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Fair Value Measurements (Tables)
 3 Months Ended
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

 
$
—