Financial Instruments: Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 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 (dollars in thousands).

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Cap	$	137,500	4.000	%	September 2017	September 2019	Other Assets	$	—
Interest Rate Cap	111,869		3.500	%	November 2018	December 2019	Other Assets	—
Interest Rate Cap	300,000		3.750	%	May 2019	May 2020	Other Assets	—
Interest Rate Swap	100,000		1.928	%	December 2017	November 2020	Other Liabilities	(253		)
Interest Rate Swap	100,000		1.934	%	December 2017	November 2020	Other Liabilities	(261		)
Interest Rate Cap	85,000		4.000	%	March 2019	March 2021	Other Assets	1
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	3,866
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	1,816
Interest Rate Swap	150,000		2.696	%	January 2019	January 2024	Other Liabilities	(6,923		)
Interest Rate Swap	150,000		2.721	%	January 2019	January 2026	Other Liabilities	(9,404		)
Interest Rate Swap	200,000		2.740	%	January 2019	January 2026	Other Liabilities	(12,688		)
								$	(23,846	)

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, 2019 and 2018, respectively (in thousands):

	Amount of Gain (Loss) Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Three Months Ended June 30,						Three Months Ended June 30,
Derivative	2019			2018			2019		2018
Interest Rate Swaps/Caps	$	(20,876	)	$	3,116	Interest expense	$	456	$	79
Share of unconsolidated joint ventures' derivative instruments	(4,157		)	1,092		Equity in net income from unconsolidated joint ventures	536		185
	$	(25,033	)	$	4,208		$	992	$	264

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, 2019 and 2018, respectively (in thousands):

	Amount of Gain (Loss) Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Six Months Ended June 30,						Six Months Ended June 30,
Derivative	2019			2018			2019		2018
Interest Rate Swaps/Caps	$	(32,839	)	$	10,398	Interest expense	$	991	$	(241	)
Share of unconsolidated joint ventures' derivative instruments	(9,526		)	4,405		Equity in net income from unconsolidated joint ventures	905		273
	$	(42,365	)	$	14,803		$	1,896	$	32