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Derivative Instruments
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging
Derivative Instruments
Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives include interest rate caps and interest rate floors, which are subject to master netting settlement arrangements. As of March 31, 2016, the maturities on these instruments ranged from December 2016 to July 2020. All derivatives are recorded at fair value.
In March 2016, concurrent with the extension of our $80.0 million mortgage loan, we extended our existing interest rate cap with a notional amount of $80.0 million, maturity date of March 2017 and a strike rate of 5.78% for a total cost of $4,500. This instrument was not designated as a cash flow hedge.
In 2015, we entered into interest rate caps with notional amounts totaling $139.5 million and strike rates ranging from 2.0% to 4.50%. These interest rate caps had effective dates from March 2015 to December 2015, and maturity dates from March 2017 to January 2018, for a total cost of $117,000. These instruments were not designated as cash flow hedges. These instruments cap the interest rates on our mortgage loans with principal balances of $152.0 million and maturity dates from March 2017 to December 2017. We also entered into interest rate floors with a total notional amount of $3.0 billion and strike rates of -0.25%. These interest rate floors had effective dates of July 2015 and maturity dates of July 2020, for a total cost of $3.5 million.
Options on Futures Contracts—In March 2016, we purchased an option on Eurodollar futures for upfront costs of $124,000, including commissions of $10,000, and maturity date of June 2017. In 2015, we purchased options on Eurodollar futures for upfront costs of $372,000, including commissions of $60,000, and maturity dates ranging from September 2016 to March 2017.