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): | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | | Level | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Unsecured Senior Notes, net (a) (b) (c) | 2 | | $ | 3,115,839 |
| | $ | 3,206,267 |
| | $ | 2,474,661 |
| | $ | 2,588,032 |
| Non-recourse mortgages, net (a) (b) (d) | 3 | | 1,005,868 |
| | 1,008,869 |
| | 1,185,477 |
| | 1,196,399 |
| Note receivable (d) | 3 | | 9,867 |
| | 9,532 |
| | 9,971 |
| | 9,639 |
|
__________ | | (a) | The carrying value of Unsecured Senior Notes, net (Note 10) includes unamortized deferred financing costs of $18.5 million and $14.7 million at March 31, 2018 and December 31, 2017, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $1.1 million and $1.0 million at March 31, 2018 and December 31, 2017, respectively. |
| | (b) | The carrying value of Unsecured Senior Notes, net includes unamortized discount of $13.8 million and $9.9 million at March 31, 2018 and December 31, 2017, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $2.0 million and $1.7 million at March 31, 2018 and December 31, 2017, respectively. |
| | (c) | We determined the estimated fair value of the Unsecured Senior Notes using observed market prices in an open market with limited trading volume. |
| | (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. |
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