Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of interest rate swap instruments

The table below summarizes our interest rate swap instruments as ofSeptember 30, 2018:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
December 21, 2016	February 28, 2017	January 31, 2022	1.97%	One-month LIBOR	$	750,000
December 21, 2016	February 28, 2017	January 31, 2022	1.97%	One-month LIBOR	750,000
January 12, 2017	February 28, 2017	August 7, 2020	1.59%	One-month LIBOR	1,100,000
January 13, 2017	February 28, 2017	June 9, 2020	1.63%	One-month LIBOR	595,000
January 20, 2017	February 28, 2017	March 9, 2020	1.60%	One-month LIBOR	325,000
January 10, 2017	January 15, 2018	January 15, 2019	1.58%	One-month LIBOR	550,000
February 23, 2016	March 15, 2018	March 15, 2019	1.10%	One-month LIBOR	800,000
February 23, 2016	March 15, 2018	March 15, 2019	1.06%	One-month LIBOR	800,000
June 3, 2016	July 15, 2018	July 15, 2019	1.12%	One-month LIBOR	450,000
January 10, 2017	January 15, 2019	January 15, 2020	1.93%	One-month LIBOR	550,000
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One-month LIBOR	400,000
March 29, 2017	March 15, 2019	March 15, 2022	2.21%	One-month LIBOR	800,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One-month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One-month LIBOR	400,000
June 3, 2016	July 15, 2019	July 15, 2020	1.30%	One-month LIBOR	450,000
January 10, 2017	January 15, 2020	January 15, 2021	2.13%	One-month LIBOR	550,000
April 19, 2018	January 31, 2020	November 30, 2024	2.90%	One-month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One-month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One-month LIBOR	595,000
June 3, 2016	July 15, 2020	July 15, 2021	1.47%	One-month LIBOR	450,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One-month LIBOR	1,100,000
January 10, 2017	January 15, 2021	July 15, 2021	2.23%	One-month LIBOR	550,000

Summary of derivative financial instruments, fair value and location in condensed consolidated balance sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	September 30, 2018		December 31, 2017		Balance Sheet Location	September 30, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	155,287	$	57,612	Other liabilities	$	184	$	—
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	2,105		27		Other liabilities	1,912		—
Total		$	157,392	$	57,639		$	2,096	$	—

Summary of offsetting derivative assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2018. As of December 31, 2017, there were no derivatives classified as liabilities.

	As of September 30, 2018
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	157,392	$	—	$	157,392	$	(2,096	)	$	—	$	155,296
Offsetting liabilities:
Derivatives	$	2,096	$	—	$	2,096	$	(2,096	)	$	—	$	—

Summary of offsetting derivative liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2018. As of December 31, 2017, there were no derivatives classified as liabilities.

	As of September 30, 2018
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	157,392	$	—	$	157,392	$	(2,096	)	$	—	$	155,296
Offsetting liabilities:
Derivatives	$	2,096	$	—	$	2,096	$	(2,096	)	$	—	$	—

Summary of effect of derivative financial instruments on condensed consolidated statements of operations - derivative instruments not-designated as hedging instruments

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of operations for the three months ended September 30, 2018 and 2017:

	Amount of Gain (Loss) Recognized in OCI on Derivative					Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income (Loss)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income (Loss)					Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	Three Months Ended September 30,						Three Months Ended September 30,					Three Months Ended September 30,
	2018		2017				2018		2017			2018		2017
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	39,488	$	(598	)	Interest expense	$	5,982	$	(4,193	)	$	97,564	$	56,796

	Location of Gain (Loss) Recognized in Net Loss on Derivative	Amount of Loss Recognized in Net Income (Loss) on Derivative
		Three Months Ended September 30,
		2018			2017
Derivatives not designated as hedging instruments:
Interest rate swaps	Interest expense	$	—		$	—
Interest rate caps	Interest expense	(10		)	(190		)
Total		$	(10	)	$	(190	)

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of operations for the nine months ended September 30, 2018 and 2017:

	Amount of Gain (Loss) Recognized in OCI on Derivative					Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss	Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss					Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Nine Months Ended September 30,						For the Nine Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017				2018		2017			2018		2017
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	115,214	$	(4,796	)	Interest expense	$	9,307	$	(12,963	)	$	287,089	$	182,726

	Location of Gain (Loss) Recognized in Net Loss on Derivative	Amount of Loss Recognized in Net Loss on Derivative
		For the Nine Months Ended September 30,
		2018			2017
Derivatives not designated as hedging instruments:
Interest rate swaps	Interest expense	$	—		$	(3,674	)
Interest rate caps	Interest expense	(355		)	(318		)
Total		$	(355	)	$	(3,992	)