Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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):



		June 30, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	1,923,575	$	1,970,579	$	1,896,489	$	1,961,905
Loans receivable ^(a)	3	82,544		83,434		40,000		41,990
Other securities ^(b)	3	7,494		9,649		9,381		9,649
Deferred acquisition fees payable^(c)	3	5,320		5,361		9,009		10,077
CMBS ^(d)	3	2,366		8,184		3,053		8,899

___________

(a)

We determined the estimated fair value of our non-recourse debt and loan receivable with China Alliance Properties Limited using a discounted cash flow model with rates that take into account the credit of the tenant/obligor 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. Additionally, for our loans receivable with 127 West 23^rd Manager, LLC and 1185 Broadway LLC, we estimated that the fair values of the loans receivable approximated their carrying values.


(b)	Amounts at June 30, 2015 and December 31, 2014 primarily reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements.

(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 of 205 basis points and an illiquidity adjustment of 75 basis points. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.


(d)	The carrying value of our commercial mortgage-backed securities, or CMBS, is inclusive of impairment charges recognized during the three and six months ended June 30, 2015, as well as accretion related to the estimated cash flows expected to be received. There were no purchases, sales, or impairment charges recognized during the three or six months ended June 30, 2014.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

The following table presents information about our assets that were measured at fair value on a non-recurring basis (in thousands):



	Three Months Ended June 30, 2015				Six Months Ended June 30, 2015
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges
CMBS	$	524	$	456	$	1,478	$	1,023