Financial Instruments and Fair Values (Tables)

12 Months Ended

Dec. 31, 2015

Summary of the Terms of Agreements and Fair Values of Derivative Financial Instruments

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of December 31, 2015 and 2014 (dollar amounts in thousands):



	As of December 31, 2015							December 31, 2015					December 31, 2014
Derivative	Notional Amount		Receive Rate	Pay Rate		Effective Date	Expiration Date	Asset		Liability			Asset		Liability
Interest rate swap	$	265,000	1 Month LIBOR	2.1485	%	August 31, 2017	August 24, 2022	$	—	$	(1,620	)	$	—	$	—
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(148		)	—		—
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(154		)	—		—
								$	—	$	(1,922	)	$	—	$	—

Summary of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges

The table below shows the effect of our derivative financial instruments designated as cash flow hedges for the years ended December 31, 2015 and 2014 (amounts in thousands):



Effects of Cash Flow Hedges	December 31, 2015			December 31, 2014
Amount of gain loss) recognized in other comprehensive income (loss) - effective portion	$	(1,922	)	—
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense - effective portion	—			—
Amount of gain (loss) recognized in other Income/expense - ineffective portion	—			—

Schedule of the Aggregate Carrying Value of Debt and Estimates of Fair Value

The following tables summarize the carrying and estimated fair values of our financial instruments as of December 31, 2015 and 2014 (amounts in thousands):



	December 31, 2015
	Carrying Value		Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	1,922	$	1,922	$	—	$	1,922	$	—
Mortgage notes payable	747,661		752,350		—		—		752,350
Senior unsecured notes - exchangeable	238,208		251,391		—		—		251,391
Senior unsecured notes - Series A, B, and C	348,810		344,501		—		—		344,501
Unsecured revolving credit facility	35,192		40,000		—		—		40,000
Unsecured term loan facility	262,545		265,000		—		—		265,000



	December 31, 2014
	Carrying Value		Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Mortgage notes payable	$	898,998	$	912,365	$	—	$	—	$	912,365
Senior unsecured notes - exchangeable	234,980		253,469		—		—		253,469
Term loan and credit facility	464,676		470,000		—		—		470,000