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Fair Value of Assets and Liabilities
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
Note 13. Fair Value of Assets and Liabilities
The table below presents certain of our assets carried at fair value at December 31, 2020, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.

As of December 31, 2020As of December 31, 2019
Carrying ValueFair ValueCarrying ValueFair Value
Investment in TA (Level 1) (1)
$38,624 $38,624 $11,731 $11,731 
Assets of properties held for sale (Level 3) (2)
$13,543 $13,543 $87,493 $90,122 
Assets of properties held and used (Level 3) (3)
$— $— $38,000 $38,000 

(1)As of December 31, 2020, and 2019, we owned 1,184,797 and 684,000 common shares of TA, respectively, which are included in other assets in our consolidated balance sheets and reported at fair value based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares was $24,418 and $17,407, as of December 31, 2020 and 2019, respectively. During the year ended December 31, 2020 and 2019, we recorded unrealized gains of $19,883 and unrealized losses of $1,129, respectively, to adjust the carrying value of our investment in TA shares to their fair values.
(2)As of December 31, 2020, we owned five hotels in four states with a carrying value of $10,699 and six net lease properties located in six states with a carrying value of $2,844 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $55,756 loss on asset impairment in 2020 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. As of December 31, 2019 we owned 19 net lease properties located in 12 states with a carrying value of $87,493 classified as held for sale. These properties were recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $10,925 loss on asset impairment in 2019 to reduce the carrying value of these properties to their estimated fair value less costs to sell.

(3)As of December 31, 2019, we recorded a $28,371 loss on asset impairment to reduce the carrying value of two hotels to their estimated fair value of $38,000 based on discounted cash flow analyses (Level 3 inputs).

In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, term loan, senior notes and security deposits. At December 31, 2020 and 2019, the fair values of these additional financial instruments approximated their carrying values in our consolidated balance sheets due to their short term nature or floating interest rates, except as follows:
December 31, 2020December 31, 2019
CarryingFairCarryingFair
Amount (1)
Value
Amount (1)
Value
Senior Unsecured Notes, due 2021 at 4.25%
$— $— $398,379 $406,838 
Senior Unsecured Notes, due 2022 at 5.00%
498,032 510,285 496,821 526,500 
Senior Unsecured Notes, due 2023 at 4.50%
499,596 505,280 499,432 520,478 
Senior Unsecured Notes, due 2024 at 4.65%
348,700 347,893 348,295 364,277 
Senior Unsecured Notes, due 2024 at 4.35%
819,546 819,328 818,075 848,847 
Senior Unsecured Notes, due 2025 at 4.50%
347,118 346,462 346,431 361,783 
Senior Unsecured Notes, due 2025 at 7.50%
789,006 926,404 — — 
Senior Unsecured Notes, due 2026 at 5.25%
344,212 354,996 343,083 369,185 
Senior Unsecured Notes, due 2026 at 4.75%
446,515 448,506 445,905 464,315 
Senior Unsecured Notes, due 2027 at 4.95%
395,405 404,328 394,649 414,012 
Senior Unsecured Notes, due 2027 at 5.25%
442,370 491,918 — — 
Senior Unsecured Notes, due 2028 at 3.95%
391,908 388,146 390,759 393,940 
Senior Unsecured Notes, due 2029 at 4.95%
418,102 430,064 417,307 434,248 
Senior Unsecured Notes, due 2030 at 4.375%
389,656 388,292 388,522 394,788 
Total financial liabilities$6,130,166 $6,361,902 $5,287,658 $5,499,211 
(1)Carrying value includes unamortized discounts and premiums and certain debt issuance costs.
At December 31, 2020 and 2019, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs).