Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016				December 31, 2015
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net ^{(a) (b) (c)}	2	$	1,807,200	$	1,828,829	$	1,476,084	$	1,459,544
Non-recourse debt, net ^{(a) (b) (d)}	3	1,706,921		1,711,364		2,269,421		2,293,542
Note receivable ^(d)	3	10,351		10,046		10,689		10,610

__________

(a)

In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Senior Unsecured Notes, net as of December 31, 2015 (Note 2). The carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $1.3 million and $1.8 million at December 31, 2016 and 2015, respectively. The carrying value of Senior Unsecured Notes, net includes unamortized deferred financing costs of $12.1 million and $10.5 million at December 31, 2016 and 2015, respectively.


(b)	The carrying value of Non-recourse debt, net includes unamortized discount of $0.2 million at December 31, 2016 and unamortized premium of $3.8 million at December 31, 2015. The carrying value of Senior Unsecured Notes, net includes unamortized discount of $7.8 million at both December 31, 2016 and 2015.


(c)	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.

(d)

We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):



	Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014
	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	$	155,839	$	52,316	$	63,027	$	26,597	$	26,503	$	21,738
Net investments in direct financing leases	23,775		6,987		65,132		3,309		39,158		1,329
Equity investments in real estate	—		—		—		—		—		735
			$	59,303			$	29,906			$	23,802