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Derivatives and Hedging Activity (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding interest rate derivatives

As of September 30, 2014, 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		14		$	419,787
Interest rate caps		6		$	339,488

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no adjustment to earnings for the three and nine months ended September 30, 2014 and a gain/(loss) of $280,000 and $275,000 for the three and nine months ended September 30, 2013, respectively.

As of September 30, 2014, the Company did not have any outstanding derivatives that were not designated as hedges in qualifying hedging relationships.

Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (dollars in thousands):

	Asset Derivatives										Liability Derivatives
			Fair Value at:										Fair Value at:
	Balance Sheet Location		September 30, 2014				December 31, 2013				Balance Sheet Location		September 30, 2014				December 31, 2013
Derivatives designated as hedging instruments:
Interest rate products	Other assets		$	299			—				Other liabilities		$	2,382			4,965
Derivatives not designated as hedging instruments:
Interest rate products	Other assets		$	—			$	—			Other liabilities		$	—			$	—

Effect of Company's derivative financial instruments on Consolidated Statements of Operation

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):

		Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)								Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships		2014				2013						2014				2013						2014				2013
For the Three Months Ended September 30,
Interest rate products		$	362			$	(386	)		Interest expense		$	(1,130	)		$	(1,635	)		Interest expense		$	—			$	—
For the Nine Months Ended September 30,
Interest rate products		$	611			$	(334	)		Interest expense		$	(3,809	)		$	(5,180	)		Interest expense		$	3			$	—

Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations

Derivatives Not Designated as Hedging Instruments		Location of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative
				2014				2013
For the Three Months Ended September 30,
Interest rate products		Interest and other income/(loss), net		$	—			$	280
For the Nine Months Ended September 30,
Interest rate products		Interest and other income/(loss), net		$	—			$	275

Offsetting Assets [Table Text Block]

Offsetting of Derivative Assets
														Gross Amounts Not Offset in the Consolidated Balance Sheets
		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Consolidated Balance Sheets				Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)				Financial Instruments				Cash Collateral Received				Net Amount
September 30, 2014		$	299			$	—			$	299			$	(253	)		$	—			$	46
December 31, 2013		$	—			$	—			$	—			$	—			$	—			$	—

(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.

Offsetting Liabilities [Table Text Block]

Offsetting of Derivative Liabilities
														Gross Amounts Not Offset in the Consolidated Balance Sheets
		Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Consolidated Balance Sheets				Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)				Financial Instruments				Cash Collateral Posted				Net Amount
September 30, 2014		$	2,382			$	—			$	2,382			$	(253	)		$	—			$	2,129
December 31, 2013		$	4,965			$	—			$	4,965			$	—			$	—			$	4,965

(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.

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