Fair Value Measures (Tables)

12 Months Ended

Dec. 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 7 –Investment Securities, at Fair Value andNote 12 –Derivatives and Hedging Activities, as of December 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 December 31, 2016
Assets:
CMBS	$	—	$	—		$	47,215	$	47,215
Interest rate swap assets	—		199			—		199
Total assets	$	—	$	199		$	47,215	$	47,414
Liabilities:
Derivative liabilities	$	—	$	(3,547	)	$	—	$	(3,547	)
	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 years ended December 31, 2016 and 2015 (in thousands):

	CMBS
Beginning balance, January 1, 2016	$	53,304
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(2,271		)
Purchases, issuances, settlements and amortization:
Principal payments received	(4,077		)
Amortization included in net income	259
Ending balance, December 31, 2016	$	47,215

	CMBS
Beginning balance, January 1, 2015	$	58,646
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(977		)
Purchases, issuances, settlements and amortization:
Principal payments received	(4,504		)
Amortization included in net income	139
Ending balance, December 31, 2015	$	53,304

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 years ended December 31, 2016 and 2015 (in thousands):

	CMBS
Beginning balance, January 1, 2016	$	53,304
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(2,271		)
Purchases, issuances, settlements and amortization:
Principal payments received	(4,077		)
Amortization included in net income	259
Ending balance, December 31, 2016	$	47,215

	CMBS
Beginning balance, January 1, 2015	$	58,646
Total gains and losses:
Unrealized loss included in other comprehensive income, net	(977		)
Purchases, issuances, settlements and amortization:
Principal payments received	(4,504		)
Amortization included in net income	139
Ending balance, December 31, 2015	$	53,304

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 December 31, 2016		Fair Value at December 31, 2016		Carrying Amount at December 31, 2015		Fair Value at December 31, 2015
Assets:
Mortgage notes receivable	3	$	22,764	$	30,460	$	24,238	$	31,842
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	2,687,739	$	2,713,155	$	3,133,005	$	3,240,153
Corporate bonds, net	2	2,248,063		2,273,850		2,547,255		2,580,786
Convertible debt, net	2	987,106		1,004,733		982,217		1,007,042
Credit facility	2	500,000		500,000		1,460,000		1,536,264
Total liabilities		$	6,422,908	$	6,491,738	$	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 years ended December 31, 2016 and 2015 (dollar amounts in thousands):

	Year Ended December 31, 2016			Year Ended December 31, 2015
Properties impaired	153			202			(1)
Asset classes impaired:
Investment in real estate assets, net	$	183,240		$	88,465
Investment in direct financing leases, net	—			4,020
Below-market lease liabilities, net	(421		)	(730		)
Total impairment loss	$	182,819		$	91,755

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(1) Includes 101 properties disposed of during the year ended December 31, 2016.