Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the Company’s interest rate swaps as of June 30, 2018, which effectively convert one-month floating rate LIBOR to a fixed rate:

Effective Date	Notional		Fixed Interest Rate		Maturity Date
January 3, 2017	$	100,000	1.26	%	November 22, 2018
January 3, 2017	$	100,000	1.26	%	November 22, 2018
December 29, 2017	$	100,000	2.00	%	January 5, 2021
December 29, 2017	$	100,000	2.00	%	January 5, 2021
December 29, 2017	$	50,000	2.00	%	January 5, 2021

Schedule of interest rate swaps designated as cash flow hedges

The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk:

	Number of Instruments		Notional
Interest Rate Derivatives	June 30, 2018	December 31, 2017	June 30, 2018		December 31, 2017
Interest rate swaps	5	5	$	450,000	$	450,000

Schedule of estimated fair value of derivative instruments

The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other assets, net” in the condensed consolidated balance sheets. The valuation techniques used are described in Note 13 to the condensed consolidated financial statements.

	Fair Value
	June 30, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Interest rate swaps	$	4,699	$	1,086

Schedule of effect of derivative instruments on the consolidated statements of operations

The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2018:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain Recognized in Other Comprehensive Income on Derivative						Location of Gain Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income	Amount of Gain Reclassified from AOCI into Income						Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded
	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018				Three Months Ended June 30, 2018			Six Months Ended June 30, 2018			Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
Interest rate swaps	$	(1,138	)	$	(3,805	)	Interest expense	$	(279	)	$	(192	)	$	16,817	$	35,582

The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2017:

Derivatives in Cash Flow Hedging Relationships	Amount of Loss (Gain) Recognized in Other Comprehensive Income on Derivative (Effective Portion)					Location of (Gain) Loss Reclassified from AOCI into Income (Effective Portion)	Amount of (Gain) Loss Reclassified from AOCI into Income (Effective Portion)					Location of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017				Three Months Ended June 30, 2017			Six Months Ended June 30, 2017			Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Interest rate swaps	$	59	$	(413	)	Interest expense	$	(86	)	$	74	Other income, net	$	5	$	11