XML 51 R34.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Derivative and Other Fair Value Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Summary of Carrying and Fair Values of Financial Instruments | The following table provides a summary of the carrying and fair values for the Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at June 30, 2018 and December 31, 2017, respectively (amounts in thousands):
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Carrying Value |  |  | Estimated Fair Value (Level 2) |  |  | Carrying Value |  |  | Estimated Fair Value (Level 2) |
Mortgage notes payable, net |  | $ | 2,894,325 |  |  | $ | 2,823,402 |  |  | $ | 3,618,722 |  |  | $ | 3,615,384 |
Unsecured debt, net |  |  | 5,878,444 |  |  |  | 5,911,615 |  |  |  | 5,338,569 |  |  |  | 5,619,744 |
Total debt, net |  | $ | 8,772,769 |  |  | $ | 8,735,017 |  |  | $ | 8,957,291 |  |  | $ | 9,235,128 |
Summary of Consolidated Derivative Instruments | The following table summarizes the Company’s consolidated derivative instruments at June 30, 2018 (dollar amounts are in thousands):
| Fair Value Hedges (1) |  |  | Forward Starting Swaps (2) |
Current Notional Balance | $ | 450,000 |  |  | $ | 800,000 |
Lowest Interest Rate |  | 2.375 | % |  |  | 2.1478 | %
Highest Interest Rate |  | 2.375 | % |  |  | 3.1163 | %
Earliest Maturity Date |  | 2019 |  |  |  | 2028 |
Latest Maturity Date |  | 2019 |  |  |  | 2029 |
(1) | Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.
(2) | Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances. Of the $800.0 million notional balance, $300.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for certain 2018 debt issuances while $500.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for certain 2019 debt issuances.
Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2018 and December 31, 2017, respectively (amounts in thousands):
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 6/30/2018 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | Other Assets |  | $ | 16,731 |  |  | $ | — |  |  | $ | 16,731 |  |  | $ | — |
Supplemental Executive Retirement Plan |  | Other Assets |  |  | 140,432 |  |  |  | 140,432 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 157,163 |  |  | $ | 140,432 |  |  | $ | 16,731 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value Hedges |  | Other Liabilities |  | $ | 3,748 |  |  | $ | — |  |  | $ | 3,748 |  |  | $ | — |
Forward Starting Swaps |  | Other Liabilities |  |  | 1,231 |  |  |  | — |  |  |  | 1,231 |  |  |  | — |
Supplemental Executive Retirement Plan |  | Other Liabilities |  |  | 140,432 |  |  |  | 140,432 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 145,411 |  |  | $ | 140,432 |  |  | $ | 4,979 |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 366,483 |  |  | $ | — |  |  | $ | 366,483 |  |  | $ | — |
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 12/31/2017 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Staring Swaps |  | Other Assets |  | $ | 5,143 |  |  | $ | — |  |  | $ | 5,143 |  |  | $ | — |
Supplemental Executive Retirement Plan |  | Other Assets |  |  | 140,159 |  |  |  | 140,159 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 145,302 |  |  | $ | 140,159 |  |  | $ | 5,143 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value Hedges |  | Other Liabilities |  | $ | 1,597 |  |  | $ | — |  |  | $ | 1,597 |  |  | $ | — |
Supplemental Executive Retirement Plan |  | Other Liabilities |  |  | 140,159 |  |  |  | 140,159 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 141,756 |  |  | $ | 140,159 |  |  | $ | 1,597 |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 366,955 |  |  | $ | — |  |  | $ | 366,955 |  |  | $ | — |
Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2018 and 2017, respectively (amounts in thousands):
June 30, 2018 Type of Fair Value Hedge |  | Location of Gain/(Loss) Recognized in Income on Derivative |  | Amount of Gain/(Loss) Recognized in Income on Derivative |  |  | Hedged Item |  | Income Statement Location of Hedged Item Gain/(Loss) |  | Amount of Gain/(Loss) Recognized in Income on Hedged Item |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | Interest expense |  | $ | (2,151 | ) |  | Fixed rate debt |  | Interest expense |  | $ | 2,151 |
Total |  |  |  | $ | (2,151 | ) |  |  |  |  |  | $ | 2,151 |
June 30, 2017 Type of Fair Value Hedge |  | Location of Gain/(Loss) Recognized in Income on Derivative |  | Amount of Gain/(Loss) Recognized in Income on Derivative |  |  | Hedged Item |  | Income Statement Location of Hedged Item Gain/(Loss) |  | Amount of Gain/(Loss) Recognized in Income on Hedged Item |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | Interest expense |  | $ | (630 | ) |  | Fixed rate debt |  | Interest expense |  | $ | 630 |
Total |  |  |  | $ | (630 | ) |  |  |  |  |  | $ | 630 |
Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income | The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2018 and 2017, respectively (amounts in thousands):
|  | Effective Portion |  |  | Ineffective Portion |
June 30, 2018 Type of Cash Flow Hedge |  | Amount of Gain/(Loss) Recognized in OCI on Derivative |  |  | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |  |  | Location of Gain/(Loss) Recognized in Income on Derivative |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | $ | 11,995 |  |  | Interest expense |  | $ | (9,307 | ) |  | N/A |  | $ | — |
Total |  | $ | 11,995 |  |  |  |  | $ | (9,307 | ) |  |  |  | $ | — |
|  | Effective Portion |  |  | Ineffective Portion |
June 30, 2017 Type of Cash Flow Hedge |  | Amount of Gain/(Loss) Recognized in OCI on Derivative |  |  | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |  |  | Location of Gain/(Loss) Recognized in Income on Derivative |  | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | $ | 3,507 |  |  | Interest expense |  | $ | (9,251 | ) |  | N/A |  | $ | — |
Total |  | $ | 3,507 |  |  |  |  | $ | (9,251 | ) |  |  |  | $ | — |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration