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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
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 March 31, 2017 and December 31, 2016:
|  |  |  | March 31, 2017 |  | December 31, 2016
|  |  |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets carried at historical cost on the consolidated balance sheets |  |  |  |  |  |  |  |  |  |
Investments in debt securities |  | Level 2 |  | $ | 209,386 |  |  | $ | 209,744 |  |  | $ | 209,337 |  |  | $ | 209,390 |
Liabilities carried at historical cost on the consolidated balance sheets |  |  |  |  |  |  |  |  |  |
Mortgage loans(1) |  | Level 2 |  | $ | 4,233,578 |  |  | $ | 4,245,640 |  |  | $ | 5,263,994 |  |  | $ | 5,265,180 |
Term loan facility(2) |  | Level 3 |  | 1,500,000 |  |  | 1,501,639 |  |  | — |  |  | — |
Credit facilities(3) |  | Level 3 |  | — |  |  | — |  |  | 2,321,585 |  |  | 2,329,551 |
(1) | The carrying values of the mortgage loans are shown net of discount and exclude $5,053 and $9,256 of deferred financing costs as of March 31, 2017 and December 31, 2016, respectively.
(2) | The carrying value of the term loan facility excludes $14,134 of deferred financing costs as of March 31, 2017.
(3) | The carrying values of the credit facilities exclude $6,044 of deferred financing costs as of December 31, 2016.
Schedule of impaired assets, measured at fair value on a nonrecurring basis | The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Investments in single-family residential properties, net held for use (Level 3) |  |  |  |
Pre-impairment amount |  | $ | 496 |  |  | $ | — |
Total impairments |  | (267 | ) |  | — |
Fair value |  | $ | 229 |  |  | $ | — |
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Investments in single-family residential properties, net held for sale (Level 3) |  |  |  |
Pre-impairment amount |  | $ | 7,242 |  |  | $ | — |
Total impairments |  | (770 | ) |  | — |
Fair value |  | $ | 6,472 |  |  | $ | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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