Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a 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 December 31, 2017 and December 31, 2016, 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, 2017
Assets:
CMBS	$	—	$	—		$	40,974	$	40,974
Derivative assets	—		627			—		627
Total assets	$	—	$	627		$	40,974	$	41,601
	Level 1		Level 2			Level 3		Balance as of December 31, 2016
Assets:
CMBS	$	—	$	—		$	47,215	$	47,215
Derivative assets	—		199			—		199
Total assets	$	—	$	199		$	47,215	$	47,414
Liabilities:
Derivative liabilities	$	—	$	(3,547	)	$	—	$	(3,547	)

Reconciliations of the 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, 2017 and 2016 (in thousands):

	CMBS
Beginning balance, January 1, 2017	$	47,215
Total gains and losses
Unrealized loss included in other comprehensive income, net	(951		)
Purchases, issuance, settlements
Return of principal received	(4,388		)
Amortization included in net income, net	(902		)
Ending Balance, December 31, 2017	$	40,974

	CMBS
Beginning balance, January 1, 2016	$	53,304
Total gains and losses
Unrealized loss included in other comprehensive loss, net	(2,271		)
Purchases, issuance, settlements
Return of principal received	(4,077		)
Accretion included in net loss, net	259
Ending Balance, December 31, 2016	$	47,215

Reconciliations of the 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, 2017 and 2016 (in thousands):

	CMBS
Beginning balance, January 1, 2017	$	47,215
Total gains and losses
Unrealized loss included in other comprehensive income, net	(951		)
Purchases, issuance, settlements
Return of principal received	(4,388		)
Amortization included in net income, net	(902		)
Ending Balance, December 31, 2017	$	40,974

	CMBS
Beginning balance, January 1, 2016	$	53,304
Total gains and losses
Unrealized loss included in other comprehensive loss, net	(2,271		)
Purchases, issuance, settlements
Return of principal received	(4,077		)
Accretion included in net loss, net	259
Ending Balance, December 31, 2016	$	47,215

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, 2017		Fair Value at December 31, 2017		Carrying Amount at December 31, 2016		Fair Value at December 31, 2016
Assets:
Mortgage notes receivable	3	$	20,294	$	28,272	$	22,764	$	30,460
Liabilities (1):
Mortgage notes payable and other debt, net	2	$	2,095,690	$	2,144,522	$	2,687,739	$	2,713,155
Corporate bonds, net	2	2,848,768		2,922,027		2,248,063		2,273,850
Convertible debt, net	2	992,218		1,012,349		987,106		1,004,733
Credit facility	2	185,000		185,000		500,000		500,000
Total liabilities		$	6,121,676	$	6,263,898	$	6,422,908	$	6,491,738

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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, 2017, 2016 or 2015 (dollar amounts in thousands):

	Year Ended December 31,
	2017			2016			2015
Properties impaired	69			153			202
Asset classes impaired:
Investment in real estate assets, net	$	50,087		$	183,240		$	88,465
Investment in direct financing leases, net	553			—			4,020
Below-market lease liabilities, net	(92		)	(421		)	(730		)
Total impairment loss	$	50,548		$	182,819		$	91,755