Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2016
Assets:
CMBS	$	—	$	—		$	48,347	$	48,347
Liabilities:
Derivative liabilities	$	—	$	(15,241	)	$	—	$	(15,241	)
	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 six months ended June 30, 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	(1,570		)
Purchases, issuances, settlements and amortization:
Principal payments received	(3,499		)
Amortization included in net income	112
Ending Balance, June 30, 2016	$	48,347

	CMBS
Beginning balance, December 31, 2014	$	58,646
Total gains and losses:
Unrealized gain included in other comprehensive income, net	686
Purchases, issuances, settlements and amortization:
Principal payments received	(3,596		)
Amortization included in net income	66
Ending Balance, June 30, 2015	$	55,802

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 six months ended June 30, 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	(1,570		)
Purchases, issuances, settlements and amortization:
Principal payments received	(3,499		)
Amortization included in net income	112
Ending Balance, June 30, 2016	$	48,347

	CMBS
Beginning balance, December 31, 2014	$	58,646
Total gains and losses:
Unrealized gain included in other comprehensive income, net	686
Purchases, issuances, settlements and amortization:
Principal payments received	(3,596		)
Amortization included in net income	66
Ending Balance, June 30, 2015	$	55,802

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 June 30, 2016		Fair Value at June 30, 2016		Carrying Amount at December 31, 2015		Fair Value at December 31, 2015
Assets:
Mortgage notes receivable	3	$	23,297	$	32,848	$	24,238	$	31,842
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	2,956,737	$	3,072,968	$	3,133,005	$	3,240,153
Corporate bonds, net	2	3,547,648		3,585,672		2,547,255		2,580,786
Convertible debt, net	2	984,634		1,012,998		982,217		1,007,042
Credit facility	2	1,055,000		1,055,585		1,460,000		1,536,264
Total liabilities		$	8,544,019	$	8,727,223	$	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 six months ended June 30, 2016 (dollar amounts in thousands):

	Six Months Ended June 30, 2016
Properties impaired	132
Asset classes impaired:
Investment in real estate assets, net	$	169,762
Below-market lease liabilities, net	(420		)
Total impairment loss	$	169,342