Financial Instruments and Fair Values (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of the terms of the agreement and the fair value of derivative financial instruments

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of September 30, 2021 and December 31, 2020 (dollar amounts in thousands):     

							September 30, 2021				December 31, 2020
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	$	—	$	(4,887)	$	—	$	(8,849)

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, 2021 and 2020 (amounts in thousands):    

	Three Months Ended				Nine Months Ended
Effects of Cash Flow Hedges	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(103)	$	64	$	(139)	$	(19,340)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	(2,920)		(2,873)		(8,687)		(5,986)

    The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands):

	Three Months Ended				Nine Months Ended
Effects of Cash Flow Hedges	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(23,577)	$	(23,360)	$	(70,553)	$	(66,906)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	(2,920)		(2,873)		(8,687)		(5,986)

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 September 30, 2021 and December 31, 2020 (amounts in thousands):

	September 30, 2021
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swap included in accounts payable and accrued expenses	$	4,887	$	4,887	$	—	$	4,887	$	—
Mortgage notes payable	773,925		790,407		—		—		790,407
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,320		999,220		—		—		999,220
Unsecured term loan facilities	388,095		390,000		—		—		390,000

    

	December 31, 2020
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swap included in accounts payable and accrued expenses	$	8,849	$	8,849	$	—	$	8,849	$	—
Mortgage notes payable	775,929		808,294		—		—		808,294
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,159		1,039,857		—		—		1,039,857
Unsecured term loan facilities	387,561		390,000		—		—		390,000