Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

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 (in thousands):



		December 31, 2013				December 31, 2012
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	1,492,410	$	1,477,497	$	1,715,397	$	1,727,985
Prior Senior Credit Facility ^(b)	3	275,000		275,000		253,000		253,000
Unsecured Term Loan ^(b)	3	300,000		300,000		—		—
Deferred acquisition fees receivable ^(c)	3	19,684		20,733		28,654		33,632

__________

(a)

We determined the estimated fair value of our debt instruments using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the company, the time until maturity and the current market interest rate.


(b)	As described in Note 20, the Prior Senior Credit Facility and Unsecured Term Loan were repaid and terminated in January 2014.

(c)

We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment with a weighted-average range of 100 - 380 bps and 50 - 100 bps, respectively at December 31, 2013. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following tables present information about our other assets that were measured on a fair value basis (in thousands):



	Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations:
Real estate	$	15,495	$	4,673	$	—	$	—	$	380	$	243
Net investments in direct financing leases	891		68		—		—		—		(1,608		)
Equity investments in real estate	5,111		19,256		17,140		9,910		1,554		206
Marketable security	483		553		—		—		—		—
			24,550				9,910				(1,159		)
Impairment Charges from Discontinued Operations:
Real estate	19,413		6,192		39,642		12,495		42,207		11,838
Operating real estate	3,709		1,071		5,002		10,467		—		—
			7,263				22,962				11,838
			$	31,813			$	32,872			$	10,679