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Loans Receivable and Other Lending Investments, net (Tables)
 12 Months Ended
Dec. 31, 2013
Receivables [Abstract]  
Schedule of the Company's loans and other lending investments by class
The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):
 
As of December 31,
Type of Investment
2013
 
2012
Senior mortgages
$
1,071,662

 
$
1,751,256

Subordinate mortgages
60,679

 
152,737

Corporate/Partnership loans
473,045

 
450,491

Total gross carrying value of loans
$
1,605,386

 
$
2,354,484

Reserves for loan losses
(377,204
)
 
(524,499
)
Total loans receivable, net
$
1,228,182

 
$
1,829,985

Other lending investments—securities
141,927

 
—

Total loans receivable and other lending investments, net(1)
$
1,370,109

 
$
1,829,985


Explanatory Note:
_______________________________________________________________________________

(1)
The Company's recorded investment in loans as of December 31, 2013 and 2012 also includes accrued interest of $6.5 million and $9.8 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.
Schedule of changes in the Company's reserve for loan losses
Reserve for loan losses—Changes in the Company's reserve for loan losses were as follows ($ in thousands):
 
For the Years Ended December 31,
 
2013
 
2012
 
2011
Reserve for loan losses at beginning of period
$
524,499

 
$
646,624

 
$
814,625

Provision for loan losses(1)
5,489

 
81,740

 
46,412

Charge-offs
(152,784
)
 
(203,865
)
 
(214,413
)
Reserve for loan losses at end of period
$
377,204

 
$
524,499

 
$
646,624



Explanatory Note:
_______________________________________________________________________________
(1)
For the years ended December 31, 2013, 2012 and 2011, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $63.1 million, $4.6 million and $23.6 million, respectively.
Schedule of recorded investment in loans and associated reserve for loan losses
The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):
 
Individually
Evaluated for
Impairment(1)
 
Collectively
Evaluated for
Impairment(2)
 
Loans Acquired
with Deteriorated
Credit Quality(3)
 
Total
As of December 31, 2013
 
 
 
 
 
 
 
Loans
$
752,425

 
$
849,613

 
$
9,889

 
$
1,611,927

Less: Reserve for loan losses
(348,004
)
 
(29,200
)
 
—

 
(377,204
)
Total
$
404,421

 
$
820,413

 
$
9,889

 
$
1,234,723

As of December 31, 2012
 
 
 
 
 
 
 
Loans
$
1,095,957

 
$
1,210,077

 
$
58,281

 
$
2,364,315

Less: Reserve for loan losses
(472,058
)
 
(33,100
)
 
(19,341
)
 
(524,499
)
Total
$
623,899

 
$
1,176,977

 
$
38,940

 
$
1,839,816


Explanatory Notes:
_______________________________________________________________________________

(1)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.5 million and a net discount of $4.0 million as of December 31, 2013 and 2012, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status and therefore, the unamortized amounts associated with these loans are not currently being amortized into income.
(2)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $4.6 million and $3.8 million as of December 31, 2013 and 2012, respectively.
(3)
The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million and $0.1 million as of December 31, 2013 and 2012, respectively. These loans had cumulative principal balances of $10.2 million and $58.8 million, as of December 31, 2013 and 2012, respectively.
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating
The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):
 
As of
 
December 31, 2013
 
December 31, 2012
 
Performing
Loans
 
Weighted
Average
Risk Ratings
 
Performing
Loans
 
Weighted
Average
Risk Ratings
Senior mortgages
$
591,145

 
2.50

 
$
840,593

 
2.75

Subordinate mortgages
61,364

 
3.37

 
99,698

 
2.27

Corporate/Partnership loans
438,831

 
3.88

 
444,772

 
3.69

  Total
$
1,091,340

 
3.11

 
$
1,385,063

 
3.01
Schedule of recorded investment in loans, aged by payment status and presented by class
As of December 31, 2013, the Company's recorded investment in loans, aged by payment status and presented by class, were as follows ($ in thousands):
 
Current
 
Less Than
and Equal
to 90 Days
 
Greater
Than
90 Days
 
Total
Past Due
 
Total
Senior mortgages
$
625,267

 
$
—

 
$
449,085

 
$
449,085

 
$
1,074,352

Subordinate mortgages
61,364

 
—

 
—

 
—

 
61,364

Corporate/Partnership loans
476,211

 
—

 
—

 
—

 
476,211

Total
$
1,162,842

 
$
—

 
$
449,085

 
$
449,085

 
$
1,611,927
Schedule of recorded investment in impaired loans, presented by class
Impaired Loans—The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):
 
As of December 31, 2013
 
As of December 31, 2012
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
3,012

 
$
2,992

 
$
—

 
$
108,077

 
$
107,850

 
$
—

Corporate/Partnership loans
—

 
—

 
—

 
10,110

 
10,160

 
—

Subtotal
$
3,012

 
$
2,992

 
$
—

 
$
118,187

 
$
118,010

 
$
—

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
650,337

 
$
645,463

 
$
(304,544
)
 
$
918,975

 
$
918,496

 
$
(442,760
)
Subordinate mortgages
—

 
—

 
—

 
53,979

 
53,679

 
(39,579
)
Corporate/Partnership loans
99,076

 
99,067

 
(43,460
)
 
63,096

 
63,246

 
(9,060
)
Subtotal
$
749,413

 
$
744,530

 
$
(348,004
)
 
$
1,036,050

 
$
1,035,421

 
$
(491,399
)
Total:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
653,349

 
$
648,455

 
$
(304,544
)
 
$
1,027,052

 
$
1,026,346

 
$
(442,760
)
Subordinate mortgages
—

 
—

 
—

 
53,979

 
53,679

 
(39,579
)
Corporate/Partnership loans
99,076

 
99,067

 
(43,460
)
 
73,206

 
73,406

 
(9,060
)
Total
$
752,425

 
$
747,522

 
$
(348,004
)
 
$
1,154,237

 
$
1,153,431

 
$
(491,399
)

Explanatory Note:
_______________________________________________________________________________

(1)
All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2013 and 2012, certain loans modified through troubled debt restructurings with a recorded investment of $231.8 million and $175.0 million, respectively, are also included as impaired loans in accordance with GAAP although they are performing and on accrual status.
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class
The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):
 
For the Years Ended December 31,
 
2013
 
2012
 
2011
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
31,409

 
$
9,269

 
$
162,093

 
$
2,765

 
$
309,079

 
$
31,799

Corporate/Partnership loans
8,062

 
6,050

 
10,110

 
160

 
10,110

 
680

Subtotal
$
39,471

 
$
15,319

 
$
172,203

 
$
2,925

 
$
319,189

 
$
32,479

With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
794,247

 
$
1,976

 
$
1,064,045

 
$
3,865

 
$
1,608,486

 
$
7,187

Subordinate mortgages
32,382

 
—

 
52,208

 
—

 
19,477

 
—

Corporate/Partnership loans
77,661

 
323

 
62,248

 
312

 
66,087

 
332

Subtotal
$
904,290

 
$
2,299

 
$
1,178,501

 
$
4,177

 
$
1,694,050

 
$
7,519

Total:
 
 
 
 
 
 
 
 
 
 
 
Senior mortgages
$
825,656

 
$
11,245

 
$
1,226,138

 
$
6,630

 
$
1,917,565

 
$
38,986

Subordinate mortgages
32,382

 
—

 
52,208

 
—

 
19,477

 
—

Corporate/Partnership loans
85,723

 
6,373

 
72,358

 
472

 
76,197

 
1,012

Total
$
943,761

 
$
17,618

 
$
1,350,704

 
$
7,102

 
$
2,013,239

 
$
39,998
Schedule of troubled debt restructurings, presented by class
The recorded investment in these loans was impacted by the modifications as follows, presented by class ($ in thousands):
 
For the Years Ended December 31,
 
2013
 
2012
 
Number
of Loans
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
 
Number
of Loans
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
Senior mortgages
6

 
$
179,030

 
$
154,278

 
8

 
$
319,667

 
$
272,753
Schedule of troubled debt restructurings that subsequently defaulted
Troubled debt restructurings that subsequently defaulted during the period were as follows ($ in thousands):
 
For the Years Ended December 31,
 
2013
 
2012
 
Number
of Loans
 
Outstanding
Recorded
Investment
 
Number
of Loans
 
Outstanding
Recorded
Investment
Senior mortgages
1

 
$
26,693

 
1

 
$
18,511
Marketable securities
As of December 31, 2013, Other lending investments—securities includes the following ($ in thousands):
 
Face Value
 
Amortized Cost Basis
 
Net Unrealized Gain (Loss)
 
Estimated Fair Value
 
Net Carrying Value
Available-for-Sale Securities
 
 
 
 
 
 
 
 
 
Municipal debt securities
$
1,055

 
$
1,055

 
$
(18
)
 
$
1,037

 
$
1,037

Held-to-Maturity Securities
 
 
 
 
 
 
 
 
 
Corporate debt securities
139,842

 
140,890

 
—

 
140,890

 
140,890

Total
$
140,897

 
$
141,945

 
$
(18
)
 
$
141,927

 
$
141,927
Investments classified by contractual maturity date
As of December 31, 2013, the contractual maturities of the Company's securities were as follows ($ in thousands):
 
Held-to-Maturity Securities
 
Available-for-Sale Securities
 
Amortized Cost Basis
 
Estimated Fair Value
 
Amortized Cost Basis
 
Estimated Fair Value
Maturities
 
 
 
 
 
 
 
Within one year
$
—

 
$
—

 
$
—

 
$
—

After one year through 5 years
140,890

 
140,890

 
—

 
—

After 5 years through 10 years
—

 
—

 
—

 
—

After 10 years
—

 
—

 
1,055

 
1,037

Total
$
140,890

 
$
140,890

 
$
1,055

 
$
1,037