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Derivatives
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Derivative Financial Instruments
The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: 
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
(in thousands)
 
 
 
 
 
 
 
Assets (Liabilities)(1)
 
Effective Date
 
Maturity Date
 
Notional Amount
 
Bank Pays Variable Rate of
 
Regency Pays Fixed Rate of
 
March 31, 2017
 
December 31, 2016
 
10/16/13
 
10/16/20
 
$
28,100

 
1 Month LIBOR
 
2.196%
 
$
(440
)
 
(580
)
 
4/3/17
 
12/2/20
 
300,000

 
1 Month LIBOR with Floor
 
1.824%
 
(593
)
 
—

 
8/1/16
 
1/5/22
 
265,000

 
1 Month LIBOR with Floor
 
1.053%
 
10,469

 
9,889

 
4/7/16
 
4/1/23
 
20,000

 
1 Month LIBOR
 
1.303%
 
770

 
720

 
12/1/16
 
11/1/23
 
33,000

 
1 Month LIBOR
 
1.490%
 
1,101

 
1,013

Total derivative financial instruments
 
$
11,307

 
11,042


(1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of March 31, 2017, does not have any derivatives that are not designated as hedges. The Company has master netting agreements; however, the Company does not have multiple derivatives subject to a single master netting agreement with the same counterparties. Therefore, none are offset in the accompanying Consolidated Balance Sheets.

The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within Interest expense, in the accompanying Consolidated Statements of Operations.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:
Derivatives in FASB
ASC Topic 815 Cash
Flow Hedging
Relationships:
Amount of Gain (Loss)
Recognized in OCI on
Derivative (Effective
Portion)
 
Location and Amount of Gain
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective Portion)
 
Location and Amount of Gain or
(Loss) Recognized in
Income on  Derivative
(Ineffective Portion and
Missed Forecast)
 
Three months ended March 31,
 
 
 
Three months ended March 31,
 
 
 
Three months ended March 31,
(in thousands)
2017
 
2016
 
 
 
2017
 
2016
 
 
 
2017
 
2016
Interest rate swaps
$
(68
)
 
(16,785
)
 
Interest
expense
 
$
(2,654
)
 
(2,453
)
 
Loss on derivative instruments
 
$
—

 
—



As of March 31, 2017, the Company expects $10.5 million of net deferred losses on derivative instruments in Accumulated other comprehensive loss, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. Included in the reclassification is $8.4 million which is related to previously settled swaps on the Company's ten year fixed rate unsecured loans.