Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2016

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, based on market rates of the Company’s positions and other observable interest rates as discussed in Note 6 –Investment Securities, at Fair Value andNote 11 –Derivatives and Hedging Activities, as of March 31, 2016 and December 31, 2015, 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 March 31, 2016
Assets:
CMBS	$	—	$	—		$	48,162	$	48,162
Liabilities:
Derivative liabilities	$	—	$	(13,800	)	$	—	$	(13,800	)
	Level 1		Level 2			Level 3		Balance as of December 31, 2015
Assets:
CMBS	$	—	$	—		$	53,304	$	53,304
Derivative assets	—		1,892			—		1,892
Total assets	$	—	$	1,892		$	53,304	$	55,196
Liabilities:
Derivative liabilities	$	—	$	(6,922	)	$	—	$	(6,922	)

Reconciliations of Changes in (Liabilities) with Level 3 Inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2016 and 2015 (in thousands):

	CMBS
Beginning balance, December 31, 2015	$	53,304
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(1,961		)
Purchases, issuances, settlements and amortization:
Principal payments received	(3,217		)
Amortization included in net income	36
Ending Balance, March 31, 2016	$	48,162

	CMBS
Beginning balance, December 31, 2014	$	58,646
Total gains and losses:
Unrealized gain included in other comprehensive income, net	796
Purchases, issuances, settlements and amortization:
Principal payments received	(2,949		)
Ending Balance, March 31, 2015	$	56,493

Reconciliations of Changes in Assets with Level 3 Inputs

The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2016 and 2015 (in thousands):

	CMBS
Beginning balance, December 31, 2015	$	53,304
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(1,961		)
Purchases, issuances, settlements and amortization:
Principal payments received	(3,217		)
Amortization included in net income	36
Ending Balance, March 31, 2016	$	48,162

	CMBS
Beginning balance, December 31, 2014	$	58,646
Total gains and losses:
Unrealized gain included in other comprehensive income, net	796
Purchases, issuances, settlements and amortization:
Principal payments received	(2,949		)
Ending Balance, March 31, 2015	$	56,493

Fair Value, by Balance Sheet Grouping

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

	Level	Carrying Amount at March 31, 2016		Fair Value at March 31, 2016		Carrying Amount at December 31, 2015		Fair Value at December 31, 2015
Assets:
Mortgage notes receivable	3	$	23,559	$	32,008	$	24,238	$	31,842
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	3,049,340	$	3,131,489	$	3,133,005	$	3,240,153
Corporate bonds, net	2	2,547,452		2,578,973		2,547,255		2,580,786
Convertible debt, net	2	983,422		1,014,744		982,217		1,007,042
Credit facilities	2	1,280,000		1,282,200		1,460,000		1,536,264
Total liabilities		$	7,860,214	$	8,007,406	$	8,122,477	$	8,364,245

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(1) Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs

Summary of Impairment Charges by Asset Class

The following table presents the impairment charges by asset class recorded during the three months ended March 31, 2016 (dollar amounts in thousands):

	Three Months Ended March 31,
	2016
Properties impaired	125
Asset classes impaired:
Investment in real estate assets, net	$	160,721
Below-market lease liabilities, net	(204		)
Total impairment loss	$	160,517