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Interest Rate Derivatives | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Derivatives | Interest Rate Derivatives The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge (dollars in thousands):
|  |  |  |  |  |  |  |  |  | Fair Value at
Notional |  |  |  |  |  | Effective |  | Expiration |  | December 31,
Amount |  | Fixed Rate |  | Floating Rate Index |  | Date |  | Date |  | 2017 |  | 2016
$ | 100,000 |  |  | 1.7300 | % |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019 |  | $ | 252 |  |  | $ | (848 | )
13,217 |  | (1) | 1.3900 | % |  | One-Month LIBOR |  | 10/13/2015 |  | 10/1/2020 |  | 213 |  |  | 100 |
100,000 |  |  | 1.9013 | % |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 1,046 |  |  | (23 | )
100,000 |  |  | 1.9050 | % |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 1,051 |  |  | 48 |
50,000 |  |  | 1.9079 | % |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 511 |  |  | 10 |
100,000 |  | (2) | 1.6730 | % |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019 |  | — |  |  | (701 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | 3,073 |  |  | $ | (1,414 | )
(1) The notional amount of this instrument is scheduled to amortize to $12.1 million. (2) We cash settled this derivative and interest accrued thereon for $460,000 on May 1, 2017. Since the hedged transactions associated with this derivative were still probable to occur as of the settlement date, amounts in accumulated other comprehensive loss (“AOCL”) associated with this derivative will be reclassified to interest expense through August 2019. The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
|  |  |  | Fair Value at
|  |  |  | December 31,
Derivatives |  | Balance Sheet Location |  | 2017 |  | 2016
Interest rate swaps designated as cash flow hedges |  | Prepaid expenses and other assets |  | $ | 3,073 |  |  | $ | 158 |
Interest rate swaps designated as cash flow hedges |  | Other liabilities |  | — |  |  | (1,572 | )
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015
Unrealized gain (loss) recognized in AOCL (effective portion) | $ | 684 |  |  | $ | (2,915 | ) |  | $ | (4,739 | )
Loss reclassified from AOCL into interest expense (effective portion) | (3,216 | ) |  | (4,230 | ) |  | (3,599 | )
Gain (loss) on derivatives recognized in interest expense (ineffective portion) | 323 |  |  | 378 |  |  | (386 | )
Loss reclassified from AOCL into interest expense (ineffective portion) (1) | (88 | ) |  | — |  |  | — |
(1) Represents a loss recognized on certain interest rate swaps from the accelerated reclassification of amounts in AOCL on May 1, 2017, when we concluded that hedged forecasted transactions were probable not to occur. Over the next 12 months, we estimate that approximately $460,000 of losses will be reclassified from AOCL as an increase to interest expense. We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. We are not in default with any of these provisions. As of December 31, 2017, we did not have any derivatives in liability positions. As of December 31, 2017, we had not posted any collateral related to these agreements.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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