Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall (in thousands):

	Level 1		Level 2			Level 3			Balance as of December 31, 2014
Assets:
CMBS	$	—	$	—		$	58,646		$	58,646
Interest rate swap assets	—		5,509			—			5,509
Total assets	$	—	$	5,509		$	58,646		$	64,155
Liabilities:
Interest rate swap liabilities	$	—	$	(7,384	)	$	—		$	(7,384	)
	Level 1		Level 2			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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following are reconciliations of the changes in instruments with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2014 and 2013(in thousands):

	CMBS			Series D Preferred Stock Embedded Derivative			Contingent Consideration Arrangements			Total
Balance, December 31, 2012	$	—		$	—		$	—		$	—
Fair value at purchase/issuance	60,730			(18,692		)	—			42,038
Dispositions	(278		)	—			—			(278		)
Changes in fair value included in net loss	131			1,956			—			2,087
Balance, December 31, 2013	60,583			(16,736		)	—			43,847
Total gains and losses:
Unrealized gain included in other comprehensive income, net	8,731			—			—			8,731
Changes in fair value included in net loss	—			(13,594		)	3,292			(10,302		)
Purchases, issuances, settlements and amortization:
Fair value at purchase/issuance	151,197			—			(3,606		)	147,591
Dispositions	(158,637		)				—			(158,637		)
Principal payments received	(3,505		)	—			—			(3,505		)
Amortization included in net loss	277			—			—			277
Payment	—			—			314			314
Redemption of Series D	—			30,330			—			30,330
Balance, December 31, 2014	$	58,646		$	—		$	—		$	58,646

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 December 31, 2014		Fair Value at December 31, 2014		Carrying Amount at December 31, 2013		Fair Value at December 31, 2013
Assets:
Loans held for investment	3	$	42,106	$	42,645	$	26,279	$	26,435
Liabilities:
Mortgage notes payable, net	3	$	3,759,935	$	3,883,341	$	1,301,114	$	1,305,823
Corporate bonds, net	3	2,546,499		2,709,845		—		—
Convertible debt, net	3	977,521		1,088,069		972,490		976,629
Credit facilities	3	3,184,000		3,145,884		1,969,800		1,843,145
Other Debt	3	45,826		47,688		104,804		228,399
Total liabilities		$	10,513,781	$	10,874,827	$	4,348,208	$	4,353,996