Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of discount rates and borrowings as of September 30, 2016 and December 31, 2015 (dollars in thousands):



	September 30, 2016			December 31, 2015
Discount rates:
Unsecured variable-rate debt	1.88% - 2.23%			1.66		%
Secured fixed-rate debt	3.05		%	2.75		%
Secured variable-rate debt	2.78		%	2.36		%
Borrowings:
Fair value	$	970,056		$	880,854
Recorded value⁽¹⁾	955,029			854,079


⁽¹⁾	Recorded value does not include deferred financing costs of $9.0 million and $8.6 million as of September 30, 2016 and December 31, 2015, respectively.

Fair Value, Liabilities Measured on a Recurring Basis

We record derivative liabilities in Accounts Payable and Other Liabilities and derivative assets in Other Assets, Net on our consolidated balance sheets. The fair value measurements of our financial liability and asset as of September 30, 2016 and December 31, 2015, are as follows (in thousands):



	September 30, 2016		December 31, 2015
Derivative liability (asset) designated as hedging instruments:
Interest rate swaps - unsecured term loan facility	$	6,813	$	(22	)
Derivative liability not designated as hedging instrument:
Interest rate swap - mortgage note	376		442