Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Assets and Liabilities Measured at Fair Value

The table below presents certain of our assets and liabilities measured at fair value during 2016 and 2015, categorized by the level of inputs used in the valuation of each asset and liability (dollars in thousands):



			Fair Value at December 31, 2016 Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Recurring Fair Value Measurements:
Effective portion of interest rate cap contract	$	314	$	—	$	314	$	—



				Fair Value at December 31, 2015 Using
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
Description	Total			(Level 1)		(Level 2)			(Level 3)
Recurring Fair Value Measurements:
Effective portion of interest rate swap contracts	$	(3,687	)	$	—	$	(3,687	)	$	—
Derivative liability	(7,219		)	—		—			(7,219		)

Schedule of Valuation Techniques and Significant Unobservable Inputs used for Level 3 Fair Value Measurements

The valuation techniques and significant unobservable inputs used for our level 3 fair value measurement at December 31, 2015 were as follows:



Description	Fair Value at December 31, 2015		Primary Valuation Technique	Unobservable Inputs	Rate
Derivative liability	$	7,219	Monte Carlo simulation	Risk-free rate	0.52%
				Volatility	20.0%

Schedule of Fair Value and Carrying Value of Financial Instruments

At December 31, 2016 and 2015, the fair value of these additional financial instruments were not materially different from their carrying values, except as follows (in thousands):



	December 31, 2016				December 31, 2015
	Principal Balance		Fair Value		Principal Balance		Fair Value
Senior unsecured debt and mortgage notes payable	$	1,151,634	$	1,167,031	$	1,711,666	$	1,749,211