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Fair Values (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
Recurring basis:
Derivative liabilities(1)			$	14,178					$	—					$	14,178					$	—
Available-for-sale securities(1)			24,043						—						—						24,043
Loan receivable held for sale (refer to Note 7)			16,086						—						—						16,086
Non-recurring basis:
Other investments(2)			75,402						—						75,402						—
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(3)			6,078						—						—						6,078

____________________________________________________________

(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)During the three months ended March 31, 2021, the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2.

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

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 three months ended March 31, 2021 and 2020 ($ in thousands):

						2021						2020
Beginning balance						$	25,274					$	23,896
Repayments						(200)						(459)
Unrealized gains (losses) recorded in other comprehensive income						(1,031)						203
Ending balance						$	24,043					$	23,640

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 March 31, 2021												As of December 31, 2020
						Carrying Value						Fair Value						Carrying Value						Fair Value
Net investment in leases(1)						$	431					$	440					$	429					$	431
Loans receivable and other lending investments, net(1)						534						578						732						772
Cash and cash equivalents(2)						194						194						99						99
Restricted cash(2)						54						54						52						52
Loan participations payable, net(1)						—						—						43						43
Debt obligations, net(1)(3)						3,291						3,449						3,287						3,414

_______________________________________________________________________________

(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.

(3)As of March 31, 2021 and December 31, 2020, the fair value of the Company's 3.125% Senior Convertible Notes was $377.8 million and $338.8 million, respectively.

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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-Name Accounting Standards Codification
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-Section 50
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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.

+ References

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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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