Fair Values (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and 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
			Quoted
			market		Significant
			prices in		other		Significant
			active		observable		unobservable
			markets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2021
Recurring basis:
Derivative liabilities(1)	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities(1)		28,092		—		—		28,092
As of December 31, 2020
Recurring basis:
Derivative liabilities(1)		18,926		—		18,926		—
Available-for-sale securities(1)		25,274		—		—		25,274
Non-recurring basis:
Impaired land and development(2)		6,078		—		—		6,078

(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. As of December 31, 2021 and 2020, derivative liabilities are recorded in “Liabilities associated with real estate held for sale and classified as discontinued operations” on the Company’s consolidated balance sheets.

(2) The Company recorded a $1.3 million on a land and development asset an estimated aggregate fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received.

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 years ended December 31, 2021 and 2020 ($ in thousands):

	2021		2020
Beginning balance	$	25,274	$	23,896
Purchases		3,375		—
Repayments		(200)		(460)
Unrealized gains (losses) recorded in other comprehensive income		(357)		1,838
Ending balance	$	28,092	$	25,274

Schedule of carrying value and fair value of financial instruments

	As of December 31, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)(1)	$	43	$	43	$	—	$	—
Loans receivable and other lending investments, net(1)		333		345		687		726
Loans receivable held for sale(1)		43		43		—		—
Cash and cash equivalents(2)		340		340		99		99
Restricted cash(2)		54		54		52		52
Liabilities
Loan participations payable, net(1)		—		—		43		43
Debt obligations, net(1)(3)
Level 1		2,473		2,799		2,471		2,581
Level 3		99		104		98		102
Total debt obligations, net		2,572		2,903		2,569		2,683

(1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale, loan participations payable, net and certain debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy.

(3) As of December 31, 2021 and 2020, the fair value of the Company’s unsecured notes and Senior Term Loan are classified as Level 1 within the fair value hierarchy. As of December 31, 2021 and 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million and $338.8 million, respectively.