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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of interest rate swap instruments
The table below summarizes our interest rate swap instruments as of March 31, 2017:
Agreement Date
 
Forward
Effective Date
 
Maturity Date
 
Strike Rate
 
Index
 
Notional Amount
December 21, 2016
 
February 28, 2017
 
January 31, 2022
 
1.97%
 
One-month LIBOR
 
$
750,000

December 21, 2016
 
February 28, 2017
 
January 31, 2022
 
1.97%
 
One-month LIBOR
 
750,000

January 12, 2017
 
February 28, 2017
 
August 7, 2020
 
1.59%
 
One-month LIBOR
 
1,100,000

January 13, 2017
 
February 28, 2017
 
June 9, 2020
 
1.63%
 
One-month LIBOR
 
595,000

January 20, 2017
 
February 28, 2017
 
March 9, 2020
 
1.60%
 
One-month LIBOR
 
325,000
Summary of derivative financial instruments, fair value and location in condensed consolidated balance sheets
The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016:
 
 
Asset Derivatives
 
Liability Derivatives
 
 
 
 
Fair Value at:
 
 
 
Fair Value at:
 
 
Balance
Sheet Location
 
March 31,
2017
 
December 31,
2016
 
Balance
Sheet Location
 
March 31,
2017
 
December 31,
2016
Derivatives designated as
hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Other
assets
 
$
5,907

 
$
—

 
Other
liabilities
 
$
4,775

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as
hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Other
assets
 
—

 
—

 
Other
liabilities
 
—

 
8,683

Interest rate caps
 
Other
assets
 
11

 
29

 
Other
liabilities
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
$
5,918

 
$
29

 
 
 
$
4,775

 
$
8,683
Summary of effect of derivative financial instruments on condensed consolidated statements of operations - derivative instruments not-designated as hedging instruments
The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016:
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of (Gain) Loss Reclassified from Accumulated OCI into Net Loss (Effective Portion)
 
Amount of (Gain) Loss Reclassified from Accumulated OCI into Net Loss (Effective Portion)
 
Location of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)
 
 
For the Three Months Ended
March 31,
 
 
 
For the Three Months Ended
March 31,
 
 
 
For the Three Months Ended
March 31,
 
 
2017
 
2016
 
 
 
2017
 
2016
 
 
 
2017
 
2016
Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
10,561

 
$
—

 
Interest
expense
 
$
(2,711
)
 
$
—

 
Interest
expense
 
$
1

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
10,561

 
$
—

 
 
 
$
(2,711
)
 
$
—

 
 
 
$
1

 
$
—

 
 
Location of Gain (Loss) Recognized in Net Loss on Derivative
 
Amount of Gain (Loss) Recognized in Net Loss on Derivative
 
 
 
 
For the Three Months Ended
March 31,
 
 
 
 
2017
 
2016
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
Interest rate swaps
 
Interest expense
 
(3,674
)
 
—

Interest rate caps
 
Interest expense
 
$
(78
)
 
$
—

 
 
 
 
 
 
 
Total
 
 
 
$
(3,752
)
 
$
—