Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of March 31, 2014
Assets:
Investments in real estate fund	$	—	$	1,648		$	—		$	1,648
CMBS		—		—			212,155			212,155
Interest rate swap assets		—		9,829			—			9,829
Total assets	$	—	$	11,477		$	212,155		$	223,632
Liabilities:
Interest rate swap liabilities	$	—	$	(8,737	)	$	—		$	(8,737	)
Series D Preferred Stock embedded derivative		—		—			(26,734	)		(26,734	)
Contingent consideration arrangements		—		—			(4,903	)		(4,903	)
Total liabilities	$	—	$	(8,737	)	$	(31,637	)	$	(40,374	)

	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3			Balance as of December 31, 2013
Assets:
Investments in real estate fund	$	—	$	1,484		$	—		$	1,484
CMBS		—		—			60,583			60,583
Interest rate swap assets		—		9,189			—			9,189
Total assets	$	—	$	10,673		$	60,583		$	71,256
Liabilities:
Interest rate swap liabilities	$	—	$	(1,719	)	$	—		$	(1,719	)
Series D Preferred Stock embedded derivative		—		—			(16,736	)		(16,736	)
Total liabilities	$	—	$	(1,719	)	$	(16,736	)	$	(18,455	)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2014 (in thousands):

	CMBS			Series D Preferred Stock Embedded Derivative			Contingent Consideration Arrangements			Total
Beginning Balance as of December 31, 2013	$	60,583		$	(16,736	)	$	—		$	43,847
Total gains and losses:
Unrealized gain included in other comprehensive income, net		2,948			—			—			2,948
Changes in fair value included in net income, net		—			(9,998	)		(1,297	)		(11,295	)
Purchases, issuances, settlements and amortization:
Purchases/issuances		151,197			—			(3,606	)		147,591
Amortization included in net income, net		(2,573	)	$	—			—			(2,573	)
Ending balance as of March 31, 2014	$	212,155		$	(26,734	)	$	(4,903	)	$	180,518

Fair Value, by Balance Sheet Grouping

The fair values of the Company’s financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (dollar amounts in thousands):

	Level	Carrying Amount at March 31, 2014		Fair Value at March 31, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment	3	$	98,185	$	98,652	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net	3	$	4,234,074	$	4,265,230	$	1,301,114	$	1,305,823
Corporate bonds, net	3		2,545,884		2,545,884		—		—
Convertible debt, net	3		973,737		976,629		972,490		976,629
Senior corporate credit facility	3		2,265,800		2,265,800		1,819,800		1,819,800
Secured term loan	3		53,958		54,035		58,979		59,049
Trust preferred notes	3		26,563		23,485		26,548		23,345
Unsecured credit facility	3		150,000		150,000		150,000		150,000
Other debt	3		68,288		68,414		19,278		19,350
Total liabilities		$	10,318,304	$	10,349,477	$	4,348,209	$	4,353,996