Fair Value Measures and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Summary of Critical Assumptions

The following table represents critical assumptions used and the ranges for those assumptions:

Going-in cap rate	4.8% - 6.2%
Terminal cap rate	5.2% - 6.8%
Discount rate	5.5% - 10.7%
Growth rate revenues	1.6% - 3.3%
Growth rate operating costs	1.6% - 3.3%

Schedule of Outstanding Interest Rate Derivatives

As of December 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands):

Product	Number of Instruments		Notional
Interest rate caps		15	$	259,659

As of December 31, 2015, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands):

Product	Number of Instruments		Notional
Interest rate caps		21	$	318,687

Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the combined consolidated balance sheets as of December 31, 2015 and 2014 (in thousands):

	Asset Derivative					Liability Derivative
	Balance Sheet Location	December31, 2015		December 31, 2014		Balance Sheet Location	December 31, 2015		December 31, 2014
Derivatives designated as hedging instruments:
Interest rate caps	Other assets		61		263	Otherliabilities		—		—
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets		6		195	Other liabilities		—		—
Total			67		458			—		—

Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss

The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive loss for the years ended December 31, 2015 and 2014 (in thousands):

	Amount of gain (loss) recognized in OCI on derivative (effective portion)						Location of gain (loss) reclassified from accumulated OCI into income	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)					Location of gain (loss) recognized in income on derivative	Amount of gain (loss) recognized in income on derivative (ineffective portion)
	2015			2014			(effective portion)	2015			2014		(ineffective portion)	2015		2014
Derivatives designated as hedging    instruments:
For the year ended December 31,
Interest rate caps		(391	)		(306	)	Interest expense		(97	)		—	Interest expense		—		—

		Amount of gain (loss) recognized in income
	Location of gain (loss) recognized in income	2015			2014
Derivatives not designated as hedging    instruments:
For the year ended December 31,
Interest rate caps	Interest expense		(286	)		(759	)