Financial Instruments and Fair Values (Tables)

6 Months Ended

Jun. 30, 2020

Summary of the terms of the agreement and the fair value of derivative financial instrument

The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of June 30, 2020 and December 31, 2019 (dollar amounts in thousands):



							June 30, 2020					December 31, 2019
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	$	—	$	(11,629	)	$	—	$	(4,247	)
Interest rate swap	125,000		3 Month LIBOR	2.9580%	July 1, 2019	N/A	—		—			—		(9,083		)
							$	—	$	(11,629	)	$	—	$	(13,330	)

Effect of our 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 and six months ended June 30, 2020 and 2019 (amounts in thousands):



	Three Months Ended						Six Months Ended
Effects of Cash Flow Hedges	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(1,709	)	$	(12,346	)	$	(19,404	)	$	(19,736	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(2,317		)	(169		)	(3,113		)	(318		)

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 and six months ended June 30, 2020 and 2019 (amounts in thousands):



	Three Months Ended						Six Months Ended
Effects of Cash Flow Hedges	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Total interest (expense) presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(23,928	)	$	(20,597	)	$	(43,546	)	$	(41,286	)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(2,317		)	(169		)	(3,113		)	(318		)

Summary carrying and estimated fair values of our financial instruments

The following tables summarize the carrying and estimated fair values of our financial instruments as of June 30, 2020 and December 31, 2019 (amounts in thousands):



	June 30, 2020
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	11,629	$	11,629	$	—	$	11,629	$	—
Mortgage notes payable	603,974		639,139		—		—		639,139
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,053		1,046,127		—		—		1,046,127
Unsecured term loan facilities	387,059		390,000		—		—		390,000
Unsecured revolving credit facility	546,778		550,000		—		—		550,000



	December 31, 2019
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	13,330	$	13,330	$	—	$	13,330	$	—
Mortgage notes payable	605,542		629,609		—		—		629,609
Senior unsecured notes - Series A, B, C, D, E and F	798,392		843,394		—		—		843,394
Unsecured term loan facility	264,640		265,000		—		—		265,000