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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities

For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of March 31, 2020 and December 31, 2019 (in millions):



	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt - CMBS Facility⁽¹⁾⁽²⁾	$	871	$	749	$	921	$	921
Debt - Revolving Facility⁽¹⁾⁽²⁾	$	110	$	91	$	—	$	—
Mandatorily redeemable preferred shares⁽¹⁾	$	15	$	8	$	15	$	15

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(1)	Classified as Level 3 under the fair value hierarchy.

(2)

Carrying amount excludes deferred finance costs of $2 million as of March 31, 2020 and $6 million as of December 31, 2019.