Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 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     June 30, 2014
Assets:
Investments in real estate fund	$	—	$	1,891		$	—		$	1,891
CMBS		—		—			217,313			217,313
Interest rate swap assets		—		5,522			—			5,522
Total assets	$	—	$	7,413		$	217,313		$	224,726
Liabilities:
Interest rate swap liabilities	$	—	$	(12,811	)	$	—		$	(12,811	)
Series D Preferred Stock embedded derivative		—		—			(11,520	)		(11,520	)
Contingent consideration arrangements		—		—			(4,818	)		(4,818	)
Total liabilities	$	—	$	(12,811	)	$	(16,338	)	$	(29,149	)

	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 changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 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		8,598			—			—			8,598
Changes in fair value included in net income, net		—			5,216			(1,212	)		4,004
Purchases, issuances, settlements and amortization:
Purchases/issuances		151,197			—			(3,606	)		147,591
Amortization included in net income, net		(3,065	)		—			—			(3,065	)
Ending balance as of June 30, 2014	$	217,313		$	(11,520	)	$	(4,818	)	$	200,975

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 June 30, 2014		Fair Value at June 30, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment	3	$	97,587	$	98,902	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net	3	$	4,227,494	$	4,328,230	$	1,301,114	$	1,305,823
Corporate bonds, net	3		2,546,089		2,568,117		—		—
Convertible debt, net	3		975,003		1,035,581		972,490		976,629
Credit facilities	3		1,896,000		1,896,000		1,819,800		1,819,800
Secured term loan	3		51,296		51,411		58,979		59,049
Unsecured Credit Facility	3		—		—		150,000		150,000
Trust preferred notes	3		26,579		23,485		26,548		23,345
Other debt	3		68,283		68,414		19,278		19,350
Total liabilities		$	9,790,744	$	9,971,238	$	4,348,209	$	4,353,996