Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Schedule Of Other Financial Instruments In Carrying Values And Fair Values

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):



		June 30, 2014				December 31, 2013
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	2,823,415	$	2,840,230	$	1,492,410	$	1,477,497
Senior unsecured notes ^(b)	2	498,255		498,255		—		—
Senior unsecured credit facility ^{(a) (c)}	3	476,700		476,700		275,000		275,000
Notes receivable ^{(a) (d)}	3	21,003		21,338		—		—
Deferred acquisition fees receivable ^(e)	3	18,515		19,665		19,684		20,733
Note receivable from CWI ^(f)	3	11,000		11,000		—		—
Unsecured term loan ^{(a) (c)}	3	—		—		300,000		300,000

__________

(a)

We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, where applicable, and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate.


(b)	We determined the estimated fair value of our senior unsecured notes using quoted market prices in an open market with limited trading volume (Note 11).


(c)	As described in Note 11, the Prior Senior Credit Facility and the Unsecured Term Loan were repaid and terminated in January 2014.


(d)	We acquired these notes in the CPA^®:16 Merger (Note 6).

(e)

We determined the estimated fair value of our deferred acquisition fees receivable based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment with a weighted-average range of 109 - 355 basis points and 50 - 100 basis points, respectively at June 30, 2014. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.


(f)	In order to facilitate an acquisition by CWI, we made an $11.0 million loan to CWI on June 25, 2014. The loan, including accrued interest, was repaid in full prior to maturity on July 22, 2014 (Note 4).

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following table presents information about our other assets that were measured on a fair value basis (in thousands):



	Three Months Ended June 30, 2014				Three Months Ended June 30, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations:
Real estate	$	5,200	$	2,066	$	—	$	—
Equity investments in real estate	—		—		11,140		2,844
			2,066				2,844
Impairment Charges from Discontinued Operations:
Real estate	—		—		6,908		1,279
Operating real estate	—		—		—		—
			—				1,279
			$	2,066			$	4,123



	Six Months Ended June 30, 2014				Six Months Ended June 30, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations:
Real estate	$	5,200	$	2,066	$	—	$	—
Equity investments in real estate	—		735		11,140		5,528
			2,801				5,528
Impairment Charges from Discontinued Operations:
Real estate	—		—		6,908		3,487
Operating real estate	—		—		3,709		1,071
			—				4,558
			$	2,801			$	10,086