Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset

The table below presents certain of our assets and liabilities carried at fair value at March 31, 2020, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset or liability.



			Fair Value at Reporting Date Using
	Carrying Value at		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	March 31, 2020		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurement Assets:
Investment in TA ⁽¹⁾	$	6,686	$	6,686	$	—	$	—
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale⁽²⁾	$	56,688	$	—	$	56,688	$	—
Assets of properties held and used⁽³⁾	$	368	$	—	$	—	$	368

(1)

Our 684,000 common shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of March 31, 2020. During the three months ended March 31, 2020 we recorded unrealized losses of $5,045 and during the three months ended March 31, 2019, we recorded unrealized gains of $1,197 to adjust the carrying value of our investment in TA shares to its fair value.

(2)

As of March 31, 2020, we owned six net lease properties located in five states classified as held for sale with an aggregate net carrying value of $56,688. These properties are recorded at their estimated fair value less costs to sell based on purchase agreements with third-parties (Level 2 inputs as defined in the fair value hierarchy under GAAP). We recorded a $13,230 loss on asset impairment during the three months ended March 31, 2020 to reduce the carrying value of one of these properties to its estimated fair value less costs to sell.


(3)	We recorded a $3,510 loss on asset impairment in the three months ended March 31, 2020 to reduce the carrying value of one net lease property to its estimated fair value of $368 based on discounted cash flow analyses (Level 3 inputs).

Schedule of fair value of additional financial instruments

At March 31, 2020 and December 31, 2019, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:



	March 31, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Value ⁽¹⁾		Value		Value ⁽¹⁾		Value
Senior Unsecured Notes, due 2021 at 4.25%	$	398,739	$	389,728	$	398,379	$	406,838
Senior Unsecured Notes, due 2022 at 5.00%	497,124		369,308		496,821		526,500
Senior Unsecured Notes, due 2023 at 4.50%	499,473		356,455		499,432		520,478
Senior Unsecured Notes, due 2024 at 4.65%	348,396		255,073		348,295		364,277
Senior Unsecured Notes, due 2024 at 4.35%	818,443		619,191		818,075		848,847
Senior Unsecured Notes, due 2025 at 4.50%	346,602		232,694		346,431		361,783
Senior Unsecured Notes, due 2026 at 5.25%	343,366		257,297		343,083		369,185
Senior Unsecured Notes, due 2026 at 4.75%	446,058		314,674		445,905		464,315
Senior Unsecured Notes, due 2027 at 4.95%	394,838		357,354		394,649		414,012
Senior Unsecured Notes, due 2028 at 3.95%	391,046		293,268		390,759		393,940
Senior Unsecured Notes, due 2029 at 4.95%	417,505		331,351		417,307		434,248
Senior Unsecured Notes, due 2030 at 4.375%	388,806		304,156		388,522		394,788
Total financial liabilities	$	5,290,396	$	4,080,549	$	5,287,658	$	5,499,211

(1)

Carrying value includes unamortized discounts and premiums and issuance costs.