Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges

As of March 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Swaps	10	$505,000

Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015.

	As of March 31, 2016				As of December 31, 2015
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest Rate Swap Asset					Other Assets	$	4
Interest Rate Swap Liability	Accounts Payable and Other Liabilities	$	(6,564	)	Accounts Payable and Other Liabilities	$	(1,943	)

Effect of the Company's Derivative Financial Instruments on the Statements of Operation

The tables below present the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015.

Derivatives in Cash Flow	Amount of Loss Recognized in OCI on Derivatives (Effective Portion) March 31,						Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) March 31,
Hedging Relationships	2016			2015				2016		2015
Interest Rate Swaps	$	(5,691	)	$	(5,468	)	Interest expense	$	1,066	$	1,372