Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Interest Rate Derivatives

As of September 30, 2014, the Company had the following outstanding interest rate derivative, which matures on November 1, 2018, that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest rate cap	1	$	7,465,000

Fair Value of Derivative Financial Instruments and Balance Sheet Classification

The table below presents the fair value of the Company’s derivative financial instrument, which is included in Prepaid expenses and other assets on the consolidated balance sheet as of September 30, 2014:

Asset Derivatives						Liabilities Derivatives
September 30, 2014			December 31, 2013			September 30, 2014			December 31, 2013
Balance Sheet	Fair Value		Balance Sheet	Fair Value		Balance Sheet	Fair Value		Balance Sheet	Fair Value
Interest rate cap	$	9,766	Interest rate cap	$	—	NA	$	—	NA	$	—