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Interest Rate Derivatives | 3 Months Ended
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Mar. 31, 2018
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 of interest rate risk (dollars in thousands):
|  |  |  |  |  |  |  |  |  | Fair Value at
Notional Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date |  | March 31, 2018 |  | December 31, 2017
$ | 100,000 |  |  | 1.7300% |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019 |  | $ | 662 |  |  | $ | 252 |
13,121 |  | (1) | 1.3900% |  | One-Month LIBOR |  | 10/13/2015 |  | 10/1/2020 |  | 312 |  |  | 213 |
100,000 |  |  | 1.9013% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 2,794 |  |  | 1,046 |
100,000 |  |  | 1.9050% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 2,808 |  |  | 1,051 |
50,000 |  |  | 1.9079% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 1,384 |  |  | 511 |
|  |  |  |  |  |  |  |  |  |  | $ | 7,960 |  |  | $ | 3,073 |
(1) The notional amount of this instrument is scheduled to amortize to $12.1 million. 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
Derivatives |  | Balance Sheet Location |  | March 31, 2018 |  | December 31, 2017
Interest rate swaps designated as cash flow hedges |  | Prepaid expenses and other assets, net |  | $ | 7,960 |  |  | $ | 3,073 |
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
|  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  |  |  | Amount of Gain (Loss) Reclassified from AOCI into Income
|  | For the Three Months Ended March 31, |  |  |  | For the Three Months Ended March 31,
Derivatives in Hedging Relationships |  | 2018 |  | 2017 |  | Statement of Operations Location |  | 2018 |  | 2017
Interest rate derivatives |  | $ | 4,676 |  |  | $ | 224 |  |  | Interest expense |  | $ | (245 | ) |  | $ | (1,184 | )
Over the next 12 months, we estimate that approximately $942,000 of gains will be reclassified from AOCI as a decrease 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 March 31, 2018, we did not have any derivatives in liability positions. As of March 31, 2018, 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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