FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018								December 31, 2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	1,224	$	—	$	1,224	$	—	$	1,156	$	—	$	1,156
Interest rate swap asset	$	—	$	7,941	$	—	$	7,941	$	—	$	5,091	$	—	$	5,091
Interest rate swap liability	$	—	$	—	$	—	$	—	$	—	$	10	$	—	$	10

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, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	205,486	$	210,402	$	279,550	$	286,156
Unsecured term loans, net	$	248,430	$	250,000	$	248,839	$	250,000
Unsecured senior guaranteed notes, net	$	796,748	$	786,549	$	796,631	$	802,699
Unsecured line of credit, net	$	33,031	$	35,000	$	—	$	—