Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018				December 31, 2017
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage debt, net ^{(a) (b)}	3	$	1,811,822	$	1,810,657	$	1,849,459	$	1,864,043
Loans receivable ^{(c) (d)}	3	104,819		110,500		110,500		110,500
CMBS ^(e)	3	1,144		1,144		6,548		7,237

___________


(a)	The carrying value of Mortgage debt, net includes unamortized deferred financing costs of $6.8 million and $7.9 million at June 30, 2018 and December 31, 2017, respectively.

(b)

We determined the estimated fair value of our Mortgage debt, net using a discounted cash flow model that estimates the present value of 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 the quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

(c)

We determined the estimated fair value of our Loans receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, 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.


(d)	Carrying value amount at June 30, 2018 includes the impact of adopting ASU 2017-05 (Note 2).


(e)	At both June 30, 2018 and December 31, 2017, we had two separate tranches of CMBS investments. The carrying values of our CMBS investments are inclusive of impairment charges for both periods presented.

Schedule Of Fair Value Impairment Charges Using Unobservable Inputs on a Nonrecurring Basis

The following table presents information about the assets for which we recorded impairment charges and other credit losses that were measured at fair value on a non-recurring basis (in thousands):



	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017
	Fair Value Measurements		Total Impairment Charges and Other Credit Losses		Fair Value Measurements		Total Impairment Charges and Other Credit Losses
Impairment Charges and Other Credit Losses
Net investments in direct financing leases	$	13,597	$	6,168	$	—	$	—
Equity investments in real estate	—		—		4,780		2,510
			$	6,168			$	2,510



	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
	Fair Value Measurements		Total Impairment Charges and Other Credit Losses		Fair Value Measurements		Total Impairment Charges and Other Credit Losses
Impairment Charges and Other Credit Losses
Net investments in direct financing leases	$	13,597	$	6,168	$	—	$	—
CMBS	1,144		5,404		—		—
Real estate	—		—		4,719		4,519
Equity investments in real estate	—		—		4,780		2,510
			$	11,572			$	7,029