Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of the fair value hierarchy of assets measured on a nonrecurring basis

The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2017:

Total

For the year ended December 31, 2017

Level 1

Level 2

Level 3

Fair Value

Loss

Assets

Buildings and improvements, net⁽¹⁾

—

19.0 million

(4.1 million)

(1)

We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value
	as of		Valuation
Description	December 31, 2017		Techniques	Unobservable Input
Buildings and improvements, net⁽¹⁾			Discounted cash flow	Discount rate	8.0%
	$	19.0 million		Terminal capitalization rate	7.0%

(1)	We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, one of our student housing investments.

Schedule of quantitative information about level 3 fair value measurements

The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015:

For the year ended December 31, 2015

Level 1

Level 2

Level 3

Total
Fair Value

Loss

Assets

Buildings and improvements, net(1)

—

25.0 million

(1.4 million)

(1)	We recorded a non-cash impairment charge of $1.4 million during the year ended December 31, 2015 as a result of a measurable decrease in the fair value of 22 Exchange, one of our student housing investments.

Description		Fair Value for the year ended December 31, 2015			Valuation Techniques		Unobservable Input		Range (Weighted Average)
Buildings and improvements, net⁽¹⁾		$	25.0 million		Discounted cash flow		Discount rate Terminal capitalization rate			7.5% - 8.0% 6.5% - 7.5%

(1)	Due to the local market decline in Akron, Ohio, we recorded a non-cash impairment charge of $1.4 million on our investment in 22 Exchange, a student housing property, during the year ended December 31, 2015.