Financial Instruments and Fair Values (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of 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 March 31, 2016 and December 31, 2015 (dollar amounts in thousands):



	As of March 31, 2016							March 31, 2016					December 31, 2015
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	$	—	$	(9,295	)	$	—	$	(1,620	)
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(5,998		)	—		(148		)
Interest rate swap	100,000		3 Month LIBOR	2.5050	%	July 5, 2017	July 5, 2027	—		(6,001		)	—		(154		)
								$	—	$	(21,294	)	$	—	$	(1,922	)

Schedule 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 three months ended March 31, 2016 and 2015 (amounts in thousands):



Effects of Cash Flow Hedges	Three Months Ended March 31, 2016			Three Months Ended March 31, 2015
Amount of gain (loss) recognized in other comprehensive income (loss) - effective portion	$	(19,371	)	$	—
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 estimated fair values as of our financial instruments as of March 31, 2016 and December 31, 2015 (amounts in thousands):



	March 31, 2016
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	21,294	$	21,294	$	—	$	21,294	$	—
Mortgage notes payable	772,015		780,126		—		—		780,126
Senior unsecured notes - Exchangeable	239,025		251,669		—		—		251,669
Senior unsecured notes - Series A, B, and C	348,836		360,602		—		—		360,602
Unsecured term loan facility	262,640		265,000		—		—		265,000
Unsecured revolving credit facility	—		—		—		—		—



	December 31, 2015
	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 term loan facility	262,545		265,000		—		—		265,000
Unsecured revolving credit facility	35,192		40,000		—		—		40,000