incurred by the Company in connection with the litigation. Lennar appealed the District Court's judgment and posted an appeal bond.

On April 12, 2017, the United States Court of Appeals for the Fourth Circuit (the Court of Appeals) affirmed the judgment of the District Court in its entirety. Lennar has filed a petition with the Court of Appeals for rehearing en banc, only with respect to the calculation of interest owed by Lennar on the unpaid purchase price following the date of the judgment of the District Court, which petition is pending. Lennar’s time period to seek review of the Court of Appeals’ decision by the United States Supreme Court has not expired.

On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of $231.1 million after payment of $6.3 million in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a 4.3% participation interest in all proceeds received by the Company.

On a quarterly basis, the Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company's consolidated financial statements.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
Derivatives
The Company's use of derivative financial instruments is primarily limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements, foreign exchange rate movements, and other identified risks, but may not meet the strict hedge accounting requirements.
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands):
 
Derivative Assets as of
 
Derivative Liabilities as of
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
N/A
 
$
—

 
Other Liabilities
 
$
307

 
Other Liabilities
 
$
8

Interest rate swaps
Other assets
 
58

 
N/A
 
—

 
N/A
 
—

 
Other Liabilities
 
39

Total
 
 
$
58

 
 
 
$
—

 
 
 
$
307

 
 
 
$
47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
Other Assets
 
$
702

 
Other Liabilities
 
$
264

 
N/A
 
$
—

Interest rate cap
Other Assets
 
71

 
Other Assets
 
25

 
N/A
 
—

 
N/A
 
—

Total
 
 
$
71

 
 
 
$
727

 
 
 
$
264

 
 
 
$
—

The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):
Derivatives Designated in Hedging Relationships
 
Location of Gain (Loss)
Recognized in Income
 
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
 (Ineffective Portion)
For the Three Months Ended March 31, 2017
 
 
 
 
 
 
Interest rate swaps
 
Interest Expense
 
467

 
(30
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(5
)
 
(5
)
 
N/A
Interest rate swap
 
Earnings from equity method investments
 
78

 
(87
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(299
)
 
—

 
N/A
For the Three Months Ended March 31, 2016
 
 
 
 
 
 
Interest rate cap
 
Interest Expense
 
—

 
(185
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(1
)
 
—

 
N/A
Interest rate swaps
 
Interest Expense
 
(502
)
 
25

 
N/A
Interest rate swap
 
Earnings from equity method investments
 
(459
)
 
(97
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(87
)
 
—

 
N/A

 
 
 
 
Amount of Gain (Loss)
Recognized in Income
 
 
Location of Gain
(Loss) Recognized in
Income
 
For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships
 
2017
 
2016
Interest rate cap
 
Other Expense
 
$
47

 
$
(803
)
Foreign exchange contracts
 
Other Expense
 
(125
)
 
(182
)

Foreign Exchange Contracts—The Company is exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities. The Company uses foreign exchange contracts to hedge its exposure to changes in foreign exchange rates on its foreign investments. Foreign exchange contracts involve fixing the U.S. dollar ("USD") to the respective foreign currency exchange rate for delivery of a specified amount of foreign currency on a specified date. The foreign exchange contracts are typically cash settled in USD for their fair value at or close to their settlement date.
For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of Accumulated Other Comprehensive Income into earnings when the hedged foreign entity is either sold or substantially liquidated. As of March 31, 2017, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells Indian rupee ("INR")/Buys USD Forward
 
₨
350,000

 
$
5,089

 
April 2017

For derivatives not designated as net investment hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of March 31, 2017, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, and £ in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells euro ("EUR")/Buys USD Forward
 
€
6,300

 
$
6,549

 
April 2017
Sells pound sterling ("GBP")/Buys USD Forward
 
£
3,400

 
$
4,168

 
April 2017

The Company marks its foreign investments each quarter based on current exchange rates and records the gain or loss through "Other expense" in its consolidated statements of operations for loan investments or "Accumulated other comprehensive income (loss)," on its consolidated balance sheets for net investments in foreign subsidiaries. The Company recorded net gains related to foreign investments of $0.1 million during the three months ended March 31, 2017 and 2016 in its consolidated statements of operations.  
Interest Rate Hedges—For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. As of March 31, 2017, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate swap
 
$
26,254

 
LIBOR + 2.00%
 
3.47%
 
October 2012
 
November 2019

During the three months ended March 31, 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing. As a result of the settlement, the Company recorded a $0.4 million unrealized gain in “Accumulated other comprehensive income” on the Company’s consolidated balance sheets. The unrealized gain will be amortized from accumulated other comprehensive as a reduction to interest expense over the term of the 2017 Secured Financing.
For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense." As of March 31, 2017, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate cap
 
$
500,000

 
LIBOR
 
1.00%
 
July 2014
 
July 2017

Over the next 12 months, the Company expects that $0.1 million related to terminated cash flow hedges will be reclassified
from "Accumulated other comprehensive income (loss)" into interest expense and $0.3 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into earnings.

Credit Risk-Related Contingent Features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company reports derivative instruments on a gross basis in the consolidated financial statements. In connection with its foreign currency derivatives which were in a liability position as of March 31, 2017 and December 31, 2016, the Company has posted collateral of $1.8 million and $0.4 million, respectively, and is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. The Company's net exposure under these contracts was zero as of March 31, 2017.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Equity
Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2017 and December 31, 2016:
 
 
 
 
 
 
Cumulative Preferential Cash
Dividends(1)(2)
Series
 
Shares Issued and
Outstanding
(in thousands)
 
Par Value
 
Liquidation Preference(3)(4)
 
Rate per Annum
 
Equivalent to
Fixed Annual
Rate (per share)
D
 
4,000

 
$
0.001

 
$
25.00

 
8.00
%
 
$
2.00

E
 
5,600

 
0.001

 
25.00

 
7.875
%
 
1.97

F
 
4,000

 
0.001

 
25.00

 
7.80
%
 
1.95

G
 
3,200

 
0.001

 
25.00

 
7.65
%
 
1.91

I
 
5,000

 
0.001

 
25.00

 
7.50
%
 
1.88

J (convertible)
 
4,000

 
0.001

 
50.00

 
4.50
%
 
2.25

 
 
25,800

 
 

 
 
 
 

 
 

_______________________________________________________________________________
(1)
Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.
(2)
The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2017 and 2016. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2017 and 2016. The character of the 2016 dividends were as follows: 47.30% is a capital gain distribution, of which 76.15% represents unrecaptured section 1250 gain and 23.85% long term capital gain, and 52.70% is ordinary income. There are no dividend arrearages on any of the preferred shares currently outstanding.
(3)
The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
(4)
Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Dividends—To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2015, the Company had $902.9 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will expire beginning in 2029 and through 2035 if unused. The amount of NOL carryforwards as of December 31, 2016 will be determined upon finalization of the Company's 2016 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility permit the Company to distribute 100% of its REIT taxable income on an annual basis (prior to deducting certain cumulative NOL carryforwards), as long as the Company maintains its REIT qualification. The 2016 Senior Secured Credit Facility and 2015 Secured Revolving Credit Facility restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any common stock dividends for the three months ended March 31, 2017 and 2016.

Stock Repurchase Program—In February 2016, after having substantially utilized the remaining availability previously authorized, the Company's Board of Directors authorized a new $50.0 million stock repurchase program. After having substantially utilized the availability authorized in February 2016, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million, effective August 4, 2016. The program authorizes the repurchase of common stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. During the three months ended March 31, 2017, the Company did not repurchase any shares of common stock. During the three months ended March 31, 2016, the Company repurchased 5.8 million shares of its outstanding common stock for $58.1 million, at an average cost of $9.94 per share. As of March 31, 2017, the Company had remaining authorization to repurchase up to $50.0 million of common stock available to repurchase under its stock repurchase program.
 
Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Unrealized gains (losses) on available-for-sale securities
$
132

 
$
149

Unrealized gains (losses) on cash flow hedges
689

 
27

Unrealized losses on cumulative translation adjustment
(4,795
)
 
(4,394
)
Accumulated other comprehensive income (loss)
$
(3,974
)
 
$
(4,218
)
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock-Based Compensation Plans and Employee Benefits
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans and Employee Benefits
Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation expense, including the effect of performance incentive plans (see below), of $5.9 million and $4.6 million for the three months ended March 31, 2017 and 2016, respectively, in "General and administrative" in the Company's consolidated statements of operations. As of March 31, 2017, there was $3.0 million of total unrecognized compensation cost related to all unvested restricted stock units ("Units") that are expected to be recognized over a weighted average remaining vesting/service period of 2.1 years.
Performance Incentive Plans—The Company's Performance Incentive Plan ("iPIP") is designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plan. The fair value of points is determined using a model that forecasts the Company's projected investment performance. iPIP is a liability-classified award which will be remeasured each reporting period at fair value until the awards are settled. The following is a summary of granted iPIP points.
•In May 2014, the Company granted 73 iPIP points in the initial 2013-2014 investment pool.
•
In January 2015, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and 34 iPIP points in the 2015-2016 investment pool.
•
In January 2016, the Company granted an additional 10 iPIP points in the 2013-2014 investment pool and an additional 40 iPIP points in the 2015-2016 investment pool.
•
In June 2016, the Company granted an additional 2.5 iPIP points in the 2015-2016 investment pool.
•
In February 2017, the Company granted an additional 5 iPIP points in the 2013-2014 investment pool, an additional 18 iPIP points in the 2015-2016 investment pool, and 44 iPIP points in the 2017-2018 investment pool.
As of March 31, 2017 and December 31, 2016, the Company had accrued compensation costs relating to iPIP of $28.3 million and $22.4 million, respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.
Long-Term Incentive Plan—The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014.
As of March 31, 2017, an aggregate of 3.4 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP.
Restricted Share Issuances—During the three months ended March 31, 2017, the Company granted 97,967 shares of common stock to certain employees under the 2009 LTIP as part of annual incentive awards that included a mix of cash and equity awards. The shares are fully-vested and 62,704 shares were issued net of statutory minimum required tax withholdings. The employees are restricted from selling these shares for up to 18 months from the date of grant.
2017 Restricted Stock Unit Activity—During the three months ended March 31, 2017, the Company granted new stock-based compensation awards to certain employees in the form of long-term incentive awards, comprised of the following:
•
115,571 service-based Units granted on February 22, 2017, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2019, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. As of March 31, 2017, 115,571 of such service-based Units were outstanding.
As of March 31, 2017, the Company had the following additional stock-based compensation awards outstanding:

•
80,000 service-based Units granted on June 15, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will vest in equal annual installments over four years on each anniversary of the grant date, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Upon vesting of these Units, the holder will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
109,417 service-based Units granted on January 29, 2016, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2018, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
39,071 target amount of performance-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The performance is based on the Company's TSR, measured over a performance period ending on December 31, 2017, which is the date the awards cliff vest. Vesting will range from 0% to 200% of the target amount of the awards, depending on the Company’s TSR performance relative to the NAREIT All REITs Index (one-half of the target amount of the award) and the Russell 2000 Index (one-half of the target amount of the award) during the performance period. The Company, as well as any companies not included in each index at the beginning and end of the performance period, are excluded from calculation of the performance of such index. To the extent Units vest based on the Company's TSR performance, holders will receive an equivalent number of shares of common stock (after deducting shares for minimum required statutory withholdings), if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled. The fair values of the performance-based Units were determined by utilizing a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock. The assumptions used to estimate the fair value of these performance-based awards were 0.75% for risk-free interest rate and 28.14% for expected stock price volatility.
•
56,020 service-based Units granted on January 30, 2015, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units will cliff vest in one installment on December 31, 2017, if the employee remains employed by the Company on the vesting date, subject to certain accelerated vesting rights. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
•
4,751 service-based Units granted on various dates, representing the right to receive an equivalent number of shares of the Company's common stock (after deducting shares for minimum required statutory withholdings) if and when the Units vest. The Units have an original vesting term of three years. Upon vesting of these Units, holders will receive shares of the Company's common stock in the amount of the vested Units, net of statutory minimum required tax withholdings. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the Units vest and are settled.
Directors' Awards—As of March 31, 2017, a combined total of 333,384 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.9 million.

401(k) Plan—The Company made gross contributions of $0.6 million for the three months ended March 31, 2017 and 2016.
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities.
The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Three Months Ended March 31,
 
2017
 
2016
Income (loss) from operations
$
(23,990
)
 
$
(19,757
)
Income from sales of real estate
8,618

 
10,458

Net (income) loss attributable to noncontrolling interests
1,100

 
942

Preferred dividends
(12,830
)
 
(12,830
)
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share
$
(27,102
)
 
$
(21,187
)


 
For the Three Months Ended March 31,
 
2017
 
2016
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
72,065

 
77,060

 
 
 
 
Basic and diluted earnings per common share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)


The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended March 31,
 
2017
 
2016
3.00% convertible senior unsecured notes
—

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
—

 
11,567

Joint venture shares
298

 
298


_______________________________________________________________________________
(1)
For the three months ended March 31, 2017 and 2016, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Values
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Values
Fair Values
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:
Level 1:    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:    Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3:    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.
The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):
 
 
 
Fair Value Using
 
Total
 
Quoted market
prices in
active markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
As of March 31, 2017
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
129

 
$
—

 
$
129

 
$
—

Derivative liabilities(1)
571

 
—

 
571

 
—

Available-for-sale securities(1)
21,639

 
—

 
—

 
21,639

Non-recurring basis:
 
 
 
 
 
 
 
Impaired real estate(2)
10,141

 
—

 
—

 
10,141

 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
727

 
$
—

 
$
727

 
$
—

Derivative liabilities(1)
47

 
—

 
47

 
—

Available-for-sale securities(1)
21,666

 
—

 
—

 
21,666

Non-recurring basis:
 
 
 
 
 
 
 
Impaired loans(3)
7,200

 
—

 
—

 
7,200

Impaired real estate(4)
3,063

 
—

 
—

 
3,063


____________________________________________________________
(1)
The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
(2)
The Company recorded an impairment on one real estate asset with a fair value of $10.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
(3)
The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In
addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received.
(4)
The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
 
2017
 
2016
Beginning balance
 
$
21,666

 
$
1,161

Purchases
 
—

 
4,366

Repayments
 
(10
)
 
(10
)
Unrealized (losses) gains recorded in other comprehensive income
 
(17
)
 
19

Ending balance
 
$
21,639

 
$
5,536


Fair values of financial instruments—The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $1.4 billion and $4.2 billion, respectively, as of March 31, 2017 and $1.5 billion and $3.6 billion, respectively, as of December 31, 2016. The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, are included in the fair value hierarchy table above.
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio.
The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
Three Months Ended March 31, 2017:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
36,496

 
$
15,989

 
$
106

 
$
—

 
$
52,591

Interest income
29,058

 
—

 
—

 
—

 
—

 
29,058

Other income
76

 
506

 
10,355

 
386

 
541

 
11,864

Land development revenue
—

 
—

 
—

 
20,050

 
—

 
20,050

Earnings (loss) from equity method investments
—

 
981

 
632

 
3,842

 
247

 
5,702

Income from sales of real estate
—

 
6,720

 
1,898

 
—

 
—

 
8,618

Total revenue and other earnings
29,134

 
44,703

 
28,874

 
24,384

 
788

 
127,883

Real estate expense
—

 
(4,726
)
 
(21,518
)
 
(9,497
)
 
—

 
(35,741
)
Land development cost of sales
—

 
—

 
—

 
(15,910
)
 
—

 
(15,910
)
Other expense
(605
)
 
—

 
—

 
—

 
(1,264
)
 
(1,869
)
Allocated interest expense
(11,888
)
 
(15,783
)
 
(5,606
)
 
(8,118
)
 
(9,798
)
 
(51,193
)
Allocated general and administrative(2)
(3,596
)
 
(4,642
)
 
(1,755
)
 
(3,926
)
 
(5,373
)
 
(19,292
)
Segment profit (loss)(3)
$
13,045

 
$
19,552

 
$
(5
)
 
$
(13,067
)
 
$
(15,647
)
 
$
3,878

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Recovery of loan losses
$
(4,928
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(4,928
)
Impairment of assets
—

 
—

 
4,413

 
—

 
—

 
4,413

Depreciation and amortization
—

 
8,428

 
4,039

 
270

 
330

 
13,067

Capitalized expenditures
—

 
771

 
8,210

 
26,592

 
—

 
35,573

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
35,750

 
$
19,081

 
$
106

 
$
—

 
$
54,937

Interest income
33,219

 
—

 
—

 
—

 
—

 
33,219

Other income
1,297

 
80

 
7,344

 
1,065

 
1,755

 
11,541

Land development revenue
—

 
—

 
—

 
14,947

 
—

 
14,947

Earnings (loss) from equity method investments
—

 
946

 
(142
)
 
6,661

 
802

 
8,267

Income from sales of real estate
—

 
4,928

 
5,530

 
—

 
—

 
10,458

Total revenue and other earnings
34,516

 
41,704

 
31,813

 
22,779

 
2,557

 
133,369

Real estate expense
—

 
(4,508
)
 
(21,120
)
 
(8,677
)
 
—

 
(34,305
)
Land development cost of sales
—

 
—

 
—

 
(11,575
)
 
—

 
(11,575
)
Other expense
86

 
—

 
—

 
—

 
(826
)
 
(740
)
Allocated interest expense
(14,702
)
 
(16,236
)
 
(6,620
)
 
(8,359
)
 
(11,104
)
 
(57,021
)
Allocated general and administrative(2)
(3,831
)
 
(4,296
)
 
(1,870
)
 
(3,270
)
 
(5,258
)
 
(18,525
)
Segment profit (loss)(3)
$
16,069

 
$
16,664

 
$
2,203

 
$
(9,102
)
 
$
(14,631
)
 
$
11,203

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Provision for loan losses
$
1,506

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,506

Depreciation and amortization
—

 
8,851

 
5,283

 
300

 
274

 
14,708

Capitalized expenditures
—

 
851

 
15,797

 
34,268

 
—

 
50,916

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 

Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
998,314

 
$
478,277

 
$
—

 
$
—

 
$
1,476,591

Real estate available and held for sale
—

 
—

 
71,934

 
—

 
—

 
71,934

Total real estate
—

 
998,314

 
550,211

 
—

 
—

 
1,548,525

Land and development, net
—

 
—

 
—

 
955,150

 
—

 
955,150

Loans receivable and other lending investments, net
1,381,227

 
—

 
—

 
—

 
—

 
1,381,227

Other investments
—

 
92,024

 
3,215

 
69,454

 
32,866

 
197,559

Total portfolio assets
$
1,381,227

 
$
1,090,338

 
$
553,426

 
$
1,024,604

 
$
32,866

 
4,082,461

Cash and other assets
 
 
 
 
 
 
 
 
 
 
1,212,055

Total assets


 


 


 


 


 
$
5,294,516

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
1,015,590

 
$
476,162

 
$
—

 
$
—

 
$
1,491,752

Real estate available and held for sale
—

 
1,284

 
82,480

 
—

 
—


83,764

Total real estate
—

 
1,016,874

 
558,642

 
—

 
—

 
1,575,516

Land and development, net
—

 
—

 
—

 
945,565

 
—

 
945,565

Loans receivable and other lending investments, net
1,450,439

 
—

 
—

 
—

 
—

 
1,450,439

Other investments
—

 
92,669

 
3,583

 
84,804

 
33,350

 
214,406

Total portfolio assets
$
1,450,439

 
$
1,109,543

 
$
562,225

 
$
1,030,369

 
$
33,350

 
4,185,926

Cash and other assets
 
 
 
 
 
 
 
 
 
 
639,588

Total assets


 


 


 


 


 
$
4,825,514

_______________________________________________________________________________
(1)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.
(2)
General and administrative excludes stock-based compensation expense of $5.9 million and $4.6 million for the three months ended March 31, 2017 and 2016. respectively.
(3)
The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
Segment profit
$
3,878

 
$
11,203

Less: Recovery of (provision for) loan losses
4,928

 
(1,506
)
Less: Impairment of assets
(4,413
)
 
—

Less: Stock-based compensation expense
(5,881
)
 
(4,577
)
Less: Depreciation and amortization
(13,067
)
 
(14,708
)
Less: Income tax (expense) benefit
(607
)
 
414

Less: Loss on early extinguishment of debt, net
(210
)
 
(125
)
Net income (loss)
$
(15,372
)
 
$
(9,299
)
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On April 12, 2017, the Company repaid in full the $275.0 million principal amount of 9.00% senior unsecured notes due June 2017 at par. In connection with the repayment prior to maturity, the Company paid a $2.75 million make whole premium.

On April 14, 2017, two institutional investors acquired, through a merger and related transactions, a 51% interest in the Company's ground net lease business, a component of the Company's net lease segment, consisting of 12 properties subject to long-term net leases including seven ground net leases and one master lease (covering five properties). The Company will deconsolidate the 12 properties and own a 49% noncontrolling interest in the new entity and account for its investment in the new entity as an equity method investment. The Company received total consideration of $340.0 million, including the venture's assumption of the $227.0 million 2017 Secured Financing. The Company had a carrying value of approximately $156.0 million in the 12 properties and will recognize an approximate gain of $178.0 million in connection with the sale. The new entity, named Safety, Income and Growth, Inc., has filed a registration statement on Form S-11 for a possible initial public offering ("IPO") and the Company has committed to pay up to $25.0 million in offering costs in connection with an IPO.

On April 21, 2017, the Company and Lennar completed settlement of transfer of the land, pursuant to which we conveyed the land to Lennar and received net proceeds of $231.1 million after payment of $6.3 million in documentary transfer taxes, subject to certain holdbacks and subject also to final resolution of the amount of post-judgment interest owed by Lennar, consisting of $114.0 million of sales proceeds, $121.8 million of interest and $1.6 million of real estate tax reimbursements. The amount of attorneys’ fees and costs to be recovered by the Company will be determined through further proceedings before the District Court. A portion of the net proceeds received by the Company has been paid to the third party which holds a 4.3% participation interest in all proceeds received by the Company.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
New Accounting Pronouncements
On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") which was issued to simplify several aspects of the accounting for share-based payment transactions, including income tax, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements.
As of March 31, 2017, the remainder of the Company's significant accounting policies, which are detailed in the Company's 2016 Annual Report, have not changed materially.
New Accounting Pronouncements—In February 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18") which requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows. In addition, ASU 2016-18 requires disclosure of what is included in restricted cash. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. The Company believes this general reserve component of its total loan loss reserves should minimize the impact of ASU 2016-13. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to do the following: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (iii) classify all cash payments within operating activities in the statement of cash flows. For operating lease arrangements for which the Company is the lessee, primarily the lease of office space, the Company expects the impact of ASU 2016-02 to be the recognition of a right-of-use asset and lease liability on its consolidated balance sheets. The accounting applied by the Company as a lessor will be largely unchanged from that applied under previous GAAP. However, in certain instances, a new long-term lease of land subsequent to adoption could be classified as a sales-type lease, which could result in the Company derecognizing the underlying asset from its books and recording a profit or loss on sale and the net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. Although most of the Company's revenue is operating lease income generated from lease contracts and interest income generated from financial instruments, certain other of the Company's revenue streams will be impacted by the new guidance. The Company currently expects that income from sales of real estate, land development revenue and other income will be impacted by ASU 2014-09. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Tables)
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Schedule of real estate assets
The Company's real estate assets were comprised of the following ($ in thousands):
 
Net Lease(1)
 
Operating
Properties
 
Total
As of March 31, 2017
 
 
 
 
 
Land, at cost
$
271,433

 
$
211,054

 
$
482,487

Buildings and improvements, at cost
1,097,049

 
316,726

 
1,413,775

Less: accumulated depreciation
(370,168
)
 
(49,503
)
 
(419,671
)
Real estate, net
998,314

 
478,277

 
1,476,591

Real estate available and held for sale (2)
—

 
71,934

 
71,934

Total real estate
$
998,314

 
$
550,211

 
$
1,548,525

As of December 31, 2016
 
 
 
 
 
Land, at cost
$
272,666

 
$
211,054

 
$
483,720

Buildings and improvements, at cost
1,111,589

 
311,283

 
1,422,872

Less: accumulated depreciation
(368,665
)
 
(46,175
)
 
(414,840
)
Real estate, net
1,015,590

 
476,162

 
1,491,752

Real estate available and held for sale (2)
1,284

 
82,480

 
83,764

Total real estate
$
1,016,874

 
$
558,642

 
$
1,575,516


_______________________________________________________________________________
(1)
In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.
(2)
As of March 31, 2017 and December 31, 2016, the Company had $71.9 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio.
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Land and Development (Tables)
 3 Months Ended
Mar. 31, 2017
Land and development [Abstract]  
Land and land development assets
The Company's land and development assets were comprised of the following ($ in thousands):
 
As of
 
March 31,
 
December 31,
 
2017
 
2016
Land and land development, at cost
$
961,907

 
$
952,051

Less: accumulated depreciation
(6,757
)
 
(6,486
)
Total land and development, net
$
955,150

 
$
945,565
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Tables)
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Schedule of the Company's loans and other lending investments by class
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
 
As of
Type of Investment
March 31,
2017
 
December 31,
2016
Senior mortgages
$
834,795

 
$
940,738

Corporate/Partnership loans
519,198

 
490,389

Subordinate mortgages
25,242

 
24,941

Total gross carrying value of loans
1,379,235

 
1,456,068

Reserves for loan losses
(79,389
)
 
(85,545
)
Total loans receivable, net
1,299,846

 
1,370,523

Other lending investments—securities
81,381

 
79,916

Total loans receivable and other lending investments, net
$
1,381,227

 
$
1,450,439
Schedule of changes in the Company's reserve for loan losses
Changes in the Company's reserve for loan losses were as follows ($ in thousands):
 
 
For the Three Months Ended March 31,
 
 
2017
 
2016
Reserve for loan losses at beginning of period
 
$
85,545

 
$
108,165

(Recovery of) provision for loan losses
 
(4,928
)
 
1,506

Charge-offs
 
(1,228
)
 
—

Reserve for loan losses at end of period
 
$
79,389

 
$
109,671
Schedule of recorded investment in loans and associated reserve for loan losses
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
 
Individually
Evaluated for
Impairment(1)
 
Collectively
Evaluated for
Impairment(2)
 
Total
As of March 31, 2017
 
 
 
 
 
Loans
$
250,801

 
$
1,135,134

 
$
1,385,935

Less: Reserve for loan losses
(60,989
)
 
(18,400
)
 
(79,389
)
Total(3)
$
189,812

 
$
1,116,734

 
$
1,306,546

As of December 31, 2016
 
 
 
 
 
Loans
$
253,941

 
$
1,209,062

 
$
1,463,003

Less: Reserve for loan losses
(62,245
)
 
(23,300
)
 
(85,545
)
Total(3)
$
191,696

 
$
1,185,762

 
$
1,377,458

_______________________________________________________________________________
(1)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.7 million and $0.4 million as of March 31, 2017 and December 31, 2016, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
(2)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net premiums of $2.9 million and $1.9 million as of March 31, 2017 and December 31, 2016, respectively.
(3)
The Company's recorded investment in loans as of March 31, 2017 and December 31, 2016 includes accrued interest of $6.7 million and $6.9 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, excludes $81.4 million and $79.9 million, respectively, of securities that are evaluated for impairment under ASC 320.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
 
As of March 31, 2017
 
As of December 31, 2016
 
Performing
Loans
 
Weighted
Average
Risk Ratings
 
Performing
Loans
 
Weighted
Average
Risk Ratings
Senior mortgages
$
756,720

 
2.31

 
$
859,250

 
3.12

Corporate/Partnership loans
364,159

 
3.06

 
335,677

 
3.09

Subordinate mortgages
14,255

 
2.46

 
14,135

 
3.00

  Total
$
1,135,134

 
2.55

 
$
1,209,062

 
3.11
Schedule of recorded investment in loans, aged by payment status and presented by class
The Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
 
Current
 
Less Than
and Equal
to 90 Days
 
Greater
Than
90 Days(1)
 
Total
Past Due
 
Total
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Senior mortgages
$
762,720

 
$
—

 
$
76,454

 
$
76,454

 
$
839,174

Corporate/Partnership loans
364,159

 
—

 
157,303

 
157,303

 
521,462

Subordinate mortgages
25,299

 
—

 
—

 
—

 
25,299

Total
$
1,152,178

 
$
—

 
$
233,757

 
$
233,757

 
$
1,385,935

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Senior mortgages
$
868,505

 
$
—

 
$
76,677

 
$
76,677

 
$
945,182

Corporate/Partnership loans
335,677

 
—

 
157,146

 
157,146

 
492,823

Subordinate mortgages
24,998

 
—

 
—

 
—

 
24,998

Total
$
1,229,180

 
$
—

 
$
233,823

 
$
233,823

 
$
1,463,003

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding. As of December 31, 2016, the Company had four loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 1.0 to 8.0 years outstanding.

Schedule of recorded investment in impaired loans, presented by class
The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
 
As of March 31, 2017
 
As of December 31, 2016
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Subordinate mortgages
$
11,044

 
$
11,027

 
$
—

 
$
10,862

 
$
10,846

 
$
—

Subtotal
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subtotal
239,757

 
229,354

 
(60,989
)
 
243,079

 
232,563

 
(62,245
)
Total:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
82,454

 
82,571

 
(48,518
)
 
85,933

 
85,780

 
(49,774
)
Corporate/Partnership loans
157,303

 
146,783

 
(12,471
)
 
157,146

 
146,783

 
(12,471
)
Subordinate mortgages
11,044

 
11,027

 
—

 
10,862

 
10,846

 
—

Total
$
250,801

 
$
240,381

 
$
(60,989
)
 
$
253,941

 
$
243,409

 
$
(62,245
)
____________________________________________________________
(1)
All of the Company's non-accrual loans are considered impaired and included in the table above.

Schedule of average recorded investment in impaired loans and interest income recognized, presented by class
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
$
—

 
$
—

 
$
4,542

 
$
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Subtotal
10,953

 
—

 
4,542

 
—

With an allowance recorded:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
126,843

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subtotal
241,418

 
—

 
132,414

 
—

Total:
 
 
 
 
 
 
 
Senior mortgages
84,194

 
—

 
131,385

 
—

Corporate/Partnership loans
157,224

 
—

 
5,571

 
—

Subordinate mortgages
10,953

 
—

 
—

 
—

Total
$
252,371

 
$
—

 
$
136,956

 
$
—
Schedule of other lending investments - securities
Other lending investments—securities includes the following ($ in thousands):
 
Face Value
 
Amortized Cost Basis
 
Net Unrealized Gain (Loss)
 
Estimated Fair Value
 
Net Carrying Value
As of March 31, 2017
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,230

 
$
21,230

 
$
409

 
$
21,639

 
$
21,639

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
59,867

 
59,742

 
2,321

 
62,063

 
59,742

Total
$
81,097

 
$
80,972

 
$
2,730

 
$
83,702

 
$
81,381

As of December 31, 2016
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
21,240

 
$
21,240

 
$
426

 
$
21,666

 
$
21,666

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Debt securities
58,454

 
58,250

 
2,753

 
61,003

 
58,250

Total
$
79,694

 
$
79,490

 
$
3,179

 
$
82,669

 
$
79,916
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Investments (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, All Other Investments [Abstract]  
Schedule of other investments and its proportionate share of results for equity method investments
The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
 
 
 
Equity in Earnings (Losses)
 
Carrying Value as of
 
For the Three Months Ended March 31,
 
March 31, 2017
 
December 31, 2016
 
2017
 
2016
Real estate equity investments
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
92,024

 
$
92,669

 
$
981

 
$
946

Marina Palms, LLC ("Marina Palms")
19,439

 
35,185

 
3,117

 
8,221

Other real estate equity investments
53,230

 
53,202

 
1,357

 
(1,702
)
Subtotal
164,693

 
181,056

 
5,455

 
7,465

Other strategic investments(1)
32,866

 
33,350

 
247

 
802

Total
$
197,559

 
$
214,406

 
$
5,702

 
$
8,267


_______________________________________________________________________________
(1)
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three months ended March 31, 2016, the Company recognized $3.2 million of carried interest income.
Summarized investee financial information
The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Three Months Ended March 31, 2017
 
 
 
 
 
Marina Palms
$
23,669

 
$
(14,911
)
 
$
8,758

Net Lease Venture
9,621

 
(7,588
)
 
1,890

 
 
 
 
 
 
For the Three Months Ended March 31, 2016
 
 
 
 
 
Marina Palms
$
50,628

 
$
(25,511
)
 
$
25,117

Net Lease Venture
7,830

 
(5,863
)
 
1,823
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Assets and Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2017
Other Assets and Other Liabilities [Abstract]  
Schedule of deferred expenses and other assets, net
Deferred expenses and other assets, net, consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Intangible assets, net(1)
$
61,723

 
$
63,098

Other receivables(2)
51,047

 
52,820

Other assets
47,877

 
39,591

Restricted cash
26,290

 
25,883

Leasing costs, net(3)
11,812

 
12,566

Corporate furniture, fixtures and equipment, net(4)
5,399

 
5,691

Deferred expenses and other assets, net
$
204,148

 
$
199,649


_______________________________________________________________________________
(1)
Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $33.2 million and $32.6 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.9 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $0.5 million for the three months ended March 31, 2017 and 2016. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations.
(2)
As of March 31, 2017 and December 31, 2016, included $25.8 million and $26.0 million, respectively, of receivables related to the construction and development of an amphitheater.
(3)
Accumulated amortization of leasing costs was $6.4 million and $6.7 million as of March 31, 2017 and December 31, 2016, respectively.
(4)
Accumulated depreciation on corporate furniture, fixtures and equipment was $9.5 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively.
Schedule of accounts payable, accrued expenses and other liabilities
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Other liabilities(1)
$
79,398

 
$
75,993

Accrued expenses(2)
62,139

 
72,693

Accrued interest payable
41,901

 
54,033

Intangible liabilities, net(3)
8,602

 
8,851

Accounts payable, accrued expenses and other liabilities
$
192,040

 
$
211,570


_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, "Other liabilities" includes $24.0 million related to profit sharing arrangements with developers for certain properties sold. As of March 31, 2017 and December 31, 2016, includes $1.4 million and $1.2 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets. As of March 31, 2017 and December 31, 2016, "Other liabilities" also includes $7.8 million and $8.5 million, respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units.
(2)
As of March 31, 2017 and December 31, 2016, accrued expenses includes $2.4 million and $1.7 million, respectively, associated with "Real estate available and held for sale" on the Company's consolidated balance sheets.
(3)
Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market leases was $6.7 million and $6.4 million as of March 31, 2017 and December 31, 2016, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.3 million for the three months ended March 31, 2017 and 2016.
Schedule of deferred tax assets and liabilities
Deferred tax assets and liabilities of the Company's taxable REIT subsidiaries were as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Deferred tax assets (liabilities)
$
70,806

 
$
66,498

Valuation allowance
(70,806
)
 
(66,498
)
Net deferred tax assets (liabilities)
$
—

 
$
—
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loan Participations Payable, net (Tables)
 3 Months Ended
Mar. 31, 2017
Loan Participations Payable [Abstract]  
Schedule of Participating Mortgage Loans
The Company's loan participations payable, net were as follows ($ in thousands):
 
 
Carrying Value as of
 
 
March 31, 2017
 
December 31, 2016
Loan participations payable(1)
 
$
182,853

 
$
160,251

Debt discounts and deferred financing costs, net
 
(766
)
 
(930
)
Total loan participations payable, net
 
$
182,087

 
$
159,321

_______________________________________________________________________________
(1)
As of March 31, 2017, the Company had three loan participations payable with a weighted average interest rate of 5.2%. As of December 31, 2016, the Company had three loan participations payable with a weighted average interest rate of 4.8%.
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of debt obligations
The Company's debt obligations were as follows ($ in thousands):
 
Carrying Value as of
 
Stated
Interest Rates
 
Scheduled
Maturity Date
 
March 31, 2017
 
December 31, 2016
 
 
Secured credit facilities and mortgages:
 
 
 
 
 
 
 
2015 $250 Million Secured Revolving Credit Facility
$
—

 
$
—

 
LIBOR + 2.75%

(1) 
March 2018
2016 Senior Secured Credit Facility
500,000

 
498,648

 
LIBOR + 3.75%

(2) 
July 2020
2017 Secured Financing
227,000

 
—

 
3.795
%
(3) 
April 2027
Mortgages collateralized by net lease assets
247,535

 
249,987

 
3.875% - 7.26%

(4) 
Various through 2032
Total secured credit facilities and mortgages
974,535

 
748,635

 
 

 
 
Unsecured notes:
 
 
 
 
 
 
 
5.85% senior notes
—

 
99,722

 
5.85
%
 
—
9.00% senior notes
275,000

 
275,000

 
9.00
%
 
June 2017
4.00% senior notes(5)
550,000

 
550,000

 
4.00
%
 
November 2017
7.125% senior notes
300,000

 
300,000

 
7.125
%
 
February 2018
4.875% senior notes(6)
300,000

 
300,000

 
4.875
%
 
July 2018
5.00% senior notes(7)
770,000

 
770,000

 
5.00
%
 
July 2019
6.50% senior notes(8)
275,000

 
275,000

 
6.50
%
 
July 2021
6.00% senior notes(9)
375,000

 
—

 
6.00
%
 
April 2022
Total unsecured notes
2,845,000

 
2,569,722

 
 

 
 
Other debt obligations:

 
 
 
 
 
 
Trust preferred securities
100,000

 
100,000

 
LIBOR + 1.50%

 
October 2035
Total debt obligations
3,919,535

 
3,418,357

 
 

 
 
Debt discounts and deferred financing costs, net
(37,140
)
 
(28,449
)
 
 

 
 
Total debt obligations, net(10)
$
3,882,395

 
$
3,389,908

 
 

 
 
_______________________________________________________________________________
(1)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.
(2)
The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0%.
(3)
The Company entered into a $200 million notional rate lock swap, bringing the effective interest rate down from 3.795% to 3.773%.
(4)
As of March 31, 2017 and December 31, 2016, includes a loan with a floating rate of LIBOR plus 2.0%. As of March 31, 2017, the weighted average interest rate of these loans is 5.1%.
(5)
The Company can prepay these senior notes without penalty beginning August 1, 2017.
(6)
The Company can prepay these senior notes without penalty beginning January 1, 2018.
(7)
The Company can prepay these senior notes without penalty beginning July 1, 2018.
(8)
The Company can prepay these senior notes without penalty beginning July 1, 2020.
(9)
The Company can prepay these senior notes without penalty beginning April 1, 2021.
(10)
The Company capitalized interest relating to development activities of $2.0 million and $1.4 million during the three months ended March 31, 2017 and 2016, respectively.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net
As of March 31, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
 
Unsecured Debt
 
Secured Debt
 
Total
2017 (remaining nine months)
$
825,000

 
$
—

 
$
825,000

2018
600,000

 
10,648

 
610,648

2019
770,000

 
28,770

 
798,770

2020
—

 
500,000

 
500,000

2021
275,000

 
119,072

 
394,072

Thereafter
475,000

 
316,045

 
791,045

Total principal maturities
2,945,000

 
974,535

 
3,919,535

Unamortized discounts and deferred financing costs, net
(21,148
)
 
(15,992
)
 
(37,140
)
Total debt obligations, net
$
2,923,852

 
$
958,543

 
$
3,882,395


_____________________________________________________________________________
(1)
The Company has $825.0 million of debt obligations maturing in two separate tranches during 2017, and $310.6 million of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of May 3, 2017, the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements.
Schedule of carrying value of encumbered assets by asset type
The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
 
Encumbered Assets
 
Unencumbered Assets
 
Encumbered Assets
 
Unencumbered Assets
Real estate, net
$
1,005,826

 
$
470,765

 
$
881,212

 
$
610,540

Real estate available and held for sale
—

 
71,934

 
—

 
83,764

Land and development, net
35,165

 
919,985

 
35,165

 
910,400

Loans receivable and other lending investments, net(1)(2)
137,293

 
1,080,448

 
172,581

 
1,142,050

Other investments
—

 
197,559

 
—

 
214,406

Cash and other assets
—

 
1,212,055

 
—

 
639,588

Total
$
1,178,284

 
$
3,952,746

 
$
1,088,958

 
$
3,600,748

_______________________________________________________________________________
(1)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $18.4 million and $23.3 million, respectively.
(2)
As of March 31, 2017 and December 31, 2016, the amounts presented exclude loan participations of $181.9 million and $159.1 million, respectively.
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of unfunded commitments
As of March 31, 2017, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments, that it approves all Discretionary Fundings and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):
 
Loans and Other Lending Investments(1)
 
Real Estate
 
Other
Investments
 
Total
Performance-Based Commitments
$
305,862

 
$
9,814

 
$
24,059

 
$
339,735

Strategic Investments
—

 
—

 
45,564

 
45,564

Total(2)
$
305,862

 
$
9,814

 
$
69,623

 
$
385,299


_______________________________________________________________________________
(1)
Excludes $155.3 million of commitments on loan participations sold that are not the obligation of the Company.
(2)
The Company did not have any Discretionary Fundings as of March 31, 2017.
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets ($ in thousands):
 
Derivative Assets as of
 
Derivative Liabilities as of
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
N/A
 
$
—

 
Other Liabilities
 
$
307

 
Other Liabilities
 
$
8

Interest rate swaps
Other assets
 
58

 
N/A
 
—

 
N/A
 
—

 
Other Liabilities
 
39

Total
 
 
$
58

 
 
 
$
—

 
 
 
$
307

 
 
 
$
47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not Designated in Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
N/A
 
$
—

 
Other Assets
 
$
702

 
Other Liabilities
 
$
264

 
N/A
 
$
—

Interest rate cap
Other Assets
 
71

 
Other Assets
 
25

 
N/A
 
—

 
N/A
 
—

Total
 
 
$
71

 
 
 
$
727

 
 
 
$
264

 
 
 
$
—
Schedule of derivative financial instruments on Consolidated Statements of Operations
The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):
Derivatives Designated in Hedging Relationships
 
Location of Gain (Loss)
Recognized in Income
 
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
 (Ineffective Portion)
For the Three Months Ended March 31, 2017
 
 
 
 
 
 
Interest rate swaps
 
Interest Expense
 
467

 
(30
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(5
)
 
(5
)
 
N/A
Interest rate swap
 
Earnings from equity method investments
 
78

 
(87
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(299
)
 
—

 
N/A
For the Three Months Ended March 31, 2016
 
 
 
 
 
 
Interest rate cap
 
Interest Expense
 
—

 
(185
)
 
N/A
Interest rate cap
 
Earnings from equity method investments
 
(1
)
 
—

 
N/A
Interest rate swaps
 
Interest Expense
 
(502
)
 
25

 
N/A
Interest rate swap
 
Earnings from equity method investments
 
(459
)
 
(97
)
 
N/A
Foreign exchange contracts
 
Earnings from equity method investments
 
(87
)
 
—

 
N/A

 
 
 
 
Amount of Gain (Loss)
Recognized in Income
 
 
Location of Gain
(Loss) Recognized in
Income
 
For the Three Months Ended March 31,
Derivatives not Designated in Hedging Relationships
 
2017
 
2016
Interest rate cap
 
Other Expense
 
$
47

 
$
(803
)
Foreign exchange contracts
 
Other Expense
 
(125
)
 
(182
)
Foreign exchange contracts | Designated as hedge  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2017, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were designated ($ and Rs in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells Indian rupee ("INR")/Buys USD Forward
 
₨
350,000

 
$
5,089

 
April 2017
Foreign exchange contracts | Not designated as hedge  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2017, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations that were not designated ($, €, and £ in thousands):
Derivative Type
 
Notional
Amount
 
Notional
(USD Equivalent)
 
Maturity
Sells euro ("EUR")/Buys USD Forward
 
€
6,300

 
$
6,549

 
April 2017
Sells pound sterling ("GBP")/Buys USD Forward
 
£
3,400

 
$
4,168

 
April 2017
Interest rate swap  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2017, the Company had the following outstanding interest rate swap that was used to hedge its variable rate debt that was designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate swap
 
$
26,254

 
LIBOR + 2.00%
 
3.47%
 
October 2012
 
November 2019
Interest rate cap  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2017, the Company had the following outstanding interest rate cap that was used to hedge its variable rate debt that was not designated as a cash flow hedge ($ in thousands):
Derivative Type
 
Notional
Amount
 
Variable Rate
 
Fixed Rate
 
Effective Date
 
Maturity
Interest rate cap
 
$
500,000

 
LIBOR
 
1.00%
 
July 2014
 
July 2017
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series
The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of March 31, 2017 and December 31, 2016:
 
 
 
 
 
 
Cumulative Preferential Cash
Dividends(1)(2)
Series
 
Shares Issued and
Outstanding
(in thousands)
 
Par Value
 
Liquidation Preference(3)(4)
 
Rate per Annum
 
Equivalent to
Fixed Annual
Rate (per share)
D
 
4,000

 
$
0.001

 
$
25.00

 
8.00
%
 
$
2.00

E
 
5,600

 
0.001

 
25.00

 
7.875
%
 
1.97

F
 
4,000

 
0.001

 
25.00

 
7.80
%
 
1.95

G
 
3,200

 
0.001

 
25.00

 
7.65
%
 
1.91

I
 
5,000

 
0.001

 
25.00

 
7.50
%
 
1.88

J (convertible)
 
4,000

 
0.001

 
50.00

 
4.50
%
 
2.25

 
 
25,800

 
 

 
 
 
 

 
 

_______________________________________________________________________________
(1)
Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.
(2)
The Company declared and paid dividends of $2.0 million, $2.8 million, $2.0 million, $1.5 million and $2.3 million on its Series D, E, F, G and I Cumulative Redeemable Preferred Stock during the three months ended March 31, 2017 and 2016. The Company declared and paid dividends of $2.3 million on its Series J Convertible Perpetual Preferred Stock during the three months ended March 31, 2017 and 2016. The character of the 2016 dividends were as follows: 47.30% is a capital gain distribution, of which 76.15% represents unrecaptured section 1250 gain and 23.85% long term capital gain, and 52.70% is ordinary income. There are no dividend arrearages on any of the preferred shares currently outstanding.
(3)
The Company may, at its option, redeem the Series D, E, F, G, and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
(4)
Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity
"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):
 
As of
 
March 31, 2017
 
December 31, 2016
Unrealized gains (losses) on available-for-sale securities
$
132

 
$
149

Unrealized gains (losses) on cash flow hedges
689

 
27

Unrealized losses on cumulative translation adjustment
(4,795
)
 
(4,394
)
Accumulated other comprehensive income (loss)
$
(3,974
)
 
$
(4,218
)
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations
The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Three Months Ended March 31,
 
2017
 
2016
Income (loss) from operations
$
(23,990
)
 
$
(19,757
)
Income from sales of real estate
8,618

 
10,458

Net (income) loss attributable to noncontrolling interests
1,100

 
942

Preferred dividends
(12,830
)
 
(12,830
)
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share
$
(27,102
)
 
$
(21,187
)
Schedule of earnings per share allocable to common shares and HPU shares
 
For the Three Months Ended March 31,
 
2017
 
2016
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
72,065

 
77,060

 
 
 
 
Basic and diluted earnings per common share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)
Schedule of anti-dilutive shares
The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended March 31,
 
2017
 
2016
3.00% convertible senior unsecured notes
—

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
—

 
11,567

Joint venture shares
298

 
298


_______________________________________________________________________________
(1)
For the three months ended March 31, 2017 and 2016, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Values (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis by levels
The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):
 
 
 
Fair Value Using
 
Total
 
Quoted market
prices in
active markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
As of March 31, 2017
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
129

 
$
—

 
$
129

 
$
—

Derivative liabilities(1)
571

 
—

 
571

 
—

Available-for-sale securities(1)
21,639

 
—

 
—

 
21,639

Non-recurring basis:
 
 
 
 
 
 
 
Impaired real estate(2)
10,141

 
—

 
—

 
10,141

 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
727

 
$
—

 
$
727

 
$
—

Derivative liabilities(1)
47

 
—

 
47

 
—

Available-for-sale securities(1)
21,666

 
—

 
—

 
21,666

Non-recurring basis:
 
 
 
 
 
 
 
Impaired loans(3)
7,200

 
—

 
—

 
7,200

Impaired real estate(4)
3,063

 
—

 
—

 
3,063


____________________________________________________________
(1)
The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
(2)
The Company recorded an impairment on one real estate asset with a fair value of $10.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
(3)
The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In
addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received.
(4)
The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
Summary of changes in Level 3 available-for-sale securities reported at fair value
The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2017 and 2016 ($ in thousands):
 
 
2017
 
2016
Beginning balance
 
$
21,666

 
$
1,161

Purchases
 
—

 
4,366

Repayments
 
(10
)
 
(10
)
Unrealized (losses) gains recorded in other comprehensive income
 
(17
)
 
19

Ending balance
 
$
21,639

 
$
5,536
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Schedule of financial measures for each segment based on which performance is evaluated
The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
Three Months Ended March 31, 2017:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
36,496

 
$
15,989

 
$
106

 
$
—

 
$
52,591

Interest income
29,058

 
—

 
—

 
—

 
—

 
29,058

Other income
76

 
506

 
10,355

 
386

 
541

 
11,864

Land development revenue
—

 
—

 
—

 
20,050

 
—

 
20,050

Earnings (loss) from equity method investments
—

 
981

 
632

 
3,842

 
247

 
5,702

Income from sales of real estate
—

 
6,720

 
1,898

 
—

 
—

 
8,618

Total revenue and other earnings
29,134

 
44,703

 
28,874

 
24,384

 
788

 
127,883

Real estate expense
—

 
(4,726
)
 
(21,518
)
 
(9,497
)
 
—

 
(35,741
)
Land development cost of sales
—

 
—

 
—

 
(15,910
)
 
—

 
(15,910
)
Other expense
(605
)
 
—

 
—

 
—

 
(1,264
)
 
(1,869
)
Allocated interest expense
(11,888
)
 
(15,783
)
 
(5,606
)
 
(8,118
)
 
(9,798
)
 
(51,193
)
Allocated general and administrative(2)
(3,596
)
 
(4,642
)
 
(1,755
)
 
(3,926
)
 
(5,373
)
 
(19,292
)
Segment profit (loss)(3)
$
13,045

 
$
19,552

 
$
(5
)
 
$
(13,067
)
 
$
(15,647
)
 
$
3,878

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Recovery of loan losses
$
(4,928
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(4,928
)
Impairment of assets
—

 
—

 
4,413

 
—

 
—

 
4,413

Depreciation and amortization
—

 
8,428

 
4,039

 
270

 
330

 
13,067

Capitalized expenditures
—

 
771

 
8,210

 
26,592

 
—

 
35,573

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016:
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
35,750

 
$
19,081

 
$
106

 
$
—

 
$
54,937

Interest income
33,219

 
—

 
—

 
—

 
—

 
33,219

Other income
1,297

 
80

 
7,344

 
1,065

 
1,755

 
11,541

Land development revenue
—

 
—

 
—

 
14,947

 
—

 
14,947

Earnings (loss) from equity method investments
—

 
946

 
(142
)
 
6,661

 
802

 
8,267

Income from sales of real estate
—

 
4,928

 
5,530

 
—

 
—

 
10,458

Total revenue and other earnings
34,516

 
41,704

 
31,813

 
22,779

 
2,557

 
133,369

Real estate expense
—

 
(4,508
)
 
(21,120
)
 
(8,677
)
 
—

 
(34,305
)
Land development cost of sales
—

 
—

 
—

 
(11,575
)
 
—

 
(11,575
)
Other expense
86

 
—

 
—

 
—

 
(826
)
 
(740
)
Allocated interest expense
(14,702
)
 
(16,236
)
 
(6,620
)
 
(8,359
)
 
(11,104
)
 
(57,021
)
Allocated general and administrative(2)
(3,831
)
 
(4,296
)
 
(1,870
)
 
(3,270
)
 
(5,258
)
 
(18,525
)
Segment profit (loss)(3)
$
16,069

 
$
16,664

 
$
2,203

 
$
(9,102
)
 
$
(14,631
)
 
$
11,203

Other significant items:
 
 
 
 
 
 
 
 
 
 
 
Provision for loan losses
$
1,506

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,506

Depreciation and amortization
—

 
8,851

 
5,283

 
300

 
274

 
14,708

Capitalized expenditures
—

 
851

 
15,797

 
34,268

 
—

 
50,916

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land and Development
 
Corporate/Other(1)
 
Company Total
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 

Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
998,314

 
$
478,277

 
$
—

 
$
—

 
$
1,476,591

Real estate available and held for sale
—

 
—

 
71,934

 
—

 
—

 
71,934

Total real estate
—

 
998,314

 
550,211

 
—

 
—

 
1,548,525

Land and development, net
—

 
—

 
—

 
955,150

 
—

 
955,150

Loans receivable and other lending investments, net
1,381,227

 
—

 
—

 
—

 
—

 
1,381,227

Other investments
—

 
92,024

 
3,215

 
69,454

 
32,866

 
197,559

Total portfolio assets
$
1,381,227

 
$
1,090,338

 
$
553,426

 
$
1,024,604

 
$
32,866

 
4,082,461

Cash and other assets
 
 
 
 
 
 
 
 
 
 
1,212,055

Total assets


 


 


 


 


 
$
5,294,516

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
$
—

 
$
1,015,590

 
$
476,162

 
$
—

 
$
—

 
$
1,491,752

Real estate available and held for sale
—

 
1,284

 
82,480

 
—

 
—


83,764

Total real estate
—

 
1,016,874

 
558,642

 
—

 
—

 
1,575,516

Land and development, net
—

 
—

 
—

 
945,565

 
—

 
945,565

Loans receivable and other lending investments, net
1,450,439

 
—

 
—

 
—

 
—

 
1,450,439

Other investments
—

 
92,669

 
3,583

 
84,804

 
33,350

 
214,406

Total portfolio assets
$
1,450,439

 
$
1,109,543

 
$
562,225

 
$
1,030,369

 
$
33,350

 
4,185,926

Cash and other assets
 
 
 
 
 
 
 
 
 
 
639,588

Total assets


 


 


 


 


 
$
4,825,514

_______________________________________________________________________________
(1)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.
(2)
General and administrative excludes stock-based compensation expense of $5.9 million and $4.6 million for the three months ended March 31, 2017 and 2016. respectively.
(3)
The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
Segment profit
$
3,878

 
$
11,203

Less: Recovery of (provision for) loan losses
4,928

 
(1,506
)
Less: Impairment of assets
(4,413
)
 
—

Less: Stock-based compensation expense
(5,881
)
 
(4,577
)
Less: Depreciation and amortization
(13,067
)
 
(14,708
)
Less: Income tax (expense) benefit
(607
)
 
414

Less: Loss on early extinguishment of debt, net
(210
)
 
(125
)
Net income (loss)
$
(15,372
)
 
$
(9,299
)
Reconciliation of segment profit to income (loss)
The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
Segment profit
$
3,878

 
$
11,203

Less: Recovery of (provision for) loan losses
4,928

 
(1,506
)
Less: Impairment of assets
(4,413
)
 
—

Less: Stock-based compensation expense
(5,881
)
 
(4,577
)
Less: Depreciation and amortization
(13,067
)
 
(14,708
)
Less: Income tax (expense) benefit
(607
)
 
414

Less: Loss on early extinguishment of debt, net
(210
)
 
(125
)
Net income (loss)
$
(15,372
)
 
$
(9,299
)
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business and Organization (Details)
$ in Billions
Mar. 31, 2017
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Investment across a range of real estate sectors over the past two decades (more than) $ 35
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis of Presentation and Principles of Consolidation (VIEs) (Details)
$ in Millions
Mar. 31, 2017
USD ($)
Consolidated VIEs  
Variable interest entities  
Variable interest entity, consolidated, carrying amount, assets $ 449.3
Variable interest entity, consolidated, carrying amount, liabilities 74.4
Unconsolidated VIEs  
Variable interest entities  
Carrying value of the investments 52.9
Variable interest entity unfunded commitment $ 58.0
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Schedule of Real Estate Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Real Estate Properties [Line Items]    
Land, at cost $ 482,487 $ 483,720
Buildings and improvements, at cost 1,413,775 1,422,872
Less: accumulated depreciation (419,671) (414,840)
Real estate, net 1,476,591 1,491,752
Real estate available and held for sale 71,934 83,764
Total real estate 1,548,525 1,575,516
Net Lease    
Real Estate Properties [Line Items]    
Land, at cost 271,433 272,666
Buildings and improvements, at cost 1,097,049 1,111,589
Less: accumulated depreciation (370,168) (368,665)
Real estate, net 998,314 1,015,590
Real estate available and held for sale 0 1,284
Total real estate 998,314 1,016,874
Operating Properties    
Real Estate Properties [Line Items]    
Land, at cost 211,054 211,054
Buildings and improvements, at cost 316,726 311,283
Less: accumulated depreciation (49,503) (46,175)
Real estate, net 478,277 476,162
Real estate available and held for sale 71,934 82,480
Total real estate 550,211 558,642
Residential Operating Properties    
Real Estate Properties [Line Items]    
Real estate available and held for sale $ 71,900 $ 82,500
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Real Estate Available and Held for Sale) (Details) - Executed Contract with Third Party - Net Lease
$ in Millions
 3 Months Ended
Mar. 31, 2016
USD ($)
lease_asset
Real Estate Properties [Line Items]  
Net lease asset transferred | lease_asset 1
Property transferred to held for sale, carrying value | $ $ 0.7
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Dispositions) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income from sales of real estate $ 8,618 $ 10,458
Residential Condominiums    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Proceeds from sale of other real estate 10,200 19,700
Income from sales of real estate 1,900 4,900
Net Lease Asset Two    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income from sales of real estate 6,700 4,900
Net proceeds from sales of real estate $ 20,000 10,000
Commercial Operating Properties    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income from sales of real estate   700
Net proceeds from sales of real estate   $ 5,900
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Impairments) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Investment [Line Items]    
Impairment of assets $ 4,413 $ 0
Held-for-Sale, Change in Business Strategy    
Investment [Line Items]    
Impairment of assets $ 4,400  
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Tenant Reimbursements) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Lease Income    
Real Estate Properties [Line Items]    
Tenant reimbursements $ 5.7 $ 6.3
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($)
$ in Millions
Mar. 31, 2017
Dec. 31, 2016
Real Estate Tenant Receivables    
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]    
Allowance for doubtful accounts receivable $ 1.4 $ 1.3
Deferred Operating Lease    
Schedule of Operating Lease Allowance for Doubtful Accounts [Line Items]    
Allowance for doubtful accounts receivable $ 1.3 $ 1.3
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.7.0.1
Land and Development (Schedule of Land and Development) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Total land and development, net $ 955,150 $ 945,565
Land & Development    
Property, Plant and Equipment [Line Items]    
Land and land development, at cost 961,907 952,051
Less: accumulated depreciation (6,757) (6,486)
Total land and development, net $ 955,150 $ 945,565
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Property, Plant and Equipment [Line Items]      
Noncontrolling interest increase (percent)     10.70%
Noncontrolling interest, decrease from redemptions or purchase of interests     $ 10,800
Noncontrolling interest, ownership percentage by parent 95.70%    
Land development revenue $ 20,050 $ 14,947  
Land development cost of sales 15,910 $ 11,575  
Redeemable noncontrolling interests 3,513   5,031
Not Currently Redeemable      
Property, Plant and Equipment [Line Items]      
Redeemable noncontrolling interests $ 0   $ 1,300
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross carrying value of loans $ 1,379,235 $ 1,456,068    
Reserves for loan losses (79,389) (85,545) $ (109,671) $ (108,165)
Total loans receivable, net 1,299,846 1,370,523    
Other lending investments—securities 81,381 79,916    
Total loans receivable and other lending investments, net 1,381,227 1,450,439    
Senior mortgages        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross carrying value of loans 834,795 940,738    
Corporate/Partnership loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross carrying value of loans 519,198 490,389    
Subordinate mortgages        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross carrying value of loans $ 25,242 $ 24,941    
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Allowance for Loan Losses [Roll Forward]    
Reserve for loan losses at beginning of period $ 85,545 $ 108,165
(Recovery of) provision for loan losses (4,928) 1,506
Charge-offs (1,228) 0
Reserve for loan losses at end of period $ 79,389 $ 109,671
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]        
Loans $ 1,385,935   $ 1,463,003  
Less: Reserve for loan losses (79,389) $ (109,671) (85,545) $ (108,165)
Total 1,306,546   1,377,458  
Release of general reserve 1,228 $ 0    
Interest receivable 6,700   6,900  
Held-to-maturity and available-for-sale securities 81,381   79,916  
Individually Evaluated for Impairment        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Loans 250,801   253,941  
Less: Reserve for loan losses (60,989)   (62,245)  
Total 189,812   191,696  
Unamortized discounts, premiums, deferred fees and costs (700)   (400)  
Collectively Evaluated for Impairment        
Financing Receivable, Allowance for Credit Losses [Line Items]        
Loans 1,135,134   1,209,062  
Less: Reserve for loan losses (18,400)   (23,300)  
Total 1,116,734   1,185,762  
Unamortized discounts, premiums, deferred fees and costs $ 2,900   $ 1,900  
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans $ 1,385,935 $ 1,463,003
Senior mortgages    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans 839,174 945,182
Corporate/Partnership loans    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans 521,462 492,823
Subordinate mortgages    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans 25,299 24,998
Real Estate Finance    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans $ 1,135,134 $ 1,209,062
Weighted Average Risk Ratings 2.55 3.11
Real Estate Finance | Senior mortgages    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans $ 756,720 $ 859,250
Weighted Average Risk Ratings 2.31 3.12
Real Estate Finance | Corporate/Partnership loans    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans $ 364,159 $ 335,677
Weighted Average Risk Ratings 3.06 3.09
Real Estate Finance | Subordinate mortgages    
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating    
Loans $ 14,255 $ 14,135
Weighted Average Risk Ratings 2.46 3.00
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
USD ($)
loan
Dec. 31, 2016
USD ($)
loan
Recorded investment in loans, aged by payment status and presented by class    
Current $ 1,152,178 $ 1,229,180
Less Than and Equal to 90 Days 0 0
Greater Than 90 Days 233,757 233,823
Total Past Due 233,757 233,823
Loans $ 1,385,935 $ 1,463,003
Financing receivable, number of loans greater than 90 days past due | loan 4 4
Financing receivables, past due time period 90 days 90 days
Minimum    
Recorded investment in loans, aged by payment status and presented by class    
Financing receivables, past due time period 1 year 1 year
Maximum    
Recorded investment in loans, aged by payment status and presented by class    
Financing receivables, past due time period 8 years 8 years
Senior mortgages    
Recorded investment in loans, aged by payment status and presented by class    
Current $ 762,720 $ 868,505
Less Than and Equal to 90 Days 0 0
Greater Than 90 Days 76,454 76,677
Total Past Due 76,454 76,677
Loans 839,174 945,182
Corporate/Partnership loans    
Recorded investment in loans, aged by payment status and presented by class    
Current 364,159 335,677
Less Than and Equal to 90 Days 0 0
Greater Than 90 Days 157,303 157,146
Total Past Due 157,303 157,146
Loans 521,462 492,823
Subordinate mortgages    
Recorded investment in loans, aged by payment status and presented by class    
Current 25,299 24,998
Less Than and Equal to 90 Days 0 0
Greater Than 90 Days 0 0
Total Past Due 0 0
Loans $ 25,299 $ 24,998
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Financing Receivable, Impaired [Line Items]      
Recorded Investment $ 250,801   $ 253,941
Unpaid Principal Balance 240,381   243,409
Related Allowance (60,989)   (62,245)
Average Recorded Investment 252,371 $ 136,956  
Interest Income Recognized 0 0  
Senior mortgages      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 82,454   85,933
Unpaid Principal Balance 82,571   85,780
Related Allowance (48,518)   (49,774)
Average Recorded Investment 84,194 131,385  
Interest Income Recognized 0 0  
Subordinate mortgages      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 11,044   10,862
Unpaid Principal Balance 11,027   10,846
Related Allowance 0   0
Average Recorded Investment 10,953 0  
Interest Income Recognized 0 0  
Corporate/Partnership loans      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 157,303   157,146
Unpaid Principal Balance 146,783   146,783
Related Allowance (12,471)   (12,471)
Average Recorded Investment 157,224 5,571  
Interest Income Recognized 0 0  
With no related allowance recorded      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 11,044   10,862
Unpaid Principal Balance 11,027   10,846
Related Allowance 0   0
Average Recorded Investment 10,953 4,542  
Interest Income Recognized 0 0  
With no related allowance recorded | Senior mortgages      
Financing Receivable, Impaired [Line Items]      
Average Recorded Investment 0 4,542  
Interest Income Recognized 0 0  
With no related allowance recorded | Subordinate mortgages      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 11,044   10,862
Unpaid Principal Balance 11,027   10,846
Related Allowance 0   0
Average Recorded Investment 10,953 0  
Interest Income Recognized 0 0  
With an allowance recorded      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 239,757   243,079
Unpaid Principal Balance 229,354   232,563
Related Allowance (60,989)   (62,245)
Average Recorded Investment 241,418 132,414  
Interest Income Recognized 0 0  
With an allowance recorded | Senior mortgages      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 82,454   85,933
Unpaid Principal Balance 82,571   85,780
Related Allowance (48,518)   (49,774)
Average Recorded Investment 84,194 126,843  
Interest Income Recognized 0 0  
With an allowance recorded | Corporate/Partnership loans      
Financing Receivable, Impaired [Line Items]      
Recorded Investment 157,303   157,146
Unpaid Principal Balance 146,783   146,783
Related Allowance (12,471)   $ (12,471)
Average Recorded Investment 157,224 5,571  
Interest Income Recognized $ 0 $ 0  
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]    
Face Value $ 81,097 $ 79,694
Amortized Cost Basis 80,972 79,490
Net Unrealized Gain (Loss) 2,730 3,179
Estimated Fair Value 83,702 82,669
Net Carrying Value 81,381 79,916
Municipal debt securities    
Available-for-Sale Securities    
Face Value 21,230 21,240
Amortized Cost Basis 21,230 21,240
Net Unrealized Gain (Loss) 409 426
Estimated Fair Value 21,639 21,666
Net Carrying Value 21,639 21,666
Debt securities    
Held-to-Maturity Securities    
Face Value 59,867 58,454
Amortized Cost Basis 59,742 58,250
Net Unrealized Gain (Loss) 2,321 2,753
Estimated Fair Value 62,063 61,003
Net Carrying Value $ 59,742 $ 58,250
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Investments (Schedule of Other Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value $ 197,559   $ 214,406
Earnings (loss) from equity method investments 5,702 $ 8,267  
Other strategic investments      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 32,866   33,350
Earnings (loss) from equity method investments 247 802  
Oak Hill Funds      
Schedule of Equity Method Investments [Line Items]      
Earnings (loss) from equity method investments   3,200  
Real estate equity investments      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 164,693   181,056
Earnings (loss) from equity method investments 5,455 7,465  
Real estate equity investments | Net lease venture      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 92,024   92,669
Earnings (loss) from equity method investments 981 946  
Real estate equity investments | Marina Palms      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 19,439   35,185
Earnings (loss) from equity method investments 3,117 8,221  
Real estate equity investments | Other real estate equity investments      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 53,230   $ 53,202
Earnings (loss) from equity method investments $ 1,357 $ (1,702)  
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Investments (Narrative) (Details)
 1 Months Ended 3 Months Ended
Dec. 31, 2016
USD ($)
Mar. 31, 2017
USD ($)
unit
Mar. 31, 2016
USD ($)
Schedule of Equity Method Investments [Line Items]      
Earnings from equity method investments   $ 5,702,000 $ 8,267,000
Equity method investments, carrying value $ 214,406,000 197,559,000  
Contributions   1,813,000 6,377,000
Cost method investments 1,400,000 $ 900,000  
Net lease venture      
Schedule of Equity Method Investments [Line Items]      
iStar's ownership percentage   51.90%  
Partners' capital account, contributions (up to)   $ 500,000,000  
Equity method investment, related party ownership percentage   0.60%  
Equity method investment, related party promote fee percentage   50.00%  
Equity method investment, partner ownership percentage   47.50%  
Total assets carrying value 511,300,000 $ 516,500,000  
Net lease venture | Other income      
Schedule of Equity Method Investments [Line Items]      
Management fees revenue   $ 500,000 $ 400,000
Marina Palms      
Schedule of Equity Method Investments [Line Items]      
iStar's ownership percentage   47.50%  
Total assets carrying value 201,800,000 $ 98,300,000  
Number of units | unit   468  
Marine Palms North Tower      
Schedule of Equity Method Investments [Line Items]      
Number of units | unit   234  
Marine Palms South Tower      
Schedule of Equity Method Investments [Line Items]      
Number of units | unit   234  
Percentage of units pre-sold   84.00%  
Other real estate equity investments | Operating Properties      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value 3,600,000 $ 3,200,000  
Contributions 7,000,000    
Loan commitments 27,000,000    
Loans receivable, carrying value 22,700,000 23,100,000  
Interest income   400,000  
Other real estate equity investments | Land & Development      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, carrying value $ 49,600,000 $ 50,000,000  
Other real estate equity investments | Minimum      
Schedule of Equity Method Investments [Line Items]      
iStar's ownership percentage   20.00%  
Other real estate equity investments | Maximum      
Schedule of Equity Method Investments [Line Items]      
iStar's ownership percentage   85.00%  
Newly formed unconsolidated entity      
Schedule of Equity Method Investments [Line Items]      
iStar's ownership percentage 50.00%    
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Investments (Schedule of Summarized Investee Financial Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Marina Palms    
Equity Method Investments, Summarized Financial Information [Line Items]    
Revenues $ 23,669 $ 50,628
Expenses (14,911) (25,511)
Net Income Attributable to Parent Entities 8,758 25,117
Net Lease Venture    
Equity Method Investments, Summarized Financial Information [Line Items]    
Revenues 9,621 7,830
Expenses (7,588) (5,863)
Net Income Attributable to Parent Entities $ 1,890 $ 1,823
XML 73 R62.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Assets and Other Liabilities (Schedule of Other Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Operating Leased Assets [Line Items]      
Intangible assets, net $ 61,723   $ 63,098
Other receivables 51,047   52,820
Other assets 47,877   39,591
Restricted cash 26,290   25,883
Leasing costs, net 11,812   12,566
Corporate furniture, fixtures and equipment, net 5,399   5,691
Deferred expenses and other assets, net 204,148   199,649
Intangible assets, accumulated amortization 33,200   32,600
Amortization of above market lease 900 $ 1,200  
Accumulated amortization on leasing costs 6,400   6,700
Accumulated depreciation on corporate furniture, fixtures and equipment 9,500   9,000
Depreciation and Amortization      
Operating Leased Assets [Line Items]      
Amortization of intangible assets 500 $ 500  
Operating Properties      
Operating Leased Assets [Line Items]      
Other receivables $ 25,800   $ 26,000
XML 74 R63.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
property
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Real Estate Properties [Line Items]      
Other liabilities $ 79,398   $ 75,993
Accrued expenses 62,139   72,693
Accrued interest payable 41,901   54,033
Intangible liabilities, net 8,602   8,851
Accounts payable, accrued expenses and other liabilities 192,040   211,570
Developer fee payable 24,000   24,000
Special assessment bond 7,800   8,500
Below market lease, accumulated amortization 6,700   6,400
Amortization of below market lease 300 $ 300  
Real Estate Available and Held for Sale      
Real Estate Properties [Line Items]      
Accrued expenses $ 2,400   1,700
Residential Real Estate | Master Planned Community      
Real Estate Properties [Line Items]      
Number of properties | property 2    
Real Estate Assets Held-for-Sale      
Real Estate Properties [Line Items]      
Other liabilities $ 1,400   $ 1,200
XML 75 R64.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) - Taxable REIT Subsidiaries - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Schedule of deferred tax assets and liabilities [Line Items]    
Deferred tax assets (liabilities) $ 70,806 $ 66,498
Valuation allowance (70,806) (66,498)
Net deferred tax assets (liabilities) $ 0 $ 0
XML 76 R65.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loan Participations Payable, net (Details)
$ in Thousands
Mar. 31, 2017
USD ($)
loan
Dec. 31, 2016
USD ($)
loan
Loan Participations Payable, net [Line Items]    
Unamortized discounts and deferred financing costs, net $ (37,140) $ (28,449)
Loan participations payable, net 182,087 159,321
Loans receivable, net $ 1,299,846 $ 1,370,523
Total loan participations payable, net    
Loan Participations Payable, net [Line Items]    
Number of loan participations payable | loan 3 3
Weighted average interest rate (as a percent) 5.20% 4.80%
Total loan participations payable, net    
Loan Participations Payable, net [Line Items]    
Loan participations payable, gross $ 182,853 $ 160,251
Unamortized discounts and deferred financing costs, net (766) (930)
Total loan participations payable, net    
Loan Participations Payable, net [Line Items]    
Loans receivable, net $ 181,900 $ 159,100
XML 77 R66.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Schedule of Debt) (Details) - USD ($)
 3 Months Ended 7 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Aug. 31, 2016
Debt Instrument [Line Items]        
Total debt obligations $ 3,919,535,000   $ 3,418,357,000  
Debt discounts and deferred financing costs, net (37,140,000)   (28,449,000)  
Total debt obligations, net 3,882,395,000   3,389,908,000  
Interest costs capitalized 2,000,000 $ 1,400,000    
2015 $250 Million Secured Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt instrument, face amount 250,000,000      
Total debt obligations $ 0   0  
Converted term loan, term 1 year      
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category One        
Debt Instrument [Line Items]        
Debt instrument, margin (as a percent) 1.25%      
2015 $250 Million Secured Revolving Credit Facility | Minimum | Interest Rate Category Two        
Debt Instrument [Line Items]        
Debt instrument, margin (as a percent) 2.25%      
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category One        
Debt Instrument [Line Items]        
Debt instrument, margin (as a percent) 1.75%      
2015 $250 Million Secured Revolving Credit Facility | Maximum | Interest Rate Category Two        
Debt Instrument [Line Items]        
Debt instrument, margin (as a percent) 2.75%      
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 2.75%      
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 1.00%      
2015 $250 Million Secured Revolving Credit Facility | Federal Funds Effective Swap Rate        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 0.50%      
2016 Senior Secured Credit Facility        
Debt Instrument [Line Items]        
Debt instrument, face amount     450,000,000.0 $ 500,000,000.0
Total debt obligations $ 500,000,000   $ 498,648,000  
Basis point spread on variable interest rate (as a percent) 1.00%      
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 3.75%   4.50%  
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 1.00%   1.00%  
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 2.75%      
2016 Senior Secured Credit Facility | Federal Funds Effective Swap Rate        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 0.50%      
2017 Secured Financing        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 227,000,000      
Total debt obligations $ 227,000,000   $ 0  
Stated interest rates (as a percent) 3.795%      
Effective interest rate (as a percent) 3.773%      
Mortgages collateralized by net lease assets        
Debt Instrument [Line Items]        
Total debt obligations $ 247,535,000   249,987,000  
Stated interest rate, minimum (as a percent) 3.875%      
Stated interest rate, maximum (as a percent) 7.26%      
Weighted average interest rate (as a percent) 5.10%      
Mortgages collateralized by net lease assets | London Interbank Offered Rate (LIBOR) | Property One        
Debt Instrument [Line Items]        
Basis point spread on variable interest rate (as a percent) 2.00%      
Total secured credit facilities and mortgages        
Debt Instrument [Line Items]        
Total debt obligations $ 974,535,000   748,635,000  
5.85% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 0   99,722,000  
Stated interest rates (as a percent) 5.85%      
9.00% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 275,000,000   275,000,000  
Stated interest rates (as a percent) 9.00%      
4.00% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 550,000,000   550,000,000  
Stated interest rates (as a percent) 4.00%      
7.125% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 300,000,000   300,000,000  
Stated interest rates (as a percent) 7.125%      
4.875% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 300,000,000   300,000,000  
Stated interest rates (as a percent) 4.875%      
5.00% senior notes        
Debt Instrument [Line Items]        
Total debt obligations $ 770,000,000   770,000,000  
Stated interest rates (as a percent) 5.00%      
6.50% senior notes        
Debt Instrument [Line Items]        
Debt instrument, face amount   $ 275,000,000    
Total debt obligations $ 275,000,000   275,000,000  
Stated interest rates (as a percent) 6.50% 6.50%    
6.00% senior notes        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 375,000,000.0      
Total debt obligations $ 375,000,000   0  
Stated interest rates (as a percent) 6.00%      
Unsecured Notes        
Debt Instrument [Line Items]        
Total debt obligations $ 2,845,000,000   2,569,722,000  
Trust preferred securities        
Debt Instrument [Line Items]        
Total debt obligations $ 100,000,000   $ 100,000,000  
Basis point spread on variable interest rate (as a percent) 1.50%      
Interest rate swaps | 2017 Secured Financing        
Debt Instrument [Line Items]        
Notional amount $ 200,000,000      
XML 78 R67.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Future Scheduled Maturities) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
tranche
May 02, 2017
USD ($)
Dec. 31, 2016
USD ($)
Maturities of Long-term Debt [Abstract]      
2017 (remaining nine months) $ 825,000    
2018 610,648    
2019 798,770    
2020 500,000    
2021 394,072    
Thereafter 791,045    
Total principal maturities 3,919,535   $ 3,418,357
Unamortized discounts and deferred financing costs, net (37,140)   (28,449)
Total debt obligations, net 3,882,395   $ 3,389,908
Unsecured Debt      
Maturities of Long-term Debt [Abstract]      
2017 (remaining nine months) 825,000    
2018 600,000    
2019 770,000    
2020 0    
2021 275,000    
Thereafter 475,000    
Total principal maturities 2,945,000    
Unamortized discounts and deferred financing costs, net (21,148)    
Total debt obligations, net $ 2,923,852    
Number of tranches | tranche 2    
Secured Debt      
Maturities of Long-term Debt [Abstract]      
2017 (remaining nine months) $ 0    
2018 10,648    
2019 28,770    
2020 500,000    
2021 119,072    
Thereafter 316,045    
Total principal maturities 974,535    
Unamortized discounts and deferred financing costs, net (15,992)    
Total debt obligations, net 958,543    
Other Debt Obligations      
Maturities of Long-term Debt [Abstract]      
2018 $ 310,600    
Subsequent Event      
Maturities of Long-term Debt [Abstract]      
Remaining borrowing capacity   $ 1,168,000  
XML 79 R68.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Secured Credit Facility Narrative) (Details)
 1 Months Ended 3 Months Ended 7 Months Ended
Mar. 31, 2017
USD ($)
property
lease
Jan. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
property
Mar. 31, 2015
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Apr. 14, 2017
Aug. 31, 2016
USD ($)
2017 Secured Financing                
Line of Credit Facility [Line Items]                
Debt instrument, face amount $ 227,000,000       $ 227,000,000      
Stated interest rates (as a percent) 3.795%       3.795%      
Number of properties collateralizing loan | property 12              
Number of ground net leases collateralizing loan | lease 7              
Number of master lease collateralizing loan | lease 1              
Number of properties covered under master lease agreement | property 5              
Deferred financing costs $ 7,400,000       $ 7,400,000      
2016 Senior Secured Credit Facility                
Line of Credit Facility [Line Items]                
Debt instrument, face amount     $ 450,000,000.0     $ 450,000,000.0   $ 500,000,000.0
Percentage of par credit facilities were issued at 99.00%       99.00%      
Basis point spread on variable interest rate (as a percent)         1.00%      
Multiple of the minimum collateral coverage on outstanding borrowings (at least) 1.25       1.25      
Required quarterly principal payment (as a percent)         0.25%      
Deferred finance costs, gross           4,500,000    
Debt instrument, thirst party fees, amount recognized           6,200,000    
Debt issuance fees   $ 800,000            
Debt instrument, third party fees, amount capitalized           4,300,000    
2016 Senior Secured Credit Facility | Other Expense                
Line of Credit Facility [Line Items]                
Debt instrument, thirst party fees, amount recognized           $ 1,900,000    
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)                
Line of Credit Facility [Line Items]                
Basis point spread on variable interest rate (as a percent)         3.75% 4.50%    
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum                
Line of Credit Facility [Line Items]                
Basis point spread on variable interest rate (as a percent)         1.00% 1.00%    
2016 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum                
Line of Credit Facility [Line Items]                
Basis point spread on variable interest rate (as a percent)         2.75%      
2015 $250 Million Secured Revolving Credit Facility                
Line of Credit Facility [Line Items]                
Debt instrument, face amount $ 250,000,000       $ 250,000,000      
Multiple of the minimum collateral coverage on outstanding borrowings (at least) 1.5       1.5      
Line of credit facility, maximum borrowing capacity $ 236,000,000     $ 250,000,000.0 $ 236,000,000      
Interest rate during period         3.46%      
Converted term loan, term         1 year      
2015 $250 Million Secured Revolving Credit Facility | Minimum                
Line of Credit Facility [Line Items]                
Commitment fee percentage       0.375%        
2015 $250 Million Secured Revolving Credit Facility | Maximum                
Line of Credit Facility [Line Items]                
Commitment fee percentage       0.50%        
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR)                
Line of Credit Facility [Line Items]                
Basis point spread on variable interest rate (as a percent)         2.75%      
2015 $250 Million Secured Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum                
Line of Credit Facility [Line Items]                
Basis point spread on variable interest rate (as a percent)         1.00%      
2016 Secured Term Loan | Secured Debt                
Line of Credit Facility [Line Items]                
Debt instrument, face amount     $ 170,000,000.0     $ 170,000,000.0    
Number of properties collateralizing loan | property     12          
Subsequent Event | Safety, Income nad Growth, Inc.                
Line of Credit Facility [Line Items]                
Noncontrolling interest (as a percent)             49.00%  
XML 80 R69.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($)
shares in Millions
 1 Months Ended 3 Months Ended
Apr. 12, 2017
Mar. 31, 2017
Nov. 30, 2016
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Debt Instrument [Line Items]            
Repayments of debt         $ 353,191,000 $ 282,755,000
6.00% senior notes            
Debt Instrument [Line Items]            
Debt instrument, face amount   $ 375,000,000.0     $ 375,000,000.0  
Stated interest rates (as a percent)   6.00%     6.00%  
5.85% senior notes            
Debt Instrument [Line Items]            
Repayments of debt   $ 99,700,000        
Stated interest rates (as a percent)   5.85%     5.85%  
9.00% senior notes            
Debt Instrument [Line Items]            
Stated interest rates (as a percent)   9.00%     9.00%  
5.875% senior notes            
Debt Instrument [Line Items]            
Repayments of debt       $ 261,400,000    
Stated interest rates (as a percent)       5.875%   5.875%
6.50% senior notes            
Debt Instrument [Line Items]            
Debt instrument, face amount       $ 275,000,000   $ 275,000,000
Stated interest rates (as a percent)   6.50%   6.50% 6.50% 6.50%
3.875% senior notes            
Debt Instrument [Line Items]            
Repayments of debt       $ 265,000,000    
2015 $250 Million Secured Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt instrument, face amount   $ 250,000,000     $ 250,000,000  
Repayments of debt       $ 5,000,000    
3.00% senior convertible notes            
Debt Instrument [Line Items]            
Repayments of debt     $ 200,000,000      
Stated interest rates (as a percent)     3.00%      
Conversion of senior unsecured convertible notes into common stock     $ 9,600,000      
Shares of common stock converted (in shares)     0.8      
Subsequent Event | 9.00% senior notes            
Debt Instrument [Line Items]            
Repayments of debt $ 275,000,000          
Stated interest rates (as a percent) 9.00%          
XML 81 R70.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]    
Real estate, net $ 1,476,591 $ 1,491,752
Real estate available and held for sale 71,934 83,764
Land and development, net 955,150 945,565
Loans receivable and other lending investments, net 1,381,227 1,450,439
Other investments 197,559 214,406
Cash and other assets 1,212,055 639,588
Total assets 5,294,516 4,825,514
Loans receivable, net 1,299,846 1,370,523
Total loan participations payable, net    
Debt Instrument [Line Items]    
Loans receivable, net 181,900 159,100
Collectively Evaluated for Impairment    
Debt Instrument [Line Items]    
General reserves for loan losses 18,400 23,300
Encumbered Assets    
Debt Instrument [Line Items]    
Real estate, net 1,005,826 881,212
Real estate available and held for sale 0 0
Land and development, net 35,165 35,165
Loans receivable and other lending investments, net 137,293 172,581
Other investments 0 0
Cash and other assets 0 0
Total assets 1,178,284 1,088,958
Unencumbered Assets    
Debt Instrument [Line Items]    
Real estate, net 470,765 610,540
Real estate available and held for sale 71,934 83,764
Land and development, net 919,985 910,400
Loans receivable and other lending investments, net 1,080,448 1,142,050
Other investments 197,559 214,406
Cash and other assets 1,212,055 639,588
Total assets $ 3,952,746 $ 3,600,748
XML 82 R71.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Obligations, net (Debt Covenants) (Details)
 3 Months Ended
Mar. 31, 2017
Unsecured Credit Facilities  
Debt Instrument [Line Items]  
Minimum ratio of unencumbered assets to unsecured indebtedness (at least) 1.2
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings 1.5
2016 Senior Secured Credit Facility  
Debt Instrument [Line Items]  
Multiple of the minimum collateral coverage on outstanding borrowings (at least) 1.25
2015 $250 Million Secured Revolving Credit Facility  
Debt Instrument [Line Items]  
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings 1.5
Multiple of the minimum collateral coverage on outstanding borrowings (at least) 1.5
Total secured credit facilities and mortgages  
Debt Instrument [Line Items]  
Percentage of REIT taxable income permitted for distribution under debt covenants 100.00%
XML 83 R72.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Narrative) (Details)
$ in Thousands
 3 Months Ended
Apr. 21, 2017
USD ($)
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Jan. 22, 2015
USD ($)
a
Other Commitments [Line Items]        
Percentage of capital committed to strategic investments that may be drawn down   100.00%    
Area of land subject to litigation (in acres) | a       1,250
Net proceeds from sales of land and development assets   $ 20,923 $ 8,775  
Land & Development | Real Estate Sales        
Other Commitments [Line Items]        
Unpaid purchase price       $ 114,000
Unpaid purchase price, interest rate       12.00%
Subsequent Event | Real Estate Sales        
Other Commitments [Line Items]        
Net proceeds from sales of land and development assets $ 231,100      
Payments for documentary transfer taxes 6,300      
Sales proceeds from sale of land 114,000      
Proceeds from interest received 121,800      
Proceeds from real estate tax reimbursements $ 1,600      
Participation interests held by third party (as a percent) 4.30%      
XML 84 R73.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Unfunded Commitments) (Details)
$ in Thousands
Mar. 31, 2017
USD ($)
Other Commitments [Line Items]  
Performance-Based Commitments $ 339,735
Strategic Investments 45,564
Total 385,299
Loans and Other Lending Investments  
Other Commitments [Line Items]  
Performance-Based Commitments 305,862
Strategic Investments 0
Total 305,862
Real Estate  
Other Commitments [Line Items]  
Performance-Based Commitments 9,814
Strategic Investments 0
Total 9,814
Other Investments  
Other Commitments [Line Items]  
Performance-Based Commitments 24,059
Strategic Investments 45,564
Total 69,623
Loan participations, not the obligation of the Company  
Other Commitments [Line Items]  
Performance-Based Commitments $ 155,300
XML 85 R74.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Designated as hedge    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value $ 58 $ 0
Derivative liabilities, fair value 307 47
Designated as hedge | Foreign exchange contracts    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value 0 0
Designated as hedge | Foreign exchange contracts | Other Liabilities    
Derivative financial instruments on consolidated balance sheets    
Derivative liabilities, fair value 307 8
Designated as hedge | Interest rate swaps    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value 58 0
Derivative liabilities, fair value 0  
Designated as hedge | Interest rate swaps | Other Liabilities    
Derivative financial instruments on consolidated balance sheets    
Derivative liabilities, fair value   39
Not designated as hedge    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value 71 727
Derivative liabilities, fair value 264 0
Not designated as hedge | Foreign exchange contracts    
Derivative financial instruments on consolidated balance sheets    
Derivative liabilities, fair value   0
Not designated as hedge | Foreign exchange contracts | Other Assets    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value 0 702
Derivative liabilities, fair value 264  
Not designated as hedge | Interest rate cap    
Derivative financial instruments on consolidated balance sheets    
Derivative liabilities, fair value 0 0
Not designated as hedge | Interest rate cap | Other Assets    
Derivative financial instruments on consolidated balance sheets    
Derivative assets, fair value $ 71 $ 25
XML 86 R75.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest Expense | Interest rate swaps | Designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) $ 467 $ (502)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) (30) 25
Interest Expense | Interest rate cap | Designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)   0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)   (185)
Earnings from equity method investments | Interest rate swaps | Designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) 78 (459)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) (87) (97)
Earnings from equity method investments | Interest rate cap | Designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) (5) (1)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) (5) 0
Earnings from equity method investments | Foreign exchange contracts | Designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) (299) (87)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) 0 0
Other Expense | Interest rate cap | Not designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain or (Loss) Recognized in Income 47 (803)
Other Expense | Foreign exchange contracts | Not designated as hedge    
Derivative financial instruments on consolidated statements of operations    
Amount of Gain or (Loss) Recognized in Income $ (125) $ (182)
XML 87 R76.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Foreign Exchange Contracts) (Details)
€ in Thousands, ₨ in Thousands, £ in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Mar. 31, 2017
EUR (€)
Mar. 31, 2017
GBP (£)
Mar. 31, 2017
INR (₨)
Derivative [Line Items]          
Foreign currency transaction gain (loss) $ 100 $ (100)      
April 2017 Maturity | Sells Indian rupee (INR)/Buys USD Forward          
Derivative [Line Items]          
Notional Amount 5,089       ₨ 350,000
April 2017 Maturity | Sells euro (EUR)/Buys USD Forward          
Derivative [Line Items]          
Notional Amount 6,549   € 6,300    
April 2017 Maturity | Sells pound sterling (GBP)/Buys USD Forward          
Derivative [Line Items]          
Notional Amount $ 4,168     £ 3,400  
XML 88 R77.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Interest Rate Hedges) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
Derivative [Line Items]  
Gain (loss) recognized in accumulated other comprehensive income $ 400
Interest rate swap  
Derivative [Line Items]  
Notional Amount $ 26,254
Fixed Rate (as a percent) 3.47%
Interest rate swap | London Interbank Offered Rate (LIBOR)  
Derivative [Line Items]  
Variable Rate (as a percent) 2.00%
Interest rate cap  
Derivative [Line Items]  
Notional Amount $ 500,000
Fixed Rate (as a percent) 1.00%
Terminated interest rate swap  
Derivative [Line Items]  
Cash flow hedge gain (loss) to be reclassified within twelve months $ 300
Interest rate swaps  
Derivative [Line Items]  
Cash flow hedge gain (loss) to be reclassified within twelve months $ 100
XML 89 R78.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Credit Risk-Related Contingent Features) (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Derivative [Line Items]    
Credit derivative, maximum exposure, undiscounted $ 0  
Deferred Expenses and Other Assets, Net | Forward Contracts    
Derivative [Line Items]    
Collateral posted for hedges $ 1,800,000 $ 400,000
XML 90 R79.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity (Preferred Stock) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 25,800,000   25,800,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period 360 days   360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period 12 months   12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period 30 days   30 days
Capital gains distribution (as a percent)     47.30%
Unrecaptured Section 1250 gain (s a percent)     76.15%
Long term capital gain (as a percent)     23.85%
Ordinary income (as a percent)     52.70%
Amount of preferred dividends in arrears $ 0 $ 0  
Redemption price as a percentage of liquidation preference 100.00% 100.00%  
Shares issued upon conversion 3.9087   3.9087
Maximum      
Class of Stock [Line Items]      
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date 30 days   30 days
Minimum      
Class of Stock [Line Items]      
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date 10 days   10 days
Series D      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 4,000,000   4,000,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 25.00 $ 25.00 $ 25
Rate per Annum 8.00%   8.00%
Equivalent to Fixed Annual Rate (in dollars per share) $ 2.00   $ 2.00
Dividends declared and paid $ 2,000,000 $ 2,000,000  
Series E      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 5,600,000   5,600,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 25   $ 25
Rate per Annum 7.875%   7.875%
Equivalent to Fixed Annual Rate (in dollars per share) $ 1.97   $ 1.97
Dividends declared and paid $ 2,800,000 2,800,000  
Series F      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 4,000,000   4,000,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 25   $ 25
Rate per Annum 7.80%   7.80%
Equivalent to Fixed Annual Rate (in dollars per share) $ 1.95   $ 1.95
Dividends declared and paid $ 2,000,000 2,000,000  
Series G      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 3,200,000   3,200,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 25   $ 25
Rate per Annum 7.65%   7.65%
Equivalent to Fixed Annual Rate (in dollars per share) $ 1.91   $ 1.91
Dividends declared and paid $ 1,500,000 1,500,000  
Series I      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 5,000,000   5,000,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 25   $ 25
Rate per Annum 7.50%   7.50%
Equivalent to Fixed Annual Rate (in dollars per share) $ 1.88   $ 1.88
Dividends declared and paid $ 2,300,000 2,300,000  
Series J      
Class of Stock [Line Items]      
Shares Issued and Outstanding (in shares) 4,000,000   4,000,000
Par Value (in dollars per share) $ 0.001   $ 0.001
Liquidation preference (in dollars per share) $ 50   $ 50.00
Rate per Annum 4.50%   4.50%
Equivalent to Fixed Annual Rate (in dollars per share) $ 2.25   $ 2.25
Dividends declared and paid $ 2,300,000 $ 2,300,000  
Redemption price as a percentage of liquidation preference     100.00%
Conversion price per share (in dollars per share) $ 12.79   $ 12.79
XML 91 R80.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity (Dividends) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Dividends [Abstract]    
Minimum percentage of taxable income (excluding net capital gains) to be distributed in order to qualify as REIT 90.00%  
Percentage of taxable income (including net capital gains) to be distributed in order to qualify as REIT 100.00%  
Operating loss carryforwards   $ 902.9
XML 92 R81.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity (Stock Repurchase Program) (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2017
Aug. 04, 2016
Feb. 15, 2016
Stock Repurchase Program        
Repurchase of common stock, authorized amount     $ 50,000,000.0 $ 50,000,000.0
Treasury stock, shares, acquired 5.8      
Treasury stock value acquired including acquisition costs $ 58,100,000      
Treasury stock acquired, average cost per share (in dollars per share) $ 9.94      
Available repurchase of common stock, authorized amount (up to)   $ 50,000,000    
XML 93 R82.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity    
Unrealized gains (losses) on available-for-sale securities $ 132 $ 149
Unrealized gains (losses) on cash flow hedges 689 27
Unrealized losses on cumulative translation adjustment (4,795) (4,394)
Accumulated other comprehensive income (loss) $ (3,974) $ (4,218)
XML 94 R83.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Feb. 22, 2017
shares
Jun. 15, 2016
shares
Jan. 29, 2016
Installment
shares
Jan. 30, 2015
Installment
shares
Feb. 28, 2017
shares
Jun. 30, 2016
shares
Jan. 31, 2016
shares
Jan. 31, 2015
shares
May 31, 2014
shares
Mar. 31, 2017
USD ($)
shares
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Stock-based compensation expense | $                   $ 5,881 $ 4,577  
Unrecognized compensation cost | $                   $ 3,000    
Weighted-average period to recognize the unrecognized compensation cost                   2 years 1 month 3 days    
Accrued expenses | $                   $ 62,139   $ 72,693
Long-term Incentive Plan 2009                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Shares available for issuance                   3,400,000    
2013-2014 Performance Incentive Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of points issued (in shares)         5   10 10 73      
2015-2016 Performance Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of points issued (in shares)         18 2.5 40 34        
2017-2018 Performance Incentive Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of points issued (in shares)         44              
All Performance Incentive Plans                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Accrued expenses | $                   $ 28,300   $ 22,400
Common Stock Subject to Sales Restriction | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vested, number of shares                   97,967    
Restricted shares awarded                   62,704    
Sale restriction period                   18 months    
Service Based Restricted Stock Units Vesting on December 31, 2019 | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted units (in share) 115,571                      
Number of vesting installments | Installment     1                  
Non-vested, outstanding (in shares)                   115,571    
Service Based Restricted Stock Units Vesting 20% on each Anniversary Date                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting term   4 years                    
Service Based Restricted Stock Units Vesting 20% on each Anniversary Date | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted units (in share)   80,000                    
Service Based Restricted Stock Units Vesting on December 31, 2018 | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Non-vested, outstanding (in shares)     109,417                  
Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Non-vested, outstanding (in shares)       39,071                
Risk-free interest rate (as a percent)       0.75%                
Expected stock price volatility (as a percent)       28.14%                
Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting percentage       0.00%                
Performance Based Restricted Stock Units Vesting on December 31, 2017 | Employees | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting percentage       200.00%                
Service Based Restricted Stock Units Vesting on December 31, 2017 | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of vesting installments | Installment       1                
Non-vested, outstanding (in shares)       56,020                
Service Based Restricted Stock Units with specified vesting dates | Employees                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Non-vested, outstanding (in shares)                   4,751    
Vesting term                   3 years    
XML 95 R84.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - CSE and Restricted Stock Units
$ in Millions
Mar. 31, 2017
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested, outstanding (in shares) | shares 333,384
Aggregate intrinsic value for directors | $ $ 3.9
XML 96 R85.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Gross contributions made by the Company $ 0.6 $ 0.6
XML 97 R86.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Earnings Per Share [Abstract]    
Income (loss) from operations $ (23,990) $ (19,757)
Income from sales of real estate 8,618 10,458
Net (income) loss attributable to noncontrolling interests 1,100 942
Preferred dividends (12,830) (12,830)
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share $ (27,102) $ (21,187)
XML 98 R87.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Denominator for basic and diluted earnings per share:    
Weighted average common shares outstanding for basic and diluted earnings per common share 72,065 77,060
Basic and diluted earnings per common share:    
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) $ (0.38) $ (0.27)
Common Stock    
Denominator for basic and diluted earnings per share:    
Weighted average common shares outstanding for basic and diluted earnings per common share 72,065 77,060
Basic and diluted earnings per common share:    
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders (in dollars per share) $ (0.38) $ (0.27)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders (in dollars per share) $ (0.38) $ (0.27)
Basic and Diluted | Common Stock    
Numerator for basic earnings per share:    
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders $ (27,102) $ (21,187)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders $ (27,102) $ (21,187)
XML 99 R88.htm IDEA: XBRL DOCUMENT v3.7.0.1
Earnings Per Share (Anti-dilutive Shares) (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
3.00% convertible senior unsecured notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares 0 16,992
Stated interest rates (as a percent) 3.00%  
Series J convertible perpetual preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares 15,635 15,635
1.50% convertible senior unsecured notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares 0 11,567
Stated interest rates (as a percent) 1.50%  
Joint venture shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive shares 298 298
XML 100 R89.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Values (Schedule of Fair Value Measurement) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
USD ($)
loan
Dec. 31, 2016
USD ($)
loan
Recurring basis | Quoted market prices in active markets (Level 1)    
Assets and liabilities recorded at fair value    
Derivative assets $ 0 $ 0
Derivative liabilities 0 0
Available-for-sale securities 0 0
Recurring basis | Significant other observable inputs (Level 2)    
Assets and liabilities recorded at fair value    
Derivative assets 129 727
Derivative liabilities 571 47
Recurring basis | Significant unobservable inputs (Level 3)    
Assets and liabilities recorded at fair value    
Available-for-sale securities $ 21,639 $ 21,666
Non-recurring basis    
Assets and liabilities recorded at fair value    
Sellout period   2 years
Non-recurring basis | Loans Receivable One    
Assets and liabilities recorded at fair value    
Number of impaired loans | loan 1  
Sellout period 2 years  
Non-recurring basis | Comparable Sales | Loans Receivable One    
Assets and liabilities recorded at fair value    
Impaired loans   $ 5,200
Number of impaired loans | loan 1  
Non-recurring basis | Comparable Sales | Loans Receivable Two    
Assets and liabilities recorded at fair value    
Impaired loans   $ 2,000
Number of impaired loans | loan   1
Non-recurring basis | Quoted market prices in active markets (Level 1)    
Assets and liabilities recorded at fair value    
Impaired loans   $ 0
Impaired real estate $ 0  
Non-recurring basis | Significant unobservable inputs (Level 3)    
Assets and liabilities recorded at fair value    
Impaired loans   7,200
Impaired real estate 10,141 $ 3,063
Number of impaired loans | loan   1
Fair Value | Recurring basis    
Assets and liabilities recorded at fair value    
Derivative assets 129 $ 727
Derivative liabilities 571 47
Available-for-sale securities 21,639 21,666
Fair Value | Non-recurring basis    
Assets and liabilities recorded at fair value    
Impaired loans   7,200
Impaired real estate $ 10,141 $ 3,063
Fair Value | Non-recurring basis | Discounted Cash Flow Valuation Technique    
Assets and liabilities recorded at fair value    
Discount rate 11.00% 11.00%
XML 101 R90.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Values (Schedule of Level 3 Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 21,666 $ 1,161
Purchases 0 4,366
Repayments (10) (10)
Unrealized (losses) gains recorded in other comprehensive income (17) 19
Ending balance $ 21,639 $ 5,536
XML 102 R91.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Values (Narrative) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Book and estimated fair values of financial instruments    
Loans receivable and other lending investments, net $ 1,381,227 $ 1,450,439
Debt obligations, net 3,882,395 3,389,908
Fair Value    
Book and estimated fair values of financial instruments    
Loans receivable and other lending investments, net 1,400,000 1,500,000
Debt obligations, net $ 4,200,000 $ 3,600,000
XML 103 R92.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting (Schedule of Segments) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
segments
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segments 4    
Segment Reporting      
Operating lease income $ 52,591 $ 54,937  
Interest income 29,058 33,219  
Other income 11,864 11,541  
Land development revenue 20,050 14,947  
Earnings (loss) from equity method investments 5,702 8,267  
Income from sales of real estate 8,618 10,458  
Total revenue and other earnings 127,883 133,369  
Real estate expense (35,741) (34,305)  
Land development cost of sales (15,910) (11,575)  
Other expense (1,869) (740)  
Allocated interest expense (51,193) (57,021)  
Allocated general and administrative (19,292) (18,525)  
Segment profit (loss) 3,878 11,203  
Other significant items:      
(Recovery of) provision for loan losses (4,928) 1,506  
Impairment of assets 4,413    
Depreciation and amortization 13,067 14,708  
Capitalized expenditures 35,573 50,916  
Real estate, net 1,476,591   $ 1,491,752
Real estate available and held for sale 71,934   83,764
Total real estate 1,548,525   1,575,516
Land and development, net 955,150   945,565
Loans receivable and other lending investments, net 1,381,227   1,450,439
Other investments 197,559   214,406
Total portfolio assets 4,082,461   4,185,926
Cash and other assets 1,212,055   639,588
Total assets 5,294,516   4,825,514
Stock-based compensation expense 5,881 4,577  
Land and Development      
Segment Reporting      
Income from sales of real estate 4,140 3,372  
Operating Segments | Real Estate Finance      
Segment Reporting      
Operating lease income 0 0  
Interest income 29,058 33,219  
Other income 76 1,297  
Land development revenue 0 0  
Earnings (loss) from equity method investments 0 0  
Income from sales of real estate 0 0  
Total revenue and other earnings 29,134 34,516  
Real estate expense 0 0  
Land development cost of sales 0 0  
Other expense (605) 86  
Allocated interest expense (11,888) (14,702)  
Allocated general and administrative (3,596) (3,831)  
Segment profit (loss) 13,045 16,069  
Other significant items:      
(Recovery of) provision for loan losses (4,928) 1,506  
Impairment of assets 0    
Depreciation and amortization 0 0  
Capitalized expenditures 0 0  
Real estate, net 0   0
Real estate available and held for sale 0   0
Total real estate 0   0
Land and development, net 0   0
Loans receivable and other lending investments, net 1,381,227   1,450,439
Other investments 0   0
Total portfolio assets 1,381,227   1,450,439
Operating Segments | Net Lease      
Segment Reporting      
Operating lease income 36,496 35,750  
Interest income 0 0  
Other income 506 80  
Land development revenue 0 0  
Earnings (loss) from equity method investments 981 946  
Income from sales of real estate 6,720 4,928  
Total revenue and other earnings 44,703 41,704  
Real estate expense (4,726) (4,508)  
Land development cost of sales 0 0  
Other expense 0 0  
Allocated interest expense (15,783) (16,236)  
Allocated general and administrative (4,642) (4,296)  
Segment profit (loss) 19,552 16,664  
Other significant items:      
(Recovery of) provision for loan losses 0 0  
Impairment of assets 0    
Depreciation and amortization 8,428 8,851  
Capitalized expenditures 771 851  
Real estate, net 998,314   1,015,590
Real estate available and held for sale 0   1,284
Total real estate 998,314   1,016,874
Land and development, net 0   0
Loans receivable and other lending investments, net 0   0
Other investments 92,024   92,669
Total portfolio assets 1,090,338   1,109,543
Operating Segments | Operating Properties      
Segment Reporting      
Operating lease income 15,989 19,081  
Interest income 0 0  
Other income 10,355 7,344  
Land development revenue 0 0  
Earnings (loss) from equity method investments 632 (142)  
Income from sales of real estate 1,898 5,530  
Total revenue and other earnings 28,874 31,813  
Real estate expense (21,518) (21,120)  
Land development cost of sales 0 0  
Other expense 0 0  
Allocated interest expense (5,606) (6,620)  
Allocated general and administrative (1,755) (1,870)  
Segment profit (loss) (5) 2,203  
Other significant items:      
(Recovery of) provision for loan losses 0 0  
Impairment of assets 4,413    
Depreciation and amortization 4,039 5,283  
Capitalized expenditures 8,210 15,797  
Real estate, net 478,277   476,162
Real estate available and held for sale 71,934   82,480
Total real estate 550,211   558,642
Land and development, net 0   0
Loans receivable and other lending investments, net 0   0
Other investments 3,215   3,583
Total portfolio assets 553,426   562,225
Operating Segments | Land and Development      
Segment Reporting      
Operating lease income 106 106  
Interest income 0 0  
Other income 386 1,065  
Land development revenue 20,050 14,947  
Earnings (loss) from equity method investments 3,842 6,661  
Income from sales of real estate 0 0  
Total revenue and other earnings 24,384 22,779  
Real estate expense (9,497) (8,677)  
Land development cost of sales (15,910) (11,575)  
Other expense 0 0  
Allocated interest expense (8,118) (8,359)  
Allocated general and administrative (3,926) (3,270)  
Segment profit (loss) (13,067) (9,102)  
Other significant items:      
(Recovery of) provision for loan losses 0 0  
Impairment of assets 0    
Depreciation and amortization 270 300  
Capitalized expenditures 26,592 34,268  
Real estate, net 0   0
Real estate available and held for sale 0   0
Total real estate 0   0
Land and development, net 955,150   945,565
Loans receivable and other lending investments, net 0   0
Other investments 69,454   84,804
Total portfolio assets 1,024,604   1,030,369
Corporate/Other      
Segment Reporting      
Operating lease income 0 0  
Interest income 0 0  
Other income 541 1,755  
Land development revenue 0 0  
Earnings (loss) from equity method investments 247 802  
Income from sales of real estate 0 0  
Total revenue and other earnings 788 2,557  
Real estate expense 0 0  
Land development cost of sales 0 0  
Other expense (1,264) (826)  
Allocated interest expense (9,798) (11,104)  
Allocated general and administrative (5,373) (5,258)  
Segment profit (loss) (15,647) (14,631)  
Other significant items:      
(Recovery of) provision for loan losses 0 0  
Impairment of assets 0    
Depreciation and amortization 330 274  
Capitalized expenditures 0 $ 0  
Real estate, net 0   0
Real estate available and held for sale 0   0
Total real estate 0   0
Land and development, net 0   0
Loans receivable and other lending investments, net 0   0
Other investments 32,866   33,350
Total portfolio assets $ 32,866   $ 33,350
XML 104 R93.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Reconciliation of segment profit (loss) to income (loss) from continuing operations    
Segment profit $ 3,878 $ 11,203
Less: Recovery of (provision for) loan losses 4,928 (1,506)
Less: Impairment of assets (4,413) 0
Less: Stock-based compensation expense (5,881) (4,577)
Less: Depreciation and amortization (13,067) (14,708)
Less: Income tax (expense) benefit (607) 414
Less: Loss on early extinguishment of debt, net (210) (125)
Net income (loss) $ (15,372) $ (9,299)
XML 105 R94.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Narrative) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 21, 2017
USD ($)
Apr. 14, 2017
USD ($)
property
lease
investor
Apr. 12, 2017
USD ($)
Mar. 31, 2017
property
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Subsequent Event [Line Items]            
Repayments of debt         $ 353,191 $ 282,755
Gain sale of properties         8,618 10,458
Net proceeds from sales of land and development assets         $ 20,923 $ 8,775
Subsequent Event            
Subsequent Event [Line Items]            
Number of properties | property   12        
Carrying value of properties   $ 156,000        
Gain sale of properties   $ 178,000        
9.00% senior notes            
Subsequent Event [Line Items]            
Stated interest rates (as a percent)       9.00% 9.00%  
9.00% senior notes | Subsequent Event            
Subsequent Event [Line Items]            
Repayments of debt     $ 275,000      
Stated interest rates (as a percent)     9.00%      
Payments of make whole premium     $ 2,750      
2017 Secured Financing            
Subsequent Event [Line Items]            
Stated interest rates (as a percent)       3.795% 3.795%  
Number of properties covered under master lease agreement | property       5    
Real Estate Sales | Subsequent Event            
Subsequent Event [Line Items]            
Net proceeds from sales of land and development assets $ 231,100          
Payments for documentary transfer taxes 6,300          
Sales proceeds from sale of land 114,000          
Proceeds from interest received 121,800          
Proceeds from real estate tax reimbursements $ 1,600          
Participation interests held by third party (as a percent) 4.30%          
Safety, Income nad Growth, Inc. | Subsequent Event            
Subsequent Event [Line Items]            
Noncontrolling interest (as a percent)   49.00%        
Ground Net Lease Business | Safety, Income nad Growth, Inc. | Subsequent Event            
Subsequent Event [Line Items]            
Number of Institutional Investors | investor   2        
Ownership interests acquired in ground net lease business   51.00%        
Number of properties | property   12        
Number of ground net leases | lease   7        
Number of master leases | lease   1        
Number of properties covered under master lease agreement | property   5        
Noncontrolling interest (as a percent)   49.00%        
Consideration transferred   $ 340,000        
Offering costs in connection with IPO   25,000        
Ground Net Lease Business | Safety, Income nad Growth, Inc. | 2017 Secured Financing | Subsequent Event            
Subsequent Event [Line Items]            
Assumption of long term debt   $ 227,000        
EXCEL 106 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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�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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 108 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 110 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 455 427 1 true 157 0 false 17 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.istarfinancial.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - Consolidated Balance Sheets Sheet http://www.istarfinancial.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.istarfinancial.com/role/ConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Consolidated Statements of Operations Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 1003000 - Statement - Consolidated Statements of Comprehensive Income (Loss) Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfComprehensiveIncomeLoss Consolidated Statements of Comprehensive Income (Loss) Statements 5 false false R6.htm 1003001 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfComprehensiveIncomeLossParenthetical Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) Statements 6 false false R7.htm 1004000 - Statement - Consolidated Statements of Changes in Equity Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfChangesInEquity Consolidated Statements of Changes in Equity Statements 7 false false R8.htm 1004001 - Statement - Consolidated Statements of Changes in Equity (Parenthetical) Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfChangesInEquityParenthetical Consolidated Statements of Changes in Equity (Parenthetical) Statements 8 false false R9.htm 1006000 - Statement - Consolidated Statements of Cash Flows Sheet http://www.istarfinancial.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 9 false false R10.htm 2101100 - Disclosure - Business and Organization Sheet http://www.istarfinancial.com/role/BusinessAndOrganization Business and Organization Notes 10 false false R11.htm 2102100 - Disclosure - Basis of Presentation and Principles of Consolidation Sheet http://www.istarfinancial.com/role/BasisOfPresentationAndPrinciplesOfConsolidation Basis of Presentation and Principles of Consolidation Notes 11 false false R12.htm 2104100 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.istarfinancial.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 12 false false R13.htm 2105100 - Disclosure - Real Estate Sheet http://www.istarfinancial.com/role/RealEstate Real Estate Notes 13 false false R14.htm 2106100 - Disclosure - Land and Development Sheet http://www.istarfinancial.com/role/LandAndDevelopment Land and Development Notes 14 false false R15.htm 2108100 - Disclosure - Loans Receivable and Other Lending Investments, net Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNet Loans Receivable and Other Lending Investments, net Notes 15 false false R16.htm 2109100 - Disclosure - Other Investments Sheet http://www.istarfinancial.com/role/OtherInvestments Other Investments Notes 16 false false R17.htm 2110100 - Disclosure - Other Assets and Other Liabilities Sheet http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilities Other Assets and Other Liabilities Notes 17 false false R18.htm 2111100 - Disclosure - Loan Participations Payable, net Sheet http://www.istarfinancial.com/role/LoanParticipationsPayableNet Loan Participations Payable, net Notes 18 false false R19.htm 2112100 - Disclosure - Debt Obligations, net Sheet http://www.istarfinancial.com/role/DebtObligationsNet Debt Obligations, net Notes 19 false false R20.htm 2113100 - Disclosure - Commitments and Contingencies Sheet http://www.istarfinancial.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 20 false false R21.htm 2114100 - Disclosure - Derivatives Sheet http://www.istarfinancial.com/role/Derivatives Derivatives Notes 21 false false R22.htm 2115100 - Disclosure - Equity Sheet http://www.istarfinancial.com/role/Equity Equity Notes 22 false false R23.htm 2116100 - Disclosure - Stock-Based Compensation Plans and Employee Benefits Sheet http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefits Stock-Based Compensation Plans and Employee Benefits Notes 23 false false R24.htm 2117100 - Disclosure - Earnings Per Share Sheet http://www.istarfinancial.com/role/EarningsPerShare Earnings Per Share Notes 24 false false R25.htm 2118100 - Disclosure - Fair Values Sheet http://www.istarfinancial.com/role/FairValues Fair Values Notes 25 false false R26.htm 2119100 - Disclosure - Segment Reporting Sheet http://www.istarfinancial.com/role/SegmentReporting Segment Reporting Notes 26 false false R27.htm 2120100 - Disclosure - Subsequent Events Sheet http://www.istarfinancial.com/role/SubsequentEvents Subsequent Events Notes 27 false false R28.htm 2204201 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.istarfinancial.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.istarfinancial.com/role/SummaryOfSignificantAccountingPolicies 28 false false R29.htm 2305301 - Disclosure - Real Estate (Tables) Sheet http://www.istarfinancial.com/role/RealEstateTables Real Estate (Tables) Tables http://www.istarfinancial.com/role/RealEstate 29 false false R30.htm 2306301 - Disclosure - Land and Development (Tables) Sheet http://www.istarfinancial.com/role/LandAndDevelopmentTables Land and Development (Tables) Tables http://www.istarfinancial.com/role/LandAndDevelopment 30 false false R31.htm 2308301 - Disclosure - Loans Receivable and Other Lending Investments, net (Tables) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables Loans Receivable and Other Lending Investments, net (Tables) Tables http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNet 31 false false R32.htm 2309301 - Disclosure - Other Investments (Tables) Sheet http://www.istarfinancial.com/role/OtherInvestmentsTables Other Investments (Tables) Tables http://www.istarfinancial.com/role/OtherInvestments 32 false false R33.htm 2310301 - Disclosure - Other Assets and Other Liabilities (Tables) Sheet http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesTables Other Assets and Other Liabilities (Tables) Tables http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilities 33 false false R34.htm 2311301 - Disclosure - Loan Participations Payable, net (Tables) Sheet http://www.istarfinancial.com/role/LoanParticipationsPayableNetTables Loan Participations Payable, net (Tables) Tables http://www.istarfinancial.com/role/LoanParticipationsPayableNet 34 false false R35.htm 2312301 - Disclosure - Debt Obligations, net (Tables) Sheet http://www.istarfinancial.com/role/DebtObligationsNetTables Debt Obligations, net (Tables) Tables http://www.istarfinancial.com/role/DebtObligationsNet 35 false false R36.htm 2313301 - Disclosure - Commitments and Contingencies (Tables) Sheet http://www.istarfinancial.com/role/CommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://www.istarfinancial.com/role/CommitmentsAndContingencies 36 false false R37.htm 2314301 - Disclosure - Derivatives (Tables) Sheet http://www.istarfinancial.com/role/DerivativesTables Derivatives (Tables) Tables http://www.istarfinancial.com/role/Derivatives 37 false false R38.htm 2315301 - Disclosure - Equity (Tables) Sheet http://www.istarfinancial.com/role/EquityTables Equity (Tables) Tables http://www.istarfinancial.com/role/Equity 38 false false R39.htm 2317301 - Disclosure - Earnings Per Share (Tables) Sheet http://www.istarfinancial.com/role/EarningsPerShareTables Earnings Per Share (Tables) Tables http://www.istarfinancial.com/role/EarningsPerShare 39 false false R40.htm 2318301 - Disclosure - Fair Values (Tables) Sheet http://www.istarfinancial.com/role/FairValuesTables Fair Values (Tables) Tables http://www.istarfinancial.com/role/FairValues 40 false false R41.htm 2319301 - Disclosure - Segment Reporting (Tables) Sheet http://www.istarfinancial.com/role/SegmentReportingTables Segment Reporting (Tables) Tables http://www.istarfinancial.com/role/SegmentReporting 41 false false R42.htm 2401401 - Disclosure - Business and Organization (Details) Sheet http://www.istarfinancial.com/role/BusinessAndOrganizationDetails Business and Organization (Details) Details http://www.istarfinancial.com/role/BusinessAndOrganization 42 false false R43.htm 2402401 - Disclosure - Basis of Presentation and Principles of Consolidation (VIEs) (Details) Sheet http://www.istarfinancial.com/role/BasisOfPresentationAndPrinciplesOfConsolidationViesDetails Basis of Presentation and Principles of Consolidation (VIEs) (Details) Details http://www.istarfinancial.com/role/BasisOfPresentationAndPrinciplesOfConsolidation 43 false false R44.htm 2405402 - Disclosure - Real Estate (Schedule of Real Estate Assets) (Details) Sheet http://www.istarfinancial.com/role/RealEstateScheduleOfRealEstateAssetsDetails Real Estate (Schedule of Real Estate Assets) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 44 false false R45.htm 2405403 - Disclosure - Real Estate (Real Estate Available and Held for Sale) (Details) Sheet http://www.istarfinancial.com/role/RealEstateRealEstateAvailableAndHeldForSaleDetails Real Estate (Real Estate Available and Held for Sale) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 45 false false R46.htm 2405404 - Disclosure - Real Estate (Dispositions) (Details) Sheet http://www.istarfinancial.com/role/RealEstateDispositionsDetails Real Estate (Dispositions) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 46 false false R47.htm 2405405 - Disclosure - Real Estate (Impairments) (Details) Sheet http://www.istarfinancial.com/role/RealEstateImpairmentsDetails Real Estate (Impairments) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 47 false false R48.htm 2405406 - Disclosure - Real Estate (Tenant Reimbursements) (Details) Sheet http://www.istarfinancial.com/role/RealEstateTenantReimbursementsDetails Real Estate (Tenant Reimbursements) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 48 false false R49.htm 2405407 - Disclosure - Real Estate (Allowance for Doubtful Accounts) (Details) Sheet http://www.istarfinancial.com/role/RealEstateAllowanceForDoubtfulAccountsDetails Real Estate (Allowance for Doubtful Accounts) (Details) Details http://www.istarfinancial.com/role/RealEstateTables 49 false false R50.htm 2406402 - Disclosure - Land and Development (Schedule of Land and Development) (Details) Sheet http://www.istarfinancial.com/role/LandAndDevelopmentScheduleOfLandAndDevelopmentDetails Land and Development (Schedule of Land and Development) (Details) Details http://www.istarfinancial.com/role/LandAndDevelopmentTables 50 false false R51.htm 2406403 - Disclosure - Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) Sheet http://www.istarfinancial.com/role/LandAndDevelopmentAcquisitionsDispositionsAndRedeemableNoncontrollingInterestDetails Land and Development (Acquisitions, Dispositions, and Redeemable Noncontrolling Interest) (Details) Details http://www.istarfinancial.com/role/LandAndDevelopmentTables 51 false false R52.htm 2408402 - Disclosure - Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetScheduleOfLoansReceivableDetails Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 52 false false R53.htm 2408403 - Disclosure - Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetReserveForLoanLossesDetails Loans Receivable and Other Lending Investments, net (Reserve for Loan Losses) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 53 false false R54.htm 2408404 - Disclosure - Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetLoansAndAssociatedReserveForLoanLossesDetails Loans Receivable and Other Lending Investments, net (Loans and Associated Reserve for Loan Losses) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 54 false false R55.htm 2408405 - Disclosure - Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetCreditCharacteristicsForPerformingLoansDetails Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 55 false false R56.htm 2408406 - Disclosure - Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetCreditCharacteristicsByPaymentStatusDetails Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 56 false false R57.htm 2408407 - Disclosure - Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetImpairedLoansDetails Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 57 false false R58.htm 2408408 - Disclosure - Loans Receivable and Other Lending Investments, net (Securities) (Details) Sheet http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetSecuritiesDetails Loans Receivable and Other Lending Investments, net (Securities) (Details) Details http://www.istarfinancial.com/role/LoansReceivableAndOtherLendingInvestmentsNetTables 58 false false R59.htm 2409402 - Disclosure - Other Investments (Schedule of Other Investments) (Details) Sheet http://www.istarfinancial.com/role/OtherInvestmentsScheduleOfOtherInvestmentsDetails Other Investments (Schedule of Other Investments) (Details) Details http://www.istarfinancial.com/role/OtherInvestmentsTables 59 false false R60.htm 2409403 - Disclosure - Other Investments (Narrative) (Details) Sheet http://www.istarfinancial.com/role/OtherInvestmentsNarrativeDetails Other Investments (Narrative) (Details) Details http://www.istarfinancial.com/role/OtherInvestmentsTables 60 false false R61.htm 2409404 - Disclosure - Other Investments (Schedule of Summarized Investee Financial Information) (Details) Sheet http://www.istarfinancial.com/role/OtherInvestmentsScheduleOfSummarizedInvesteeFinancialInformationDetails Other Investments (Schedule of Summarized Investee Financial Information) (Details) Details http://www.istarfinancial.com/role/OtherInvestmentsTables 61 false false R62.htm 2410402 - Disclosure - Other Assets and Other Liabilities (Schedule of Other Assets) (Details) Sheet http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesScheduleOfOtherAssetsDetails Other Assets and Other Liabilities (Schedule of Other Assets) (Details) Details http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesTables 62 false false R63.htm 2410403 - Disclosure - Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) Sheet http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesScheduleOfOtherLiabilitiesDetails Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) Details http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesTables 63 false false R64.htm 2410404 - Disclosure - Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) Sheet http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesDeferredTaxAssetsAndLiabilitiesDetails Other Assets and Other Liabilities (Deferred Tax Assets and Liabilities) (Details) Details http://www.istarfinancial.com/role/OtherAssetsAndOtherLiabilitiesTables 64 false false R65.htm 2411402 - Disclosure - Loan Participations Payable, net (Details) Sheet http://www.istarfinancial.com/role/LoanParticipationsPayableNetDetails Loan Participations Payable, net (Details) Details http://www.istarfinancial.com/role/LoanParticipationsPayableNetTables 65 false false R66.htm 2412402 - Disclosure - Debt Obligations, net (Schedule of Debt) (Details) Sheet http://www.istarfinancial.com/role/DebtObligationsNetScheduleOfDebtDetails Debt Obligations, net (Schedule of Debt) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 66 false false R67.htm 2412403 - Disclosure - Debt Obligations, net (Future Scheduled Maturities) (Details) Sheet http://www.istarfinancial.com/role/DebtObligationsNetFutureScheduledMaturitiesDetails Debt Obligations, net (Future Scheduled Maturities) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 67 false false R68.htm 2412404 - Disclosure - Debt Obligations, net (Secured Credit Facility Narrative) (Details) Sheet http://www.istarfinancial.com/role/DebtObligationsNetSecuredCreditFacilityNarrativeDetails Debt Obligations, net (Secured Credit Facility Narrative) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 68 false false R69.htm 2412405 - Disclosure - Debt Obligations, net (Unsecured Notes Narrative) (Details) Notes http://www.istarfinancial.com/role/DebtObligationsNetUnsecuredNotesNarrativeDetails Debt Obligations, net (Unsecured Notes Narrative) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 69 false false R70.htm 2412406 - Disclosure - Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) Sheet http://www.istarfinancial.com/role/DebtObligationsNetEncumberedUnencumberedAssetsDetails Debt Obligations, net (Encumbered/Unencumbered Assets) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 70 false false R71.htm 2412407 - Disclosure - Debt Obligations, net (Debt Covenants) (Details) Sheet http://www.istarfinancial.com/role/DebtObligationsNetDebtCovenantsDetails Debt Obligations, net (Debt Covenants) (Details) Details http://www.istarfinancial.com/role/DebtObligationsNetTables 71 false false R72.htm 2413402 - Disclosure - Commitments and Contingencies (Narrative) (Details) Sheet http://www.istarfinancial.com/role/CommitmentsAndContingenciesNarrativeDetails Commitments and Contingencies (Narrative) (Details) Details http://www.istarfinancial.com/role/CommitmentsAndContingenciesTables 72 false false R73.htm 2413403 - Disclosure - Commitments and Contingencies (Unfunded Commitments) (Details) Sheet http://www.istarfinancial.com/role/CommitmentsAndContingenciesUnfundedCommitmentsDetails Commitments and Contingencies (Unfunded Commitments) (Details) Details http://www.istarfinancial.com/role/CommitmentsAndContingenciesTables 73 false false R74.htm 2414402 - Disclosure - Derivatives (Fair Value of Derivative Financial Instruments) (Details) Sheet http://www.istarfinancial.com/role/DerivativesFairValueOfDerivativeFinancialInstrumentsDetails Derivatives (Fair Value of Derivative Financial Instruments) (Details) Details http://www.istarfinancial.com/role/DerivativesTables 74 false false R75.htm 2414403 - Disclosure - Derivatives (Classification on the Consolidated Statements of Operations) (Details) Sheet http://www.istarfinancial.com/role/DerivativesClassificationOnConsolidatedStatementsOfOperationsDetails Derivatives (Classification on the Consolidated Statements of Operations) (Details) Details http://www.istarfinancial.com/role/DerivativesTables 75 false false R76.htm 2414404 - Disclosure - Derivatives (Foreign Exchange Contracts) (Details) Sheet http://www.istarfinancial.com/role/DerivativesForeignExchangeContractsDetails Derivatives (Foreign Exchange Contracts) (Details) Details http://www.istarfinancial.com/role/DerivativesTables 76 false false R77.htm 2414405 - Disclosure - Derivatives (Interest Rate Hedges) (Details) Sheet http://www.istarfinancial.com/role/DerivativesInterestRateHedgesDetails Derivatives (Interest Rate Hedges) (Details) Details http://www.istarfinancial.com/role/DerivativesTables 77 false false R78.htm 2414406 - Disclosure - Derivatives (Credit Risk-Related Contingent Features) (Details) Sheet http://www.istarfinancial.com/role/DerivativesCreditRiskRelatedContingentFeaturesDetails Derivatives (Credit Risk-Related Contingent Features) (Details) Details http://www.istarfinancial.com/role/DerivativesTables 78 false false R79.htm 2415402 - Disclosure - Equity (Preferred Stock) (Details) Sheet http://www.istarfinancial.com/role/EquityPreferredStockDetails Equity (Preferred Stock) (Details) Details http://www.istarfinancial.com/role/EquityTables 79 false false R80.htm 2415403 - Disclosure - Equity (Dividends) (Details) Sheet http://www.istarfinancial.com/role/EquityDividendsDetails Equity (Dividends) (Details) Details http://www.istarfinancial.com/role/EquityTables 80 false false R81.htm 2415404 - Disclosure - Equity (Stock Repurchase Program) (Details) Sheet http://www.istarfinancial.com/role/EquityStockRepurchaseProgramDetails Equity (Stock Repurchase Program) (Details) Details http://www.istarfinancial.com/role/EquityTables 81 false false R82.htm 2415405 - Disclosure - Equity (Accumulated Other Comprehensive Income (Loss)) (Details) Sheet http://www.istarfinancial.com/role/EquityAccumulatedOtherComprehensiveIncomeLossDetails Equity (Accumulated Other Comprehensive Income (Loss)) (Details) Details http://www.istarfinancial.com/role/EquityTables 82 false false R83.htm 2416401 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) Sheet http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefitsStockBasedCompensationDetails Stock-Based Compensation Plans and Employee Benefits (Stock-based Compensation) (Details) Details http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefits 83 false false R84.htm 2416402 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) Sheet http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefitsDirectorsAwardsDetails Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) Details http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefits 84 false false R85.htm 2416403 - Disclosure - Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) Sheet http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefits401KPlanDetails Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) Details http://www.istarfinancial.com/role/StockBasedCompensationPlansAndEmployeeBenefits 85 false false R86.htm 2417402 - Disclosure - Earnings Per Share (Schedule of Earnings Per Share) (Details) Sheet http://www.istarfinancial.com/role/EarningsPerShareScheduleOfEarningsPerShareDetails Earnings Per Share (Schedule of Earnings Per Share) (Details) Details http://www.istarfinancial.com/role/EarningsPerShareTables 86 false false R87.htm 2417403 - Disclosure - Earnings Per Share (Earnings Allocable to Common Shares) (Details) Sheet http://www.istarfinancial.com/role/EarningsPerShareEarningsAllocableToCommonSharesDetails Earnings Per Share (Earnings Allocable to Common Shares) (Details) Details http://www.istarfinancial.com/role/EarningsPerShareTables 87 false false R88.htm 2417404 - Disclosure - Earnings Per Share (Anti-dilutive Shares) (Details) Sheet http://www.istarfinancial.com/role/EarningsPerShareAntiDilutiveSharesDetails Earnings Per Share (Anti-dilutive Shares) (Details) Details http://www.istarfinancial.com/role/EarningsPerShareTables 88 false false R89.htm 2418402 - Disclosure - Fair Values (Schedule of Fair Value Measurement) (Details) Sheet http://www.istarfinancial.com/role/FairValuesScheduleOfFairValueMeasurementDetails Fair Values (Schedule of Fair Value Measurement) (Details) Details http://www.istarfinancial.com/role/FairValuesTables 89 false false R90.htm 2418403 - Disclosure - Fair Values (Schedule of Level 3 Assets) (Details) Sheet http://www.istarfinancial.com/role/FairValuesScheduleOfLevel3AssetsDetails Fair Values (Schedule of Level 3 Assets) (Details) Details http://www.istarfinancial.com/role/FairValuesTables 90 false false R91.htm 2418404 - Disclosure - Fair Values (Narrative) (Details) Sheet http://www.istarfinancial.com/role/FairValuesNarrativeDetails Fair Values (Narrative) (Details) Details http://www.istarfinancial.com/role/FairValuesTables 91 false false R92.htm 2419402 - Disclosure - Segment Reporting (Schedule of Segments) (Details) Sheet http://www.istarfinancial.com/role/SegmentReportingScheduleOfSegmentsDetails Segment Reporting (Schedule of Segments) (Details) Details http://www.istarfinancial.com/role/SegmentReportingTables 92 false false R93.htm 2419403 - Disclosure - Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) Sheet http://www.istarfinancial.com/role/SegmentReportingReconciliationOfSegmentProfitToNetIncomeLossDetails Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) Details http://www.istarfinancial.com/role/SegmentReportingTables 93 false false R94.htm 2420401 - Disclosure - Subsequent Events (Narrative) (Details) Sheet http://www.istarfinancial.com/role/SubsequentEventsNarrativeDetails Subsequent Events (Narrative) (Details) Details http://www.istarfinancial.com/role/SubsequentEvents 94 false false All Reports Book All Reports star-20170331.xml star-20170331.xsd star-20170331_cal.xml star-20170331_def.xml star-20170331_lab.xml star-20170331_pre.xml true true ZIP 112 0001095651-17-000021-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001095651-17-000021-xbrl.zip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ʄ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