Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 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 September 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	$	105
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Assets	78
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Assets	78
Interest Rate Cap	137,500		4.000	%	September 2017	September 2019	Other Assets	4
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	8,998
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	4,335
Interest Rate Swap	100,000		2.287	%	November 2017	November 2027	Other Assets	129
								$	13,727

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 September 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 September 30,							Three Months Ended September 30,					Three Months Ended September 30,
Derivative	2017			2016				2017		2016			2017			2016
Interest Rate Swaps/Caps	$	(304	)	$	(7	)	Interest expense	$	85	$	1,442	Interest expense	$	4		$	—
Share of unconsolidated joint ventures' derivative instruments	(290		)	(222		)	Equity in net income from unconsolidated joint ventures	185		547		Equity in net income from unconsolidated joint ventures	(48		)	830
	$	(594	)	$	(229	)		$	270	$	1,989		$	(44	)	$	830

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 nine months ended September 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)
	Nine Months Ended September 30,							Nine Months Ended September 30,					Nine Months Ended September 30,
Derivative	2017			2016				2017		2016			2017			2016
Interest Rate Swaps/Caps	$	(5,477	)	$	(8,112	)	Interest expense	$	1,583	$	8,073	Interest expense	$	(4	)	$	(38	)
Share of unconsolidated joint ventures' derivative instruments	(1,277		)	(5,992		)	Equity in net income from unconsolidated joint ventures	876		1,465		Equity in net income from unconsolidated joint ventures	(109		)	(206		)
	$	(6,754	)	$	(14,104	)		$	2,459	$	9,538		$	(113	)	$	(244	)