Financial Instruments and Fair Values (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of the Terms of Agreements and Fair Values of Derivative Financial Instruments

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

								December 31, 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	$	—	$	(8,849)	$	—	$	(4,247)
Interest rate swap	125,000		3 Month LIBOR	2.9580	%	July 1, 2019	July 1, 2026	—		—		—		(9,083)
								$	—	$	(8,849)	$	—	$	(13,330)

Summary of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges

The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):    

Effects of Cash Flow Hedges	December 31, 2020		December 31, 2019		December 31, 2018
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(19,322)	$	(21,813)	$	(2,721)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(8,870)		(1,231)		(1,845)

    The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the consolidated statements of income for the years ended December 31, 2020, 2019 and 2018(amounts in thousands):

Effects of Cash Flow Hedges	December 31, 2020		December 31, 2019		December 31, 2018
Total interest (expense) presented on the consolidated statements of income in which the effects of cash flow hedges are recorded	$	(89,907)	$	(79,246)	$	(79,623)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	(8,870)		(1,231)		(1,845)

Schedule of the Aggregate Carrying Value of Debt and Estimates of Fair Value

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

	December 31, 2020
	Carrying Value		Estimated Fair Value
			Total		Level 1		Level 2		Level 3
Interest rate swaps included in accounts payable and accrued expenses	$	8,849	$	8,849	$	—	$	8,849	$	—
Mortgage notes payable	775,929		808,294		—		—		808,294
Senior unsecured notes - Series A, B, C, D, E, F, G and H	973,159		1,039,857		—		—		1,039,857
Unsecured term loan facilities	387,561		390,000		—		—		390,000

	December 31, 2019
	Carrying Value	Estimated Fair 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