Financial Instruments and Fair Values (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 (dollar amounts in thousands):



								December 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	$	2,536	$	—		$	—	$	(436	)
Interest rate swap	125,000		3 Month LIBOR	2.9580	%	July 1, 2019	July 1, 2026	—		(2,623		)	—		—
Interest rate swap	125,000		3 Month LIBOR	2.9580	%	July 1, 2019	July 1, 2026	—		(2,620		)	—		—
								$	2,536	$	(5,243	)	$	—	$	(436	)

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 on accumulated other comprehensive income (loss) for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands):



Effects of Cash Flow Hedges	December 31, 2018			December 31, 2017			December 31, 2016
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(2,721	)	$	(11,658	)	$	(3,054	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(1,845		)	(1,142		)	—

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the consolidated statements of income for the years ended December 31, 2018, 2017 and 2016 (amounts in thousands):



Effects of Cash Flow Hedges	December 31, 2018			December 31, 2017			December 31, 2016
Total interest (expense) presented on the consolidated statements of income in which the effects of cash flow hedges are recorded	$	(79,623	)	$	(68,473	)	$	(70,595	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(1,845		)	(1,142		)	—

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, 2018 and 2017 (amounts in thousands):



	December 31, 2018
	Carrying Value		Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in prepaid expenses and other assets	$	2,536	$	2,536	$	—	$	2,536	$	—
Interest rate swaps included in accounts payable and accrued expenses	5,243		5,243		—		5,243		—
Mortgage notes payable	608,567		597,424		—		—		597,424
Senior unsecured notes - Exchangeable	247,930		250,625		—		250,625		—
Senior unsecured notes - Series A, B, C, D, E and F	798,289		795,662		—		—		795,662
Unsecured term loan facility	264,147		265,000		—		—		265,000



	December 31, 2017
	Carrying Value		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, D, E and F	463,156		460,352		—		—		460,352
Unsecured term loan facility	263,662		265,000		—		—		265,000