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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 11—Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements are the only financial instruments recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 7 for the details of the balance sheet classification and the fair values for the interest rate caps and swaps. 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.
The fair values of our investments in debt securities and of our mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at the end of the period. The fair values of our credit facilities and Term Loan Facility, which are classified as Level 3 in the fair value hierarchy, are estimated using a discounted cash flow methodology based on market interest rate data and other market factors available at the end of the period. Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. 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 |  |  | $ | — |
For additional information related to our single-family residential properties during the years ended March 31, 2017 and 2016, refer to Note 3.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -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 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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