Interest Rate Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of key terms and fair values of interest rate swap derivatives

The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge of interest rate risk (dollars in thousands):

							Fair Value at
Notional Amount			Fixed Rate	Floating Rate Index	Effective Date	Expiration Date	September 30, 2020		December 31, 2019
$	12,132	(1)	1.390%	One-Month LIBOR	10/13/2015	10/1/2020	$	—	$	23
100,000			1.901%	One-Month LIBOR	9/1/2016	12/1/2022	(3,857)		(1,028)
100,000			1.905%	One-Month LIBOR	9/1/2016	12/1/2022	(3,865)		(1,037)
50,000			1.908%	One-Month LIBOR	9/1/2016	12/1/2022	(1,935)		(524)
11,200		(2)	1.678%	One-Month LIBOR	8/1/2019	8/1/2026	(827)		(20)
150,000			0.498%	One-Month LIBOR	4/1/2020	12/31/2020	(127)		—
23,000		(3)	0.573%	One-Month LIBOR	4/1/2020	3/26/2025	(366)		—
75,000		(4)	3.176%	Three-Month LIBOR	6/30/2020	N/A	—		(8,640)
75,000		(4)	3.192%	Three-Month LIBOR	6/30/2020	N/A	—		(8,749)
75,000		(4)	2.744%	Three-Month LIBOR	6/30/2020	N/A	—		(5,684)
							$	(10,977)	$	(25,659)

(1)The notional amount of this instrument is scheduled to amortize to $12.1 million.

(2)The notional amount of this instrument is scheduled to amortize to $10.0 million.

(3)The notional amount of this instrument is scheduled to amortize to $22.1 million.

(4)As discussed below, these instruments were cash settled in September 2020.

Schedule of fair value and balance sheet classification of interest rate derivatives

The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):

		Fair Value at
Derivatives	Balance Sheet Location	September 30, 2020		December 31, 2019
Interest rate swaps designated as cash flow hedges	Prepaid expenses and other assets, net	$	—	$	23
Interest rate swaps designated as cash flow hedges	Interest rate derivatives (liabilities)	$	(10,977)	$	(25,682)

Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income

The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):

	Amount of Income (Loss) Recognized in AOCL on Derivatives								Amount of (Loss) Gain Reclassified from AOCL into Interest Expense on Statement of Operations
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives in Hedging Relationships	2020		2019		2020		2019		2020		2019		2020		2019
Interest rate derivatives	$	1,428	$	(11,047)	$	(39,592)	$	(33,437)	$	(1,342)	$	307	$	(2,408)	$	1,434

	Amount of Loss Reclassified from AOCL into Loss on Interest Rate Derivatives on Statement of Operations								Amount of Loss Recognized on Undesignated Swaps in Loss on Interest Rate Derivatives on Statement of Operations
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivatives in Hedging Relationships	2020		2019		2020		2019		2020		2019		2020		2019
Interest rate derivatives	$	(51,865)	$	—	$	(51,865)	$	—	$	(1,265)	$	—	$	(1,265)	$	—