| 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. |
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| 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 |
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