Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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):



		March 31, 2014				December 31, 2013
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	2,961,999	$	2,950,978	$	1,492,410	$	1,477,497
Senior unsecured notes ^(b)	2	498,210		498,210		—		—
Senior unsecured credit facility ^{(a) (c)}	3	366,278		366,278		275,000		275,000
Unsecured term loan ^{(a) (c)}	3	—		—		300,000		300,000
Notes receivable ^{(a) (d)}	3	21,058		21,512		—		—
Deferred acquisition fees receivable ^(e)	3	20,479		21,364		19,684		20,733

__________

(a)

We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, 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 tenant/obligor, the time until maturity and the current market interest rate.


(b)	We determined the estimated fair value of our senior unsecured notes using quoted market prices in an open market with limited trading volume (Note 12).


(c)	As described in Note 12, the Prior Senior Credit Facility and the Unsecured Term Loan were repaid and terminated in January 2014.


(d)	We acquired these notes in the CPA^®:16 Merger (Note 6).

(e)

We determined the estimated fair value of our deferred acquisition fees receivable 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 120 - 355 basis points and 50 - 100 basis points, respectively at March 31, 2014. 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 table presents information about our other assets that were measured on a fair value basis (in thousands):



	Three Months Ended March 31, 2014				Three Months Ended March 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations:
Equity investments in real estate	$	—	$	735	$	14,220	$	2,684
			735				2,684
Impairment Charges from Discontinued Operations:
Real estate	—		—		3,350		2,208
Operating real estate	—		—		3,812		1,071
			—				3,279
			$	735			$	5,963