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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value Inputs, Liabilities, Quantitative Information
The following is a summary of borrowings as of December 31, 2017 and 2016 (in thousands):


2017

2016
Fair value

$
1,765,151


$
1,056,990

Recorded value(1)

1,823,040


1,065,180


(1) 
Recorded value does not include net deferred financing costs of $16.0 million and $9.0 million as of December 31, 2017 and 2016, respectively.
Fair Value, Liabilities Measured on Recurring Basis
The fair value measurements of those assets and liabilities as of December 31, 2017 and 2016, were as follows (in thousands):
 
2017
 
2016
 
Level 1
Level 2
Level 3
 
Level 1
Level 2
Level 3
Interest rate swaps-term loans(1)
$
—

$
16,496

$
—

 
$
—

$
11,916

$
—

Interest rate swap-mortgage note(1)
—

(61
)
—

 
—

(262
)
—

Earn-out liability
—

—

(38,000
)
 
—

—

—

(1) 
We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets.