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Derivative and Other Fair Value Instruments (Tables) | 3 Months Ended
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Mar. 31, 2019
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 March 31, 2019 and December 31, 2018, respectively (amounts in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
|  | Carrying Value |  |  | Estimated Fair Value (Level 2) |  |  | Carrying Value |  |  | Estimated Fair Value (Level 2) |
Mortgage notes payable, net |  | $ | 2,671,491 |  |  | $ | 2,646,252 |  |  | $ | 2,385,470 |  |  | $ | 2,352,502 |
Unsecured debt, net |  |  | 6,281,179 |  |  |  | 6,533,696 |  |  |  | 6,432,469 |  |  |  | 6,481,426 |
Total debt, net |  | $ | 8,952,670 |  |  | $ | 9,179,948 |  |  | $ | 8,817,939 |  |  | $ | 8,833,928 |
Summary of Consolidated Derivative Instruments | The following table summarizes the Company’s consolidated derivative instruments at March 31, 2019 (dollar amounts are in thousands):
| Fair Value Hedges (1) |  |  | Forward Starting Swaps (2) |
Current Notional Balance | $ | 450,000 |  |  | $ | 500,000 |
Lowest Interest Rate |  | 2.375 | % |  |  | 2.2665 | %
Highest Interest Rate |  | 2.375 | % |  |  | 3.1163 | %
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. 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 March 31, 2019 and December 31, 2018, respectively (amounts in thousands):
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 3/31/2019 |  |  | 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 |  | $ | 665 |  |  | $ | — |  |  | $ | 665 |  |  | $ | — |
Supplemental Executive Retirement Plan |  | Other Assets |  |  | 142,075 |  |  |  | 142,075 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 142,740 |  |  | $ | 142,075 |  |  | $ | 665 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value Hedges |  | Other Liabilities |  | $ | 1,022 |  |  | $ | — |  |  | $ | 1,022 |  |  | $ | — |
Forward Starting Swaps |  | Other Liabilities |  |  | 22,936 |  |  |  | — |  |  |  | 22,936 |  |  |  | — |
Supplemental Executive Retirement Plan |  | Other Liabilities |  |  | 142,075 |  |  |  | 142,075 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 166,033 |  |  | $ | 142,075 |  |  | $ | 23,958 |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 432,562 |  |  | $ | — |  |  | $ | 432,562 |  |  | $ | — |
|  |  |  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance Sheet Location |  | 12/31/2018 |  |  | 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 |  | $ | 2,000 |  |  | $ | — |  |  | $ | 2,000 |  |  | $ | — |
Supplemental Executive Retirement Plan |  | Other Assets |  |  | 134,088 |  |  |  | 134,088 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 136,088 |  |  | $ | 134,088 |  |  | $ | 2,000 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value Hedges |  | Other Liabilities |  | $ | 2,277 |  |  | $ | — |  |  | $ | 2,277 |  |  | $ | — |
Forward Starting Swaps |  | Other Liabilities |  |  | 9,851 |  |  |  | — |  |  |  | 9,851 |  |  |  | — |
Supplemental Executive Retirement Plan |  | Other Liabilities |  |  | 134,088 |  |  |  | 134,088 |  |  |  | — |  |  |  | — |
Total |  |  |  | $ | 146,216 |  |  | $ | 134,088 |  |  | $ | 12,128 |  |  | $ | — |
Redeemable Noncontrolling Interests – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Partnership/Redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited Partners |  | Mezzanine |  | $ | 379,106 |  |  | $ | — |  |  | $ | 379,106 |  |  | $ | — |
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 quarters ended March 31, 2019 and 2018, respectively (amounts in thousands):
March 31, 2019 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 |  | $ | 1,255 |  |  | Fixed rate debt |  | Interest expense |  | $ | (1,255 | )
Total |  |  |  | $ | 1,255 |  |  |  |  |  |  | $ | (1,255 | )
March 31, 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 |  | $ | (2,289 | ) |  | Fixed rate debt |  | Interest expense |  | $ | 2,289 |
Total |  |  |  | $ | (2,289 | ) |  |  |  |  |  | $ | 2,289 |
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 quarters ended March 31, 2019 and 2018, respectively (amounts in thousands):
|  | Effective Portion |
March 31, 2019 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 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts: |  |  |  |  |  |  |  |  |  |
Forward Starting Swaps |  | $ | (14,420 | ) |  | Interest expense |  | $ | (4,393 | )
Total |  | $ | (14,420 | ) |  |  |  | $ | (4,393 | )
|  | Effective Portion |  |  | Ineffective Portion |
March 31, 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 |  | $ | 6,087 |  |  | Interest expense |  | $ | (4,791 | ) |  | N/A |  | $ | — |
Total |  | $ | 6,087 |  |  |  |  | $ | (4,791 | ) |  |  |  | $ | — |

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- 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
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- 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
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