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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative  
Outstanding Interest Rate Derivatives
As of December 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative
 
Number of Instruments
 
Notional
Interest rate swaps (1)
 
10
 
$600,000

(1) 
Includes six forward rate swaps totaling $300.0 million, which hedge the first 10 years of interest payments on debt the Company anticipates issuing in 2019. These swaps are not included in the debt discussion in Note 6.
Effect of Derivative Instruments on Consolidated Statement of Operations
The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016, respectively (in thousands):
Derivatives in Cash Flow Hedging Relationships
 
(Loss) Gain Recognized in OCI on Derivative
 
Location of Gain (Loss) Reclassified from Accumulated OC(L)I into Income
 
Gain (Loss) Reclassified from Accumulated OC(L)I into Interest Expense(1)
Year ended December 31,
 
2018
 
2017
 
2016
 
 
2018
 
2017
 
2016
Interest rate contracts
 
$
(751
)
 
$
319

 
$
(1,500
)
 
Interest expense
 
$
1,938

 
$
(730
)
 
$
(4,364
)
(1) 
See the Consolidated Statements of Comprehensive Income for changes in accumulated other comprehensive (loss) income as these changes are presented net of the allocation to noncontrolling interests.

Derivatives Not Designated as Hedging Instruments
 
Location of (Loss) Gain Recognized in Income on Derivative
 
(Loss) Gain Recognized in Earnings on Derivative
For the year ended December 31,
 
 
2018
 
2017
 
2016
Preferred stock embedded derivative
 
Other non-operating (income) expense
 
$
(2,576
)
 
$
8,807

 
$
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