Fair Value of Assets and Liabilities |
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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, 2021, categorized by the level of inputs, as defined in the fair values hierarchy under GAAP, used in the valuation of each asset.
(1)As of both December 31, 2021 and 2020, we owned 1,184,797 shares of TA common stock, 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 as of December 31, 2021 and 2020. During the years ended December 31, 2021, 2020 and 2019, we recorded unrealized gains of $20,367 and $19,883 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, 2021, we owned 67 hotels with 8,667 rooms with an aggregate carrying value of $503,078 classified as held for sale and 22 net lease properties lease properties with 154,206 square feet with an aggregate carrying value of $12,440 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 $78,620 loss on asset impairment in 2021 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. 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 these properties to their estimated fair value less costs to sell. 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, 2021 and 2020, 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:
(1)Carrying value includes unamortized discounts and premiums and certain debt issuance costs. At December 31, 2021 and 2020, 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).
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