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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of fair value of the Company's derivative financial instruments
The following table summarizes certain terms of the Company's derivative contracts:
 
 
 
 
 
 
 
 
Fixed
 
 
 
 
 
Fair Value Asset (Liability)
 
 
 
 
 
 
 
 
Interest
 
Effective
 
Maturity
 
March 31,
 
December 31,
(In thousands)
 
 
 
Balance Sheet Location
 
Notional
 
Rate
 
Date
 
Date
 
2018
 
2017
Currently-paying contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swap
 
(a)
 
Accounts payable and accrued expenses
 
$
18,926

 
2.96
%
 
5/10/2011
 
10/31/2019
 
$
—

 
$
(286
)
Interest Rate Swap
 
(b)
 
Prepaid expenses and other assets, net
 
40,000

 
1.66
%
 
5/6/2015
 
5/1/2020
 
571

 
299

Interest Rate Swap
 
(b)
 
Prepaid expenses and other assets, net
 
119,359

 
1.14
%
 
10/3/2016
 
9/12/2021
 
5,313

 
4,007

Interest Rate Cap
 
(c)
 
Prepaid expenses and other assets, net
 
75,000

 
5.00
%
 
9/1/2017
 
8/31/2019
 
6

 
—

Interest Rate Cap
 
(d)
 
Prepaid expenses and other assets, net
 
230,000

 
2.50
%
 
12/22/2016
 
12/23/2019
 
469

 
164

Interest Rate Swap
 
(b)
 
Prepaid expenses and other assets, net
 
50,000

 
2.65
%
 
12/31/2017
 
12/31/2027
 
541

 
(1,124
)
Interest Rate Swap
 
(b)
 
Prepaid expenses and other assets, net
 
100,000

 
2.68
%
 
12/31/2017
 
12/31/2027
 
830

 
(2,509
)
Interest Rate Swap
 
(b)
 
Prepaid expenses and other assets, net
 
100,000

 
2.62
%
 
12/31/2017
 
12/31/2027
 
1,281

 
(2,042
)
Total fair value derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
$
9,011

 
$
4,470

Total fair value derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
$
—

 
$
(5,961
)
 
(a)
On January 19, 2018 HHC repaid in full the $18.9 million mortgage loan for 110 North Wacker and settled the related swap liability of $0.3 million.
(b)
Denotes derivatives designated as hedging instruments.
(c)
Denotes a derivative contract that is not currently designated as a hedging instrument. Interest (income) expense included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 related to this contract is not material.  
(d)
Denotes a derivative contract that is not currently designated as a hedging instrument. Interest (income) expense of 0.3 million is included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 related to this contract.
Summary of effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations
The tables below present the effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017:
 
 
Amount of Loss Recognized
 
 
in AOCI on Derivative
(In thousands)
 
Three Months Ended
Derivatives in Cash Flow Hedging Relationships
 
2018
 
2017
Interest rate swaps
 
$
8,261

 
$
235

 
 
 
Amount of Loss Reclassified from
 
 
AOCI into Operations
(In thousands)
 
Three Months Ended March 31,
Location of Loss Reclassified from AOCI into Operations
 
2018
 
2017
Interest expense
 
$
(216
)
 
$
198


 
 
Total Interest Expense Presented
 
 
in the Results of Operations in which
 
 
the Effects of Cash Flow Hedges are Recorded
(In thousands)
 
Three Months Ended March 31,
Interest Expense Presented in Results of Operations

 
2018
 
2017
Interest expense
 
$
16,609

 
$
17,858