DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

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 as of June 30, 2021 and December 31, 2020. 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):

	June 30, 2021			December 31, 2020				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 June 30, 2021
Derivative instruments not designated as hedging instruments
Interest rate swaps	8	$	1,120,990	8	$	1,121,590	One-month LIBOR/ Fixed at 0.70% - 2.11%	1.7%	1.7

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 June 30, 2021 and December 31, 2020 (dollars in thousands):

		June 30, 2021			December 31, 2020
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	Other liabilities, at fair value (1)	8	$	(25,501)	8	$	(35,331)

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(1) As of June 30, 2021 and December 31, 2020, other liabilities included a $5.4 million and $7.8 million liability, respectively, related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.

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 June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Derivatives not designated as hedging instruments
Realized loss recognized on interest rate swaps	$	4,487	$	3,882	$	8,866	$	4,629
Unrealized (gain) loss on interest rate swaps (1)	(3,933)		25		(9,830)		34,016
Increase (decrease) in interest expense as a result of derivatives	$	554	$	3,907	$	(964)	$	38,645

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(1) For the three and six months ended June 30, 2021, unrealized gain on interest rate swaps included a $0.7 million and $2.4 million unrealized gain, respectively, related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.