Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges

As of June 30, 2017, 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 June 30, 2017 and December 31, 2016.

	As of June 30, 2017				As of December 31, 2016
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest Rate Swap Asset	Other Assets	$	600		Other Assets	$	44
Interest Rate Swap Liability	Accounts Payable and Other Liabilities	$	(157	)	Accounts Payable and Other Liabilities	$	(1,077	)

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 six months ended June 30, 2017 and 2016.

Derivatives in Cash Flow	Amount of Income (Loss) Recognized in OCI on Derivatives (Effective Portion) June 30,					Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) June 30,
Hedging Relationships	2017		2016				2017		2016
Interest Rate Swaps	$	554	$	(7,688	)	Interest expense	$	922	$	2,107