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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of carrying values and fair values of financial instruments
The following table displays the carrying values and fair values of financial instruments as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)
Level 2$309,122 $312,661 $316,991 $318,299 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Mortgage loans(2)
Level 2$6,108,880 $6,181,214 $6,266,407 $6,292,261 
Secured Term Loan(3)
Level 3403,363 461,617 403,464 411,213 
Term Loan Facility(4)
Level 31,500,000 1,499,446 1,500,000 1,500,444 
Convertible Senior Notes(5)
Level 3338,112 352,103 334,299 346,489 
(1)The carrying values of investments in debt securities are shown net of discount.
(2)The carrying values of the mortgage loans are shown net of discount and exclude $13,900 and $27,946 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(3)The carrying value of the Secured Term Loan excludes $2,323 and $2,486 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(4)The carrying value of the Term Loan Facility excludes $4,087 and $6,253 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(5)The carrying values of the Convertible Senior Notes include unamortized discounts of $6,888 and $10,701 as of September 30, 2020 and December 31, 2019, respectively
Fair value measurement inputs and valuation techniques The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of September 30, 2020:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Term Loan$461,617 
Discounted Cash Flow
Effective Rate2.08%
Term Loan Facility1,499,446 
Discounted Cash Flow
Effective Rate1.88 %—1.91%
Convertible Senior Notes352,103 
Discounted Cash Flow
Effective Rate1.88%
(1)Our Level 3 fair value instruments require interest only monthly payments.
Schedule of impaired assets, measured at fair value on a nonrecurring basis
Single-Family Residential Properties
The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2020201920202019
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount$— $885 $451 $8,438 
Total impairments— (254)(89)(2,072)
Fair value$— $631 $362 $6,366 
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2020201920202019
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$1,800 $18,723 $19,594 $49,837 
Total impairments(289)(3,706)(4,113)(9,217)
Fair value$1,511 $15,017 $15,481 $40,620