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Fair Values (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

									Fair Value Using
			Total						Quoted market prices in active markets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
As of December 31, 2020
Recurring basis:
Derivative liabilities(1)			18,926						—						18,926						—
Available-for-sale securities(1)			25,274						—						—						25,274
Non-recurring basis:
Impaired land and development(2)			6,078						—						—						6,078
As of December 31, 2019
Recurring basis:
Derivative assets(1)			$	114					$	—					$	114					$	—
Derivative liabilities(1)			8,680						—						8,680						—
Available-for-sale securities(1)			$	23,896					$	—					$	—					$	23,896
Non-recurring basis:
Impaired land and development(3)			40,000						—						—						40,000

_______________________________________________________________________________

(1)The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.

(2)The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The fair value is based on future cash flows expected to be received.

(3)The Company recorded aggregate impairments of $5.3 million on two land and development assets with an estimated aggregate fair value of $40.0 million. The estimated fair values are based on expected sales proceeds.

Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2020 and 2019 ($ in thousands):

						2020						2019
Beginning balance						$	23,896					$	21,661
Repayments						(460)						(45)
Unrealized gains recorded in other comprehensive income						1,838						2,280
Ending balance						$	25,274					$	23,896

Schedule of Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and fair value for the Company's financial instruments ($ in millions):

						As of December 31, 2020												As of December 31, 2019
						Carrying Value						Fair Value						Carrying Value						Fair Value
Net investment in leases(1)						$	429					$	431					$	419					$	419
Loans receivable and other lending investments(1)						732						772						828						864
Cash and cash equivalents(2)						99						99						307						307
Restricted cash(2)						52						52						45						45
Loan participations payable, net(1)						43						43						36						36
Debt obligations, net(1)						3,287						3,414						3,387						3,531

_______________________________________________________________________________

(1)The fair value of the Company's net investment in leases, loans receivable and other lending investments, net, loan participations payable, net and debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2)The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in "Deferred expenses and other assets, net" on the Company's balance sheet. The fair value of the Company's cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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