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Financial Instruments and Fair Values (Tables) | 9 Months Ended
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Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 (dollar amounts in thousands):
|  |  |  | September 30, 2018 |  | December 31, 2017
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 |  | $ | 7,300 |  | $ | — |  |  | $ | — |  | $ | (436 | )
Interest rate swap |  | 125,000 |  | 3 Month LIBOR | 2.9580% | July 1, 2019 | July 1, 2026 |  | 1,316 |  | — |  |  | — |  | — |
Interest rate swap |  | 125,000 |  | 3 Month LIBOR | 2.9580% | July 1, 2019 | July 1, 2026 |  | 1,328 |  | — |  |  | — |  | — |
|  |  |  |  |  |  |  | $ | 9,944 |  | $ | — |  |  | $ | — |  | $ | (436 | )
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 on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):
|  | Three Months Ended |  | Nine Months Ended
Effects of Cash Flow Hedges |  | September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
Amount of gain (loss) recognized in other comprehensive income (loss) |  | $ | 3,884 |  |  | $ | (1,638 | ) |  | $ | 9,827 |  |  | $ | (14,654 | )
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense |  | (427 | ) |  | (359 | ) |  | (1,562 | ) |  | (402 | )
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of income for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):
|  | Three Months Ended |  | Nine Months Ended
Effects of Cash Flow Hedges |  | September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
Total interest (expense) presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | (20,658 | ) |  | $ | (16,890 | ) |  | $ | (58,774 | ) |  | $ | (52,109 | )
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense |  | (427 | ) |  | (359 | ) |  | (1,562 | ) |  | (402 | )
Summary of the Carrying and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying and estimated fair values of our financial instruments as of September 30, 2018 and December 31, 2017 (amounts in thousands):
| September 30, 2018
|  |  | Estimated Fair Value
| Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in prepaid expenses and other assets | $ | 9,944 |  |  | $ | 9,944 |  |  | $ | — |  |  | $ | 9,944 |  |  | $ | — |
Interest rate swaps included in accounts payable and accrued expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage notes payable | 609,299 |  |  | 574,238 |  |  | — |  |  | — |  |  | 574,238 |
Senior unsecured notes - Exchangeable | 247,114 |  |  | 251,563 |  |  | — |  |  | 251,563 |  |  | — |
Senior unsecured notes - Series A, B, C, D, E and F | 798,248 |  |  | 773,375 |  |  | — |  |  | — |  |  | 773,375 |
Unsecured term loan facility | 264,023 |  |  | 265,000 |  |  | — |  |  | — |  |  | 265,000 |
| December 31, 2017
|  |  | Estimated Fair Value
| Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in prepaid expenses and other assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps included in accounts payable and accrued expenses | 436 |  |  | 436 |  |  | — |  |  | 436 |  |  | — |
Mortgage notes payable | 717,164 |  |  | 707,300 |  |  | — |  |  | — |  |  | 707,300 |
Senior unsecured notes - Exchangeable | 244,739 |  |  | 275,723 |  |  | — |  |  | 275,723 |  |  | — |
Senior unsecured notes - Series A, B, C and D | 463,156 |  |  | 460,352 |  |  | — |  |  | — |  |  | 460,352 |
Unsecured term loan facility | 263,662 |  |  | 265,000 |  |  | — |  |  | — |  |  | 265,000 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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