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Financial Instruments and Fair Values (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of the terms of the agreement and the fair value of derivative financial instrument
The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of September 30, 2019 and December 31, 2018 (dollar amounts in thousands):     
 
 
 
 
September 30, 2019
 
December 31, 2018
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
 
$
—

$
(5,594
)
 
$
2,536

$
—

Interest rate swap
 
125,000

3 Month LIBOR
2.9580%
July 1, 2019
July 1, 2026
 
—

(11,628
)
 
—

(2,623
)
Interest rate swap
 
125,000

3 Month LIBOR
2.9580%
July 1, 2019
July 1, 2026
 
—

(11,628
)
 
—

(2,620
)
 
 
 
 
 
 
 
 
$
—

$
(28,850
)
 
$
2,536

$
(5,243
)
Effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss)
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 and nine months ended September 30, 2019 and 2018 (amounts in thousands):    
 
 
Three Months Ended
 
Nine Months Ended
Effects of Cash Flow Hedges
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Amount of gain (loss) recognized in other comprehensive income (loss)
 
$
(6,256
)
 
$
3,884

 
$
(25,992
)
 
$
9,827

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense
 
(319
)
 
(427
)
 
(637
)
 
(1,562
)

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 and nine months ended September 30, 2019 and 2018 (amounts in thousands):
 
 
Three Months Ended
 
Nine Months Ended
Effects of Cash Flow Hedges
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Total interest (expense) presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded
 
$
(19,426
)
 
$
(20,658
)
 
$
(60,712
)
 
$
(58,774
)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense
 
(319
)
 
(427
)
 
(637
)
 
(1,562
)
Summary carrying and estimated fair values of our financial instruments
The following tables summarize the carrying and estimated fair values of our financial instruments as of September 30, 2019 and December 31, 2018 (amounts in thousands):
 
September 30, 2019
 
 
 
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
28,850

 
28,850

 
—

 
28,850

 
—

Mortgage notes payable
606,313

 
643,159

 
—

 
—

 
643,159

Senior unsecured notes - Series A, B, C, D, E and F
798,347

 
861,245

 
—

 
—

 
861,245

Unsecured term loan facility
264,517

 
265,000

 
—

 
—

 
265,000

Ground lease liabilities
29,355

 
29,355

 
—

 
—

 
29,355

    
 
December 31, 2018
 
 
 
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