DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional and Fair Value of Interest Rate Swaps Designated as Cash Flow Hedges

The following table summarizes the notional amount and other information related to the Company’s interest rate swaps and cap as of March 31, 2019 and December 31, 2018. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):

	March 31, 2019			December 31, 2018				Weighted-Average  Fix Pay Rate	Weighted-Average Remaining Term in Years
Derivative Instruments	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount		Reference Rate as of March 31, 2019
Derivative instruments not designated as hedging instruments
Interest rate swaps(1)	14	$	1,464,761	14	$	1,208,957	One-month LIBOR/ Fixed at 1.67% - 2.51%	2.13%	3.3
Interest rate cap	—	$	—	1	$	100,000	—	—	—

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⁽¹⁾ Included in this amount is a forward interest rate swap with an aggregate notional amount of $280.0 million that was not yet in effect as of March 31, 2019. The interest rate swap will become effective on June 3, 2019 and matures on June 1, 2024.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of March 31, 2019 and December 31, 2018 (dollars in thousands):

		March 31, 2019				December 31, 2018
Derivative Instruments	Balance Sheet Location	Number of Instruments	Fair Value			Number of Instruments	Fair Value
Derivative instruments not designated as hedging instruments
Interest rate swaps	Prepaid expenses and other assets, at fair value	13	$	5,380		14	$	15,909
Interest rate swaps	Other liabilities, at fair value	1	$	(4,338	)	—	$	—
Interest rate cap	Prepaid expenses and other assets, at fair value	—	$	—		1	$	—

Schedule of Derivative Instruments in Statement of Operations

The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands):

	For the Three Months Ended March 31,
	2019			2018
Income statement related
Derivatives designated as hedging instruments
Amount of income recognized on interest rate swaps (effective portion)	$	—		$	(12	)
	—			(12		)
Derivatives not designated as hedging instruments
Realized (gain) loss recognized on interest rate swaps	(1,389		)	1,108
Unrealized loss (gain) on interest rate swaps	14,619			(18,037		)
	13,230			(16,929		)
Increase (decrease) in interest expense as a result of derivatives	$	13,230		$	(16,941	)
Other comprehensive income related
Unrealized income on derivative instruments	$	—		$	84