Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):



		December 31, 2015				December 31, 2014
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	1,894,271	$	1,937,459	$	1,896,489	$	1,961,905
Senior Credit Facility^(b)	2	113,162		113,162		—		—
Loans receivable ^(a)	3	44,044		44,044		40,000		41,990
Deferred acquisition fees payable^(c)	3	5,942		5,973		9,009		10,077
CMBS ^(d)	3	2,765		8,739		3,053		8,899
Other securities ^(e)	3	892		892		9,381		9,649

___________

(a)

We determined the estimated fair value of our non-recourse debt 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. (Note 5).


(b)	We determined the estimated fair value of our Senior Credit Facility (Note 10) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit quality.

(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 203 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 CMBS is inclusive of impairment charges recognized during 2015 and 2014, as well as accretion related to the estimated cash flows expected to be received.


(e)	Amounts at December 31, 2015 and 2014 reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. During the year ended December 31, 2015, we redeemed a foreign debenture investment in full.

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):



	Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges
CMBS	$	1,478	$	1,023	$	1,808	$	570	$	—	$	—
Total impairment charges included in expenses			1,023				570				—
Equity investments in real estate	—		—		7,662		766		23,278		3,778
			$	1,023			$	1,336			$	3,778