Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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):



		December 31, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt, net ^(a)	3	$	2,271,204	$	2,293,542	$	2,532,683	$	2,574,437
Senior Unsecured Notes, net ^(b)	2	1,486,568		1,459,544		498,345		527,029
Senior Unsecured Credit Facility ^(c)	2	735,021		735,022		1,057,518		1,057,519
Deferred acquisition fees receivable ^(d)	3	33,386		32,919		26,913		28,027
Notes receivable ^(a)	3	10,689		10,610		20,848		19,604

__________

(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 the Senior Unsecured Notes (Note 11) using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, we determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.


(c)	We determined the estimated fair value of our Senior Unsecured Credit Facility (Note 11) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating.

(d)

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 of 203 - 213 basis points and an illiquidity adjustment of 75 basis points at December 31, 2015. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

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



	Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges in Continuing Operations
Real estate	$	63,027	$	26,597	$	26,503	$	21,738	$	15,495	$	4,673
Net investments in direct financing leases	65,132		3,309		39,158		1,329		891		68
Equity investments in real estate	—		—		—		735		5,111		19,256
Marketable security	—		—		—		—		483		553
			29,906				23,802				24,550
Impairment Charges in Discontinued Operations
Real estate	—		—		—		—		19,413		6,192
Operating real estate	—		—		—		—		3,709		1,071
			—				—				7,263
			$	29,906			$	23,802			$	31,813