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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of borrowings as of September 30, 2018 and December 31, 2017 (in thousands):

		September 30, 2018				December 31, 2017
Fair value		$	1,812,086			$	1,765,151
Recorded value(1)		1,856,984				1,823,040

⁽¹⁾  Recorded value does not include deferred financing costs of $14.0 million and $16.0 million as of September 30, 2018 and December 31, 2017, respectively.

Fair Value, Liabilities Measured on Recurring Basis

The fair value measurements of those assets and liabilities as of September 30, 2018 and December 31, 2017, were as follows (in thousands):

	September 30, 2018										December 31, 2017
	Level 1			Level 2			Level 3				Level 1			Level 2			Level 3
Interest rate swaps-term loans(1)	$	—		$	37,708		$	—			$	—		$	16,496		$	—
Interest rate swap-mortgage note(1)	—			—			—				—			(61		)	—
Earn-out liability(2)	—			—			(39,500		)		—			—			(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.

⁽²⁾  The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will continue to estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes on our consolidated statements of operations.

Fair Value Measurements, Nonrecurring

The fair value measurement of our impaired real estate assets recorded as of September 30, 2018, was as follows (in thousands):

	September 30, 2018
	Level 1			Level 2			Level 3
Impaired real estate assets	$	—		$	37,575		$	—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Section 50
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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).

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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