Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of other financial instruments in carrying values and fair values

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):


		September 30, 2020				December 31, 2019
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2	$	4,513,243	$	4,856,950	$	4,390,189	$	4,682,432
Non-recourse mortgages, net (a) (b) (d)	3	1,234,197		1,240,191		1,462,487		1,487,892

__________

(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $20.3 million and $22.8 million at September 30, 2020 and December 31, 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.4 million and $0.6 million at September 30, 2020 and December 31, 2019, respectively.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $18.5 million and $20.5 million at September 30, 2020 and December 31, 2019, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.8 million and $6.2 million at September 30, 2020 and December 31, 2019, respectively.

(c)We determined the estimated fair value of the Senior Unsecured Notes using observed market prices in an open market with limited trading volume.

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

Schedule of fair value impairment charges using unobservable inputs nonrecurring basis

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):


	Three Months Ended September 30, 2020				Three Months Ended September 30, 2019
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges
Net investment in direct financing leases	$	—	$	—	$	24,418	$	25,781
			$	—			$	25,781


	Nine Months Ended September 30, 2020				Nine Months Ended September 30, 2019
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges
Equity investments in the Managed Programs	$	37,396	$	47,112	$	—	$	—
Land, buildings and improvements and intangibles	12,148		19,420		—		—
Net investment in direct financing leases	—		—		24,418		25,781
			$	66,532			$	25,781