Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2014

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	2014			2013
Senior mortgages	$	737,535		$	1,071,662
Subordinate mortgages	53,331			60,679
Corporate/Partnership loans	497,796			473,045
Total gross carrying value of loans	1,288,662			1,605,386
Reserves for loan losses	(98,490		)	(377,204		)
Total loans receivable, net	1,190,172			1,228,182
Other lending investments—securities	187,671			141,927
Total loans receivable and other lending investments, net(1)	$	1,377,843		$	1,370,109

Explanatory Note:

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(1)	The Company's recorded investment in loans as of December 31, 2014 and 2013 also includes accrued interest of $7.0 million and $6.5 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

Changes in the Company's reserve for loan losses were as follows ($ in thousands):



	For the Years Ended December 31,
	2014			2013			2012
Reserve for loan losses at beginning of period	$	377,204		$	524,499		$	646,624
Provision for (recovery of) loan losses(1)	(1,714		)	5,489			81,740
Charge-offs	(277,000		)	(152,784		)	(203,865		)
Reserve for loan losses at end of period	$	98,490		$	377,204		$	524,499

Explanatory Note:

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(1)	For the years ended December 31, 2014, 2013 and 2012, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $10.1 million, $63.1 million and $4.6 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, 2014
Loans	$	139,672		$	1,156,031		$	—	$	1,295,703
Less: Reserve for loan losses	(64,990		)	(33,500		)	—		(98,490		)
Total	$	74,682		$	1,122,531		$	—	$	1,197,213
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

Explanatory Notes:

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(1)

The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs aggregating to a net discount of $0.2 million and a net premium of $0.5 million as of December 31, 2014 and 2013, 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 $10.6 million and $4.6 million as of December 31, 2014 and 2013, respectively.


(3)	The carrying value of the loan includes unamortized discounts, premiums, deferred fees and costs aggregating to a net premium of $0.4 million as of December 31, 2013. The loan had a cumulative principal balance of $10.2 million as of December 31, 2013. The loan was repaid during the year ended December 31, 2014.

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,
	2014			2013
	Performing Loans		Weighted Average Risk Ratings	Performing Loans		Weighted Average Risk Ratings
Senior mortgages	$	611,009	2.73	$	591,145	2.50
Subordinate mortgages	53,836		2.87	61,364		3.37
Corporate/Partnership loans	501,620		3.88	438,831		3.88
Total	$	1,166,465	3.23	$	1,091,340	3.11

Schedule of recorded investment in loans, aged by payment status and presented by class

As of December 31, 2014, 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(1)		Total Past Due		Total
Senior mortgages	$	644,190	$	—	$	96,057	$	96,057	$	740,247
Subordinate mortgages	53,836		—		—		—		53,836
Corporate/Partnership loans	501,620		—		—		—		501,620
Total	$	1,199,646	$	—	$	96,057	$	96,057	$	1,295,703

Explanatory Note:

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(1)	As of December 31, 2014, the Company had three loans which were greater than 90 days delinquent and were in various stages of resolution, including legal proceedings, environmental concerns and foreclosure-related proceedings, and ranged from 5.0 to 6.0 years outstanding.

Schedule of recorded investment in impaired loans, presented by class

The Company's recorded investment in impaired loans, presented by class, were as follows ($ in thousands)(1):



	As of December 31, 2014							As of December 31, 2013
	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	$	—
With an allowance recorded:
Senior mortgages	130,645		129,744		(64,440		)	650,337		645,463		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Subtotal	139,672		138,801		(64,990		)	749,413		744,530		(348,004		)
Total:
Senior mortgages	130,645		129,744		(64,440		)	653,349		648,455		(304,544		)
Corporate/Partnership loans	9,027		9,057		(550		)	99,076		99,067		(43,460		)
Total	$	139,672	$	138,801	$	(64,990	)	$	752,425	$	747,522	$	(348,004	)

Explanatory Note:

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(1)	All of the Company's non-accrual loans are considered impaired and included in the table above. In addition, as of December 31, 2014 and 2013, certain loans modified through troubled debt restructurings with a recorded investment of $10.4 million and $231.8 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,
	2014				2013				2012
	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	$	35,659	$	1,922	$	31,409	$	9,269	$	162,093	$	2,765
Corporate/Partnership loans	—		—		8,062		6,050		10,110		160
Subtotal	35,659		1,922		39,471		15,319		172,203		2,925
With an allowance recorded:
Senior mortgages	334,351		158		794,247		1,976		1,064,045		3,865
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		77,661		323		62,248		312
Subtotal	387,314		339		904,290		2,299		1,178,501		4,177
Total:
Senior mortgages	370,010		2,080		825,656		11,245		1,226,138		6,630
Subordinate mortgages	—		—		32,382		—		52,208		—
Corporate/Partnership loans	52,963		181		85,723		6,373		72,358		472
Total	$	422,973	$	2,261	$	943,761	$	17,618	$	1,350,704	$	7,102

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 Year Ended December 31, 2014					For the Year Ended December 31, 2013
	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	1	$	7,040	$	7,040	6	$	179,030	$	154,278

Marketable securities

ther lending investments—securities includes the following ($ in thousands):



	Face Value		Amortized Cost Basis		Net Unrealized Gain (Loss)			Estimated Fair Value		Net Carrying Value
As of December 31, 2014
Available-for-Sale Securities
Municipal debt securities	$	1,020	$	1,020	$	147		$	1,167	$	1,167
Held-to-Maturity Securities
Corporate debt securities	176,254		186,504		—			190,199		186,504
Total	$	177,274	$	187,524	$	147		$	191,366	$	187,671
As of December 31, 2013
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 [Table Text Block]

As of December 31, 2014, 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	186,504		190,199		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		1,020		1,167
Total	$	186,504	$	190,199	$	1,020	$	1,167