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Financial Instruments: Derivatives and Hedging (Tables)
6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges
The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at June 30, 2020 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
 
Notional
Value
 
Strike
Rate
 
Effective
Date
 
Expiration
Date
 
Balance Sheet Location
 
Fair
Value
Interest Rate Swap
$
100,000

 
1.928
%
 
December 2017
 
November 2020
 
Other Liabilities
 
$
(741
)
Interest Rate Swap
100,000

 
1.934
%
 
December 2017
 
November 2020
 
Other Liabilities
 
(744
)
Interest Rate Cap
111,869

 
3.500
%
 
December 2019
 
December 2020
 
Other Assets
 

Interest Rate Cap
85,000

 
4.000
%
 
March 2019
 
March 2021
 
Other Assets
 
1

Interest Rate Swap
350,000

 
0.544
%
 
April 2020
 
August 2021
 
Other Liabilities
 
(1,119
)
Interest Rate Cap
510,000

 
3.000
%
 
June 2020
 
December 2021
 
Other Assets
 
80

Interest Rate Swap
200,000

 
1.131
%
 
July 2016
 
July 2023
 
Other Liabilities
 
(6,121
)
Interest Rate Swap
100,000

 
1.161
%
 
July 2016
 
July 2023
 
Other Liabilities
 
(3,152
)
Interest Rate Swap
150,000

 
2.696
%
 
January 2019
 
January 2024
 
Other Liabilities
 
(13,393
)
Interest Rate Swap
150,000

 
2.721
%
 
January 2019
 
January 2026
 
Other Liabilities
 
(20,138
)
Interest Rate Swap
200,000

 
2.740
%
 
January 2019
 
January 2026
 
Other Liabilities
 
(27,058
)
 
 
 
 
 
 
 
 
 
 
 
$
(72,385
)

Schedule of effect of derivative financial instruments on consolidated statements of income
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended June 30, 2020 and 2019, respectively (in thousands):
 

Amount of Loss
Recognized in
Other Comprehensive
Loss

Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of (Loss) Gain Reclassified from
Accumulated Other
Comprehensive Loss into Income


Three Months Ended June 30,


Three Months Ended June 30,
Derivative

2020

2019


2020

2019
Interest Rate Swaps/Caps

$
(7,407
)
 
$
(20,876
)

Interest expense

$
(3,722
)
 
$
456

Share of unconsolidated joint ventures' derivative instruments

(1,087
)
 
(4,157
)

Equity in net loss from unconsolidated joint ventures

(1,182
)
 
536



$
(8,494
)

$
(25,033
)



$
(4,904
)

$
992


The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2020 and 2019, respectively (in thousands):
 
 
Amount of Loss
Recognized in
Other Comprehensive
Loss
 
Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income
 
Amount of (Loss) Gain Reclassified from
Accumulated Other
Comprehensive Loss into Income
 
 
Six Months Ended June 30,
 
 
Six Months Ended June 30,
Derivative
 
2020
 
2019
 
 
2020
 
2019
Interest Rate Swaps/Caps
 
$
(52,489
)
 
$
(32,839
)
 
Interest expense
 
$
(4,447
)
 
$
991

Share of unconsolidated joint ventures' derivative instruments
 
(8,175
)
 
(9,526
)
 
Equity in net loss from unconsolidated joint ventures
 
(1,893
)
 
905

 
 
$
(60,664
)
 
$
(42,365
)
 
 
 
$
(6,340
)

$
1,896