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Derivative Instruments
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
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. All derivatives are recorded at fair value.
During the year ended December 31, 2016, we entered into interest rate caps with notional amounts totaling $224.5 million and strike rates ranging from 5.43% to 5.78%. These interest rate caps had effective dates from March 2016 to December 2016, maturity dates from March 2017 to December 2017, and total costs of $13,000. These instruments were not designated as cash flow hedges.
During the year ended December 31, 2015, we entered into interest rate caps with notional amounts totaling $139.5 million and strike rates ranging from 2.00% to 4.50%. These interest rate caps had effective dates from March 2015 to December 2015, maturity dates from March 2017 to January 2018 and total costs of $117,000. These instruments were not designated as cash flow hedges. We also entered into two interest rate floors with an aggregate notional amount and strike rate of $3.0 billion and -0.25%, respectively, which had effective dates of July 2015 and maturity dates of July 2020, for a total cost of $3.5 million. The interest rate floors were not designated as cash flow hedges.
As of December 31, 2016, we had interest rate caps with notional amounts totaling $364.0 million and strike rates ranging from 2.00% to 5.78%. These instruments cap the interest rates on our mortgage loans with principal balances of $424.8 million and maturity dates from March 2017 to November 2019. These instruments had maturity dates ranging from March 2017 to January 2018. As of December 31, 2016, we had interest rate floors with notional amounts totaling $3.0 billion and strike rates of -0.25%. These instruments each have a maturity date of July 2020.
Options on Futures Contracts—During the year ended December 31, 2016, we purchased an option on Eurodollar futures for a total cost of $124,000 and a maturity date of June 2017. During the year ended December 31, 2015, we purchased options on Eurodollar futures for total costs of $372,000 and maturity dates ranging from September 2016 to March 2017.