FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Financial liabilities measured at fair value on recurring basis

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):



	March 31, 2017								December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	1,065	$	—	$	1,065	$	—	$	1,006	$	—	$	1,006
Interest rate swap asset	$	—	$	4,585	$	—	$	4,585	$	—	$	16,428	$	—	$	16,428
Interest rate swap liability	$	—	$	649	$	—	$	649	$	—	$	1,067	$	—	$	1,067

Carrying amount and fair value of financial instruments

A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):



	March 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	315,743	$	324,165	$	445,180	$	457,621
Unsecured term loans, net	$	247,985	$	250,000	$	247,883	$	250,000
Unsecured senior guaranteed notes, net	$	596,767	$	599,021	$	348,467	$	351,357
Unsecured line of credit	$	—	$	—	$	20,000	$	20,000