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Financial Instruments and Fair Values (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (dollar amounts in thousands):     

																								March 31, 2021									December 31, 2020
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						$	—		$	(7,450)					$	—		$	(8,849)

Effect of Derivative Financial Instruments Designated as Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss)

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 months ended March 31, 2021 and 2020 (amounts in thousands):    

												Three Months Ended
Effects of Cash Flow Hedges																		March 31, 2021						March 31, 2020
Amount of gain (loss) recognized in other comprehensive income (loss)																		$	59					$	(17,695)
Amount of gain (loss) reclassified from accumulated other comprehensive (loss) into interest expense																		(2,869)						(796)

    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 months ended March 31, 2021 and 2020 (amounts in thousands):

												Three Months Ended
Effects of Cash Flow Hedges																		March 31, 2021						March 31, 2020
Total interest (expense) presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded																		$	(23,554)					$	(19,618)
Amount of gain (loss) reclassified from accumulated other comprehensive (loss) into interest expense																		(2,869)						(796)

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 March 31, 2021 and December 31, 2020 (amounts in thousands):

			March 31, 2021
									Estimated Fair Value
			Carrying Value						Total						Level 1						Level 2						Level 3
Interest rate swap included in accounts payable and accrued expenses			$	7,450					$	7,450					$	—					$	7,450					$	—
Mortgage notes payable			775,276						772,147						—						—						772,147
Senior unsecured notes - Series A, B, C, D, E, F, G and H			973,214						986,839						—						—						986,839
Unsecured term loan facilities			387,811						390,000						—						—						390,000

			December 31, 2020
									Estimated Fair Value
			Carrying Value						Total						Level 1						Level 2						Level 3
Interest rate swap included in accounts payable and accrued expenses			$	8,849					$	8,849					$	—					$	8,849					$	—
Mortgage notes payable			775,929						808,294						—						—						808,294
Senior unsecured notes - Series A, B, C, D, E, F, G and H			973,159						1,039,857						—						—						1,039,857
Unsecured term loan facilities			387,561						390,000						—						—						390,000

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

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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=121590274&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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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=121590274&loc=SL5624163-113959

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