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Fair Value Measurements
 9 Months Ended
Sep. 30, 2020
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 certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements and interest rate cap 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 condensed consolidated balance sheet classification and the fair values for the interest rate caps and swaps.
Recurring Fair Value Measurements
The following table displays the carrying values and fair values of financial instruments as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)
Level 2$309,122 $312,661 $316,991 $318,299 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Mortgage loans(2)
Level 2$6,108,880 $6,181,214 $6,266,407 $6,292,261 
Secured Term Loan(3)
Level 3403,363 461,617 403,464 411,213 
Term Loan Facility(4)
Level 31,500,000 1,499,446 1,500,000 1,500,444 
Convertible Senior Notes(5)
Level 3338,112 352,103 334,299 346,489 
(1)The carrying values of investments in debt securities are shown net of discount.
(2)The carrying values of the mortgage loans are shown net of discount and exclude $13,900 and $27,946 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(3)The carrying value of the Secured Term Loan excludes $2,323 and $2,486 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(4)The carrying value of the Term Loan Facility excludes $4,087 and $6,253 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively.
(5)The carrying values of the Convertible Senior Notes include unamortized discounts of $6,888 and $10,701 as of September 30, 2020 and December 31, 2019, respectively.

The fair values of our investment in debt securities and 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 following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of September 30, 2020:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Term Loan$461,617 
Discounted Cash Flow
Effective Rate2.08%
Term Loan Facility1,499,446 
Discounted Cash Flow
Effective Rate1.88 %—1.91%
Convertible Senior Notes352,103 
Discounted Cash Flow
Effective Rate1.88%
(1)Our Level 3 fair value instruments require interest only monthly payments.
Nonrecurring Fair Value Measurements
Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.
Single-Family Residential Properties
The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2020201920202019
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount$— $885 $451 $8,438 
Total impairments— (254)(89)(2,072)
Fair value$— $631 $362 $6,366 
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2020201920202019
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$1,800 $18,723 $19,594 $49,837 
Total impairments(289)(3,706)(4,113)(9,217)
Fair value$1,511 $15,017 $15,481 $40,620 
For additional information related to our single-family residential properties as of September 30, 2020 and December 31, 2019, refer to Note 3.
ROU Lease Assets
During the three months ended September 30, 2020, we relocated one of our corporate offices and vacated the former location. As of September 30, 2020, the expected undiscounted sublease payments through the remaining original lease term of the vacated office space no longer exceed the carrying value of the related ROU lease asset, and we concluded that the ROU lease asset was not fully recoverable. During the three and nine months ended September 30, 2020, we recorded impairment of $1,750 in other, net in the condensed consolidated statements of operations. The fair value of the ROU lease asset measured at fair value on a nonrecurring basis, which is classified as Level 3 in the fair value hierarchy, was determined based on a discounted cash flow analysis reflective of the income expected from a sublease. For additional information related to our ROU lease assets as of September 30, 2020 and December 31, 2019, refer to Note 5.