Financial Instruments and Fair Values (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of terms of agreements and fair values of derivative financial instruments

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands):



	As of June 30, 2016						June 30, 2016					December 31, 2015
Derivative	Notional Amount		Receive Rate	Pay Rate	Effective Date	Expiration Date	Asset		Liability			Asset		Liability
Interest rate swap	$	265,000	1 Month LIBOR	2.1485%	August 31, 2017	August 24, 2022	$	—	$	(13,478	)	$	—	$	(1,620	)
Interest rate swap	100,000		3 Month LIBOR	2.5050%	July 5, 2017	July 5, 2027	—		(9,339		)	—		(148		)
Interest rate swap	100,000		3 Month LIBOR	2.5050%	July 5, 2017	July 5, 2027	—		(9,340		)	—		(154		)
							$	—	$	(32,157	)	$	—	$	(1,922	)

Schedule of effect of derivative financial instruments designated as cash flow hedges

The table below shows the effect of our derivative financial instruments designated as cash flow hedges for the three and six months ended June 30, 2016 and 2015 (amounts in thousands):



Effects of Cash Flow Hedges	Three Months Ended June 30, 2016			Three Months Ended June 30, 2015		Six Months Ended June 30, 2016			Six Months Ended June 30, 2015
Amount of gain (loss) recognized in other comprehensive income (loss) - effective portion	$	(10,864	)	$	—	$	(30,235	)	$	—
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense - effective portion	—			—		—			—
Amount of gain (loss) recognized in other income/expense - ineffective portion	—			—		—			—

Schedule of the aggregate carrying value of debt and estimates of fair value

The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2016 and December 31, 2015 (amounts in thousands):



	June 30, 2016
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	32,157	$	32,157	$	—	$	32,157	$	—
Mortgage notes payable	767,717		778,349		—		—		778,349
Senior unsecured notes - Exchangeable	239,841		252,794		—		—		252,794
Senior unsecured notes - Series A, B, and C	348,862		368,165		—		—		368,165
Unsecured term loan facility	262,735		265,000		—		—		265,000
Unsecured revolving credit facility	40,000		40,000		—		—		40,000



	December 31, 2015
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	1,922	$	1,922	$	—	$	1,922	$	—
Mortgage notes payable	747,661		752,350		—		—		752,350
Senior unsecured notes - Exchangeable	238,208		251,391		—		—		251,391
Senior unsecured notes - Series A, B, and C	348,810		344,501		—		—		344,501
Unsecured term loan facility	262,545		265,000		—		—		265,000
Unsecured revolving credit facility	35,192		40,000		—		—		40,000