Financial Instruments and Fair Values (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (dollar amounts in thousands):



							March 31, 2020					December 31, 2019
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	$	—	$	(11,888	)	$	—	$	(4,247	)
Interest rate swap	125,000		3 Month LIBOR	2.9580%	July 1, 2019	July 1, 2026	—		(18,499		)	—		(9,083		)
							$	—	$	(30,387	)	$	—	$	(13,330	)

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 months ended March 31, 2020 and 2019 (amounts in thousands):



	Three Months Ended
Effects of Cash Flow Hedges	March 31, 2020			March 31, 2019
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(17,695	)	$	(7,390	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(796		)	(149		)

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, 2020 and 2019 (amounts in thousands):



	Three Months Ended
Effects of Cash Flow Hedges	March 31, 2020			March 31, 2019
Total interest (expense) presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded	$	(19,618	)	$	(20,689	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(796		)	(149		)

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 March 31, 2020 and December 31, 2019 (amounts in thousands):



	March 31, 2020
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	30,387	$	30,387	$	—	$	30,387	$	—
Mortgage notes payable	604,763		638,852		—		—		638,852
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,002		1,034,848		—		—		1,034,848
Unsecured term loan facilities	386,568		391,627		—		—		391,627
Unsecured revolving credit facility	546,436		550,000		—		—		550,000
Ground lease liabilities	29,256		34,564		—		—		34,564



	December 31, 2019
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	13,330	$	13,330	$	—	$	13,330	$	—
Mortgage notes payable	605,542		629,609		—		—		629,609
Senior unsecured notes - Series A, B, C, D, E and F	798,392		843,394		—		—		843,394
Unsecured term loan facility	264,640		265,000		—		—		265,000
Ground lease liabilities	29,307		33,790		—		—		33,790