Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of discount rates and borrowings as of September 30, 2015 and December 31, 2014 (dollars in thousands):

	September 30, 2015			December 31, 2014
Discount rates:
Fixed-rate debt	3.25		%	3.40		%
Secured variable-rate debt	2.03		%	2.48		%
Unsecured variable-rate debt	1.45% - 1.50%			1.93		%
Borrowings:
Fair value	$	797,620		$	665,982
Recorded value	781,193			650,462

Fair Value, Liabilities Measured on a Recurring Basis

The fair value measurements of our financial liability as of September 30, 2015 and December 31, 2014 is as follows (in thousands):

	September 30, 2015		December 31, 2014
Derivative liability designated as hedging instruments:
Interest rate swaps - unsecured credit facility	$	4,272	$	—
Derivative liability not designated as hedging instrument:
Interest rate swap - mortgage note	576		560