Financial Instruments and Fair Values (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of the 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 December 31, 2016 and 2015 (dollar amounts in thousands):     

	As of December 31, 2016							December 31, 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	$	—	$	(1,634	)	$	—	$	(1,620	)
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(684		)	—		(148		)
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(685		)	—		(154		)
Interest rate swap	100,000		3 Month LIBOR	2.4860	%	January 5, 2018	January 5, 2028	224		—			—		—
Interest rate swap	100,000		3 Month LIBOR	2.4860	%	January 5, 2018	January 5, 2028	223		—			—		—
Interest rate swap	75,000		3 Month LIBOR	2.4860	%	January 5, 2018	January 5, 2028	167		—			—		—
Interest rate swap	75,000		3 Month LIBOR	2.7620	%	June 1, 2018	June 1, 2028	—		(1,295		)	—		—
Interest rate swap	75,000		3 Month LIBOR	2.7620	%	June 1, 2018	June 1, 2028	—		(1,293		)	—		—
								$	614	$	(5,591	)	$	—	$	(1,922	)

Summary 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 years ended December 31, 2016 and 2015 (amounts in thousands):    

Effects of Cash Flow Hedges	December 31, 2016			December 31, 2015
Amount of gain (loss) recognized in other comprehensive income (loss) - effective portion	$	(3,054	)	(1,922	)
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 December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016
	Carrying Value		Estimated Fair Value
			Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	614	$	614	$	—	$	614	$	—
Interest rate swaps included in accounts payable and accrued expenses	5,591		5,591		—		5,591		—
Mortgage notes payable	759,016		755,640		—		—		755,640
Senior unsecured notes - exchangeable	241,474		282,435		—		282,435		—
Senior unsecured notes - Series A, B, and C	348,914		339,274		—		—		339,274
Unsecured term loan facility	262,927		265,000		—		—		265,000

	December 31, 2015
	Carrying Value		Estimated Fair 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		261,563		—		261,563		—
Senior unsecured notes - Series A, B, and C	348,810		344,501		—		—		344,501
Unsecured revolving credit facility	35,192		40,000		—		—		40,000
Unsecured term loan facility	262,545		265,000		—		—		265,000