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Derivatives and Hedging
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging
Derivatives and Hedging
 
The Company employs derivative financial instruments to hedge against interest rate fluctuations. For derivative instruments designated as cash flow hedges, unrealized gains and losses on the effective portion are reported in accumulated other comprehensive income (loss), a component of shareholders’ equity.  Unrealized gains and losses on the ineffective portion of all designated hedges are recognized in earnings in the current period.  For derivative instruments not designated as hedging instruments, unrealized gains or losses are recognized in earnings in the current period. At December 31, 2014, all derivative instruments were designated as cash flow hedges.
 
At December 31, 2013 the fair value of interest rate swap assets of $3.2 million was included in prepaid expenses and other assets in the accompanying consolidated balance sheets.  At December 31, 2014 and December 31, 2013, the aggregate fair value of interest rate swap liabilities of $13.6 million and $9.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.
 
As of December 31, 2014 and December 31, 2013, the Company had entered into the following interest rate swaps (in thousands): 
 
Notional value at
 
 
 
 
 
Fair value at
Hedge type
December 31, 2014
 
December 31, 2013
 
Hedge interest rate
 
Maturity
 
December 31, 2014
 
December 31, 2013
Swap-cash flow
$
275,000

 
$
275,000

 
1.12%
 
November 2017
 
$
(232
)
 
$
3,161

Swap-cash flow
175,000

 
175,000

 
1.56%
 
March 2018
 
(2,182
)
 
(1,866
)
Swap-cash flow
175,000

 
175,000

 
1.64%
 
March 2018
 
(2,596
)
 
(2,406
)
Swap-cash flow
16,500

 
16,500

 
1.83%
 
September 2018
 
(315
)
 
(238
)
Swap-cash flow
16,500

 
16,500

 
1.75%
 
September 2018
 
(270
)
 
(181
)
Swap-cash flow
40,500

 
40,500

 
1.83%
 
September 2018
 
(772
)
 
(585
)
Swap-cash flow
41,500

 
41,500

 
1.75%
 
September 2018
 
(678
)
 
(456
)
Swap-cash flow
18,000

 
18,000

 
1.83%
 
September 2018
 
(343
)
 
(260
)
Swap-cash flow
17,000

 
17,000

 
1.75%
 
September 2018
 
(278
)
 
(187
)
Swap-cash flow
125,000

 
125,000

 
2.02%
 
March 2019
 
(3,073
)
 
(1,838
)
Swap-cash flow
100,000

 
100,000

 
1.94%
 
March 2019
 
(2,145
)
 
(1,085
)
Swap-cash flow
50,000

 
—

 
1.80%
 
October 2020
 
(242
)
 
—

Swap-cash flow
50,000

 
—

 
1.85%
 
October 2020
 
(387
)
 
—

Swap-cash flow
43,000

 
—

 
1.77%
 
October 2020
 
(131
)
 
—

 
$
1,143,000

 
$
1,000,000

 
 
 
 
 
$
(13,644
)
 
$
(5,941
)
 
As of December 31, 2014 and December 31, 2013, there was approximately $13.6 million and $5.9 million, respectively, in unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows.  There was no ineffectiveness recorded on designated hedges during the years ended December 31, 2014 and 2013. For the years ended December 31, 2014 and 2013, approximately $12.4 million and $3.7 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense.