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Derivatives and Hedging | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging As of September 30, 2016 and December 31, 2015, the Company had entered into the following interest rate swaps (in thousands):
|  | Notional value at |  |  |  |  |  | Fair value at
Hedge type |  | September 30, 2016 |  | December 31, 2015 |  | Interest rate |  | Maturity |  | September 30, 2016 |  | December 31, 2015
Swap-cash flow |  | $ | 275,000 |  |  | $ | 275,000 |  |  | 1.12% |  | November 2017 |  | $ | (1,467 | ) |  | $ | (1,014 | )
Swap-cash flow |  | 175,000 |  |  | 175,000 |  |  | 1.56% |  | March 2018 |  | (2,254 | ) |  | (2,190 | )
Swap-cash flow |  | 175,000 |  |  | 175,000 |  |  | 1.64% |  | March 2018 |  | (2,447 | ) |  | (2,478 | )
Swap-cash flow |  | 16,170 |  |  | 16,418 |  |  | 1.83% |  | September 2018 |  | (348 | ) |  | (312 | )
Swap-cash flow |  | 16,170 |  |  | 16,418 |  |  | 1.75% |  | September 2018 |  | (324 | ) |  | (279 | )
Swap-cash flow |  | 39,690 |  |  | 40,298 |  |  | 1.83% |  | September 2018 |  | (854 | ) |  | (765 | )
Swap-cash flow |  | 40,670 |  |  | 41,292 |  |  | 1.75% |  | September 2018 |  | (814 | ) |  | (701 | )
Swap-cash flow |  | 17,640 |  |  | 17,910 |  |  | 1.83% |  | September 2018 |  | (380 | ) |  | (340 | )
Swap-cash flow |  | 16,660 |  |  | 16,915 |  |  | 1.75% |  | September 2018 |  | (334 | ) |  | (287 | )
Swap-cash flow |  | 125,000 |  |  | 125,000 |  |  | 2.02% |  | March 2019 |  | (3,838 | ) |  | (3,186 | )
Swap-cash flow |  | 100,000 |  |  | 100,000 |  |  | 1.94% |  | March 2019 |  | (2,884 | ) |  | (2,308 | )
Swap-cash flow |  | 125,000 |  |  | 125,000 |  |  | 1.27% |  | March 2019 |  | (1,495 | ) |  | (115 | )
Swap-cash flow (1) |  | 100,000 |  |  | 100,000 |  |  | 1.96% |  | March 2019 |  | (1,391 | ) |  | (321 | )
Swap-cash flow (1) |  | 50,000 |  |  | 50,000 |  |  | 1.85% |  | March 2019 |  | (621 | ) |  | (87 | )
Swap-cash flow (1) |  | 50,000 |  |  | 50,000 |  |  | 1.81% |  | March 2019 |  | (596 | ) |  | (62 | )
Swap-cash flow (1) |  | 25,000 |  |  | 25,000 |  |  | 1.74% |  | March 2019 |  | (276 | ) |  | (9 | )
Swap-cash flow (2) |  | 33,000 |  |  | 33,000 |  |  | 1.80% |  | September 2020 |  | (449 | ) |  | 98 |
Swap-cash flow (2) |  | 82,000 |  |  | 82,000 |  |  | 1.80% |  | September 2020 |  | (1,115 | ) |  | 245 |
Swap-cash flow (2) |  | 35,000 |  |  | 35,000 |  |  | 1.80% |  | September 2020 |  | (476 | ) |  | 104 |
Swap-cash flow |  | 143,000 |  |  | 143,000 |  |  | 1.81% |  | October 2020 |  | (5,306 | ) |  | (2,196 | )
Swap-cash flow (3) |  | 100,000 |  |  | — |  |  | 1.15% |  | April 2021 |  | (272 | ) |  | — |
Swap-cash flow |  | 50,000 |  |  | 50,000 |  |  | 1.61% |  | June 2021 |  | (1,568 | ) |  | (97 | )
Swap-cash flow |  | 50,000 |  |  | 50,000 |  |  | 1.56% |  | June 2021 |  | (1,433 | ) |  | 59 |
Swap-cash flow |  | 50,000 |  |  | 50,000 |  |  | 1.71% |  | June 2021 |  | (1,804 | ) |  | (361 | )
|  | $ | 1,890,000 |  |  | $ | 1,792,251 |  |  |  |  |  |  | $ | (32,746 | ) |  | $ | (16,602 | )
(1) | Effective between the maturity of the existing swap in November 2017 and the maturity of the debt in March 2019.
(2) | Effective between the maturity of the existing swaps in September 2018 and September 2020.
(3) | Effective between the maturity of the existing swaps in March 2018 and the maturity of the debt in April 2021.
At September 30, 2016 and December 31, 2015, the aggregate fair value of the interest rate swap liabilities of $32.7 million and $17.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. At December 31, 2015, the aggregate fair value of the interest rate swap assets of $0.5 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2016 and December 31, 2015, there was approximately $32.7 million and $16.6 million, respectively, in unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the three and nine month periods ended September 30, 2016 and 2015. For the three and nine months ended September 30, 2016, approximately $4.0 million and $12.3 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the three and nine months ended September 30, 2015, approximately $5.0 million and $13.3 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $13.2 million of the net unrealized losses included in accumulated other comprehensive loss at September 30, 2016 is expected to be reclassified into interest expense within the next 12 months.

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