Derivative Instruments And Hedging Activities

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments And Hedging Activities

Derivative Instruments and Hedging Activities

Our objective in using interest rate derivatives is to manage exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect it could have on future cash flows. Interest rate caps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes nor do we have any swaps in a hedging arrangement.

The following table provides the terms of our interestrate derivative contracts that were in effect as of September 30, 2017:

Type	Purpose	Effective Date	Maturity Date	Notional  (in millions)		Based on	Variable Rate	Cap Rate	Spread	Effective Fixed Rate
Cap	Cap Floating Rate	4/1/2015	4/1/2018	$	150.1	3 Month LIBOR	3.1690%	9.0000%	—%	N/A
Cap	Cap Floating Rate	10/3/2016	5/1/2023	$	9.6	3 Month LIBOR	3.9690%	11.0200%	—%	N/A

In accordance with ASC Topic 815, “Derivatives and Hedging,”derivative instruments are recorded at fair value in “Other assets, net” or “Other liabilities” on the Consolidated Balance Sheets. As of September 30, 2017 and December 31, 2016, the fair value of our derivatives was zero.