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Financial Instruments: Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2018
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, 2018 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

 
1.131
%
 
July 2016
 
July 2023
 
Other Assets
 
$
15,272

Interest Rate Swap
100,000

 
1.161
%
 
July 2016
 
July 2023
 
Other Assets
 
7,496

Interest Rate Cap
137,500

 
4.000
%
 
September 2017
 
September 2019
 
Other Assets
 
1

Interest Rate Swap
100,000

 
1.928
%
 
December 2017
 
November 2020
 
Other Assets
 
1,688

Interest Rate Swap
100,000

 
1.934
%
 
December 2017
 
November 2020
 
Other Assets
 
1,675

 
 
 
 
 
 
 
 
 
 
 
$
26,132
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, 2018 and 2017, respectively (in thousands):
 

Amount of Gain (Loss)
Recognized in
Other Comprehensive
Loss
(Effective Portion)

Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss  into Income
(Effective Portion)

Location of Gain (Loss) Recognized in Income on Derivative

Amount of Gain (Loss)
Recognized into Income
(Ineffective Portion)


Three Months Ended June 30,


Three Months Ended June 30,


Three Months Ended June 30,
Derivative

2018

2017


2018

2017


2018

2017
Interest Rate Swaps/Caps

$
3,116

 
$
(2,036
)

Interest expense

$
76

 
$
(519
)

Interest expense

$
(3
)
 
$
—

Share of unconsolidated joint ventures' derivative instruments

1,092

 
(1,328
)

Equity in net income from unconsolidated joint ventures

155

 
(292
)

Equity in net income from unconsolidated joint ventures

(30
)
 
34



$
4,208


$
(3,364
)



$
231


$
(811
)



$
(33
)

$
34


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, 2018 and 2017, respectively (in thousands):
 
 
Amount of Gain (Loss)
Recognized in
Other Comprehensive
Loss
(Effective Portion)
 
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
 
Amount of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss  into Income
(Effective Portion)
 
Location of Gain (Loss) Recognized in Income on Derivative
 
Amount of Gain (Loss)
Recognized into Income
(Ineffective Portion)
 
 
Six Months Ended June 30,
 
 
Six Months Ended June 30,
 
 
Six Months Ended June 30,
Derivative
 
2018
 
2017
 
 
2018
 
2017
 
 
2018
 
2017
Interest Rate Swaps/Caps
 
$
10,398

 
$
(5,173
)
 
Interest expense
 
$
(253
)
 
$
(1,498
)
 
Interest expense
 
$
(12
)
 
$
(8
)
Share of unconsolidated joint ventures' derivative instruments
 
4,405

 
(987
)
 
Equity in net income from unconsolidated joint ventures
 
154

 
(691
)
 
Equity in net income from unconsolidated joint ventures
 
(119
)
 
(61
)
 
 
$
14,803

 
$
(6,160
)
 
 
 
$
(99
)
 
$
(2,189
)
 
 
 
$
(131
)
 
$
(69
)