Financial Instruments and Fair Values (Tables)

3 Months Ended

Mar. 31, 2018

Summary of the Terms of Agreements and the Fair Value of Derivative Financial Instruments

The table below summarizes the terms of the agreement and the fair value of our derivative financial instrument as of March 31, 2018 and December 31, 2017 (dollar amounts in thousands):



							March 31, 2018				December 31, 2017
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	$	4,103	$	—	$	—	$	(436	)
							$	4,103	$	—	$	—	$	(436	)

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 on accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and 2017 (amounts in thousands):



	Three Months Ended
Effects of Cash Flow Hedges	March 31, 2018			March 31, 2017
Amount of gain (loss) recognized in other comprehensive income (loss)	$	4,180		$	1,394
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(599		)	—

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017 (amounts in thousands):



	Three Months Ended
Effects of Cash Flow Hedges	March 31, 2018			March 31, 2017
Total interest (expense) presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded	$	(17,591	)	$	(17,742	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(599		)	—

Summary of the Carrying and Estimated Fair Values of Financial Instruments

The following tables summarize the carrying and estimated fair values of our financial instruments as of March 31, 2018 and December 31, 2017 (amounts in thousands):



	March 31, 2018
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	4,103	$	4,103	$	—	$	4,103	$	—
Interest rate swaps included in accounts payable and accrued expenses	—		—		—		—		—
Mortgage notes payable	610,826		588,596		—		—		588,596
Senior unsecured notes - Exchangeable	245,556		257,903		—		257,903		—
Senior unsecured notes - Series A, B, C, D, E and F	798,121		791,005		—		—		791,005
Unsecured term loan facility	263,777		265,000		—		—		265,000



	December 31, 2017
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	—	$	—	$	—	$	—	$	—
Interest rate swaps included in accounts payable and accrued expenses	436		436		—		436		—
Mortgage notes payable	717,164		707,300		—		—		707,300
Senior unsecured notes - Exchangeable	244,739		275,723		—		275,723		—
Senior unsecured notes - Series A, B, C and D	463,156		460,352		—		—		460,352
Unsecured term loan facility	263,662		265,000		—		—		265,000