XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.2

Financial Instruments and Fair Values (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019 (dollar amounts in thousands):     

										September 30, 2020							December 31, 2019
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		$	—		$	(10,222	)		$	—		$	(4,247	)
Interest rate swap		125,000			3 Month LIBOR	2.9580%	July 1, 2019	N/A		—			—				—			(9,083		)
										$	—		$	(10,222	)		$	—		$	(13,330	)

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, 2020 and 2019 (amounts in thousands):    

		Three Months Ended								Nine Months Ended
Effects of Cash Flow Hedges		September 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Amount of gain (loss) recognized in other comprehensive income (loss)		$	64			$	(6,256	)		$	(19,340	)		$	(25,992	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense		(2,873		)		(319		)		(5,986		)		(637		)

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands):

		Three Months Ended								Nine Months Ended
Effects of Cash Flow Hedges		September 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Total interest (expense) presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded		$	(23,360	)		$	(19,426	)		$	(66,906	)		$	(60,712	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense		(2,873		)		(319		)		(5,986		)		(637		)

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, 2020 and December 31, 2019 (amounts in thousands):

	September 30, 2020
					Estimated Fair Value
	Carrying Value				Total				Level 1				Level 2				Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	10,222			$	10,222			$	—			$	10,222			$	—
Mortgage notes payable	603,178				636,032				—				—				636,032
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,106				1,055,971				—				—				1,055,971
Unsecured term loan facilities	387,309				390,000				—				—				390,000

	December 31, 2019
					Estimated Fair Value
	Carrying Value				Total				Level 1				Level 2				Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	13,330			$	13,330			$	—			$	13,330			$	—
Mortgage notes payable	605,542				629,609				—				—				629,609
Senior unsecured notes - Series A, B, C, D, E and F	798,392				843,394				—				—				843,394
Unsecured term loan facility	264,640				265,000				—				—				265,000

X

- 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=121572278&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=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&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=121590274&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=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration