Interest rate swap agreements (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding interest rate hedge agreements designated as cash flow hedges of interest rate risk

We had the following outstanding interest rate hedge agreements that were designated as cash flow hedges of interest rate risk as of June 30, 2016 (dollars in thousands):

Interest Rate Hedge Type			Number of Contracts	Weighted-Average Interest Pay/Cap Rate (1)	Fair Value as of 6/30/16				Notional Amount in Effect as of
	Effective Date	Maturity Date							6/30/16		12/31/16		12/31/17		12/31/18
Swap	September 1, 2015	March 31, 2017	2	0.57%	$	(72	)		$	100,000	$	100,000	$	—	$	—
Swap	March 31, 2016	March 31, 2017	11	1.15%	(5,058		)		1,000,000		1,000,000		—		—
Swap	March 31, 2017	March 31, 2018	15	1.31%	(6,484		)		—		—		900,000		—
Swap	March 29, 2018	March 31, 2019	4	1.06%	(718		)		—		—		—		250,000
Cap	July 29, 2016	April 20, 2019	2	2.00%	110				—		55,000		126,000		150,000
Total					$	(12,222	)	(2)	$	1,100,000	$	1,155,000	$	1,026,000	$	400,000

(1) In addition to the interest pay rate for each swap agreement, interest is payable at an applicable margin for borrowings outstanding as of June 30, 2016. Borrowings under our 2019 unsecured senior bank term loan include an applicable margin of 1.20%, and borrowings outstanding under our unsecured senior line of credit and our 2021 unsecured senior bank term loan include an applicable margin of 1.10%. The applicable margin for our unsecured senior line of credit was reduced from 1.10% to 1.00% as a result of the amendment executed on July 29, 2016. Refer to Note 15 – “Subsequent Events” for additional information.

(2) This total represents the net of the fair value of interest rate hedges in liability position of $12.3 million and fair value of interest rate hedges in asset position of $110 thousand. Refer to Note 7 – “Fair Value Measurements” to these unaudited consolidated financial statements for further information.

During July 2016, we executed two interest rate swap agreements that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Interest Rate Hedge Type			Number of Contracts	Weighted-Average Interest Pay Rate	Fair Value as of 6/30/16	Notional Amount in Effect as of
	Effective Date	Maturity Date				6/30/16		12/31/16		12/31/17		12/31/18
Swap	March 29, 2018	March 31, 2019	2	0.95%	N/A	$	—	$	—	$	—	$	200,000