Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of carrying values and fair values of financial instruments

The following table displays the carrying values and fair values of financial instruments as of March 31, 2020 and December 31, 2019:



		March 31, 2020				December 31, 2019
		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities⁽¹⁾	Level 2	$	311,540	$	292,611	$	316,991	$	318,299

Liabilities carried at historical cost on the condensed consolidated balance sheets:
Mortgage loans⁽²⁾	Level 2	$	6,159,108	$	5,787,279	$	6,266,407	$	6,292,261
Secured Term Loan⁽³⁾	Level 3	403,464		398,456		403,464		411,213
Term Loan Facility⁽⁴⁾	Level 3	1,500,000		1,471,179		1,500,000		1,500,444
Revolving Facility	Level 3	270,000		264,805		—		—
Convertible Senior Notes⁽⁵⁾	Level 3	335,559		347,569		334,299		346,489


(1)	The carrying values of investments in debt securities are shown net of discount.


(2)	The carrying values of the mortgage loans are shown net of discount and exclude $21,364 and $27,946 of deferred financing costs as of March 31, 2020 and December 31, 2019, respectively.


(3)	The carrying value of the Secured Term Loan excludes $2,431 and $2,486 of deferred financing costs as of March 31, 2020 and December 31, 2019, respectively.


(4)	The carrying value of the Term Loan Facility excludes $5,531 and $6,253 of deferred financing costs as of March 31, 2020 and December 31, 2019, respectively.

(5)

The carrying values of the Convertible Senior Notes include unamortized discounts of $9,441 and $10,701 as of March 31, 2020 and December 31, 2019, respectively

Fair value measurement inputs and valuation techniques

The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of March 31, 2020:



	Quantitative Information about Level 3 Fair Value Measurement⁽¹⁾
	Fair Value		Valuation Technique	Unobservable Input	Rate
Secured Term Loan	$	398,456	Discounted Cash Flow	Effective Rate	3.72%
Term Loan Facility	1,471,179		Discounted Cash Flow	Effective Rate	3.01	%	—	3.83%
Revolving Facility	264,805		Discounted Cash Flow	Effective Rate	3.06	%	—	3.82%
Convertible Senior Notes	347,569		Discounted Cash Flow	Effective Rate	3.07%


(1)	Our Level 3 fair value instruments require interest only monthly payments.

Schedule of impaired assets, measured at fair value on a nonrecurring basis

The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:



	For the Three Months Ended March 31,
	2020		2019
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount	$	—	$	240
Total impairments	—		(30		)
Fair value	$	—	$	210



	For the Three Months Ended March 31,
	2020			2019
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount	$	10,800		$	19,024
Total impairments	(2,471		)	(3,223		)
Fair value	$	8,329		$	15,801