Financial Instruments: Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional and fair value of derivative financial instruments and foreign currency hedges

The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at June 30, 2017 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands).

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Swap	$	200,000	0.938	%	October 2014	December 2017	Other Assets	$	262
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Assets	195
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Assets	195
Interest Rate Cap	137,500		4.000	%	September 2015	September 2017	Other Assets	—
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	9,227
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	4,444
								$	14,323

Schedule of effect of derivative financial instruments on consolidated statements of income

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended June 30, 2017 and 2016, respectively (in thousands):

	Amount of (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of (Loss) Recognized in Income on Derivative	Amount of (Loss) Gain Recognized into Income (Ineffective Portion)
	Three Months Ended June 30,							Three Months Ended June 30,					Three Months Ended June 30,
Derivative	2017			2016				2017		2016			2017		2016
Interest Rate Swaps/Caps	$	(2,036	)	$	(1,186	)	Interest expense	$	519	$	4,468	Interest expense	$	—	$	1
Share of unconsolidated joint ventures' derivative instruments	(1,328		)	(3,005		)	Equity in net income from unconsolidated joint ventures	292		567		Equity in net income from unconsolidated joint ventures	34		(600		)
	$	(3,364	)	$	(4,191	)		$	811	$	5,035		$	34	$	(599	)

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2017 and 2016, respectively (in thousands):

	Amount of (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of (Loss) Recognized in Income on Derivative	Amount of (Loss) Recognized into Income (Ineffective Portion)
	Six Months Ended June 30,							Six Months Ended June 30,					Six Months Ended June 30,
Derivative	2017			2016				2017		2016			2017			2016
Interest Rate Swaps/Caps	$	(5,173	)	$	(8,105	)	Interest expense	$	1,498	$	6,631	Interest expense	$	(8	)	$	(38	)
Share of unconsolidated joint ventures' derivative instruments	(987		)	(5,770		)	Equity in net income from unconsolidated joint ventures	691		918		Equity in net income from unconsolidated joint ventures	(61		)	(1,036		)
	$	(6,160	)	$	(13,875	)		$	2,189	$	7,549		$	(69	)	$	(1,074	)