Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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):



		March 31, 2016				December 31, 2015
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt, net ^{(a) (b)}	3	$	1,954,408	$	2,017,467	$	1,881,774	$	1,937,459
CMBS ^(c)	3	3,096		8,755		2,765		8,739

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(a)	In accordance with ASU 2015-03, as of December 31, 2015 we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net for the amount of $12.5 million (Note 2).

(b)

We determined the estimated fair value of these financial instruments 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 take into account 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.


(c)	The carrying value of our CMBS is inclusive of impairment charges for the year ended December 31, 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 months ended March 31, 2016.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis

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



	Three Months Ended March 31, 2016				Three Months Ended March 31, 2015
	Fair Value Measurements		Total Impairment Charges		Fair Value Measurements		Total Impairment Charges
Impairment Charges
CMBS	$	—	$	—	$	954	$	567