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Financial Instruments and Fair Values (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of the Terms of Agreements and the Fair Value of Derivative Financial Instruments
The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2017 and December 31, 2016 (dollar amounts in thousands):     
 
 
As of June 30, 2017
 
June 30, 2017
 
December 31, 2016
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
 
$
—

$
(3,338
)
 
$
—

$
(1,634
)
Interest rate swap (1)
 
100,000

3 Month LIBOR
2.5050%
July 5, 2017
July 5, 2027
 
—

—

 
—

(684
)
Interest rate swap (1) (2)
 
80,000

3 Month LIBOR
2.5050%
July 5, 2017
July 5, 2027
 
—

—

 
—

(685
)
Interest rate swap
 
100,000

3 Month LIBOR
2.4860%
January 5, 2018
January 5, 2028
 
—

(1,207
)
 
224

—

Interest rate swap
 
100,000

3 Month LIBOR
2.4860%
January 5, 2018
January 5, 2028
 
—

(1,207
)
 
223

—

Interest rate swap
 
75,000

3 Month LIBOR
2.4860%
January 5, 2018
January 5, 2028
 
—

(905
)
 
167

—

Interest rate swap
 
75,000

3 Month LIBOR
2.7620%
June 1, 2018
June 1, 2028
 
—

(2,387
)
 
—

(1,295
)
Interest rate swap
 
75,000

3 Month LIBOR
2.7620%
June 1, 2018
June 1, 2028
 
—

(2,386
)
 
—

(1,293
)
Interest rate swap
 
100,000

3 Month LIBOR
2.4625%
June 1, 2018
June 1, 2028
 
—

(517
)
 
—

—

 
 
 
 
 
 
 
 
$
—

$
(11,947
)
 
$
614

$
(5,591
)
(1)
During June 2017, these swaps aggregating $180.0 million were terminated in connection with the refinancing of several of our mortgage debt (see Note 4 Debt). As of June 30, 2017, the deferred net losses from these terminated hedges amounted to $6.0 million which is included in accumulated other comprehensive loss relating to net unrealized loss from derivative financial instruments.
(2)
During March 2017, $20.0 million of an original notional amount of $100.0 million was terminated. In connection with the partial termination and re-designation of the related cash flow hedges, $0.3 million is recognized as a loss from derivative financial instruments and included in Other Expense on the condensed consolidated statement of income for the six months ended June 30, 2017. There was no loss from derivative financial instruments for the three and six months ended June 30, 2016.
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 and six months ended June 30, 2017 and 2016 (amounts in thousan
Summary of the Carrying and Estimated Fair Values of Financial Instruments
s.

The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2017 and December 31, 2016 (amounts in thousands)