Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 (dollars in thousands):



		September 30, 2014				December 31, 2013
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	2,702,133	$	2,720,181	$	1,492,410	$	1,477,497
Senior unsecured notes ^(b)	2	498,300		518,523		—		—
Senior unsecured credit facility ^{(c) (d)}	2	618,945		618,945		275,000		275,000
Notes receivable ^{(a) (e)}	3	20,983		19,988		—		—
Deferred acquisition fees receivable ^(f)	3	19,585		22,188		19,684		20,733
Unsecured term loan ^(c)	2	—		—		300,000		300,000

__________

(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 the Senior Unsecured Notes using quoted market prices in an open market with limited trading volume (Note 11).


(c)	As described in Note 11, the Prior Senior Credit Facility and the Unsecured Term Loan were repaid and terminated in January 2014. We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the market-based credit spread and our credit rating.


(d)	In October 2014, we utilized $225.8 million of the net proceeds from a public offering (Note 13) to pay down a portion of the amount outstanding under the Revolver (Note 17).


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

(f)

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 109 - 355 basis points and 50 - 100 basis points, respectively at September 30, 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 September 30, 2014				Three Months Ended September 30, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations
Real estate	$	6,665	$	3,472	$	—	$	—
Net investments in direct financing leases	3,157		753		—		—
Equity investments in real estate	—		—		4,350		6,554
			4,225				6,554
Impairment Charges from Discontinued Operations
Real estate	—		—		9,468		1,416
			—				1,416
			$	4,225			$	7,970



	Nine Months Ended September 30, 2014				Nine Months Ended September 30, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges from Continuing Operations
Real estate	$	6,665	$	5,538	$	—	$	—
Net investments in direct financing leases	3,157		753		—		—
Equity investments in real estate	—		735		4,350		12,082
			7,026				12,082
Impairment Charges from Discontinued Operations
Real estate	—		—		16,376		4,903
Operating real estate	—		—		3,709		1,071
			—				5,974
			$	7,026			$	18,056