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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivative 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

 

 

Receive

Variable Rate of

 

Pay

Fixed Rate of

 

 

September 30, 2020

 

 

December 31, 2019

 

8/1/16

 

1/5/22

 

$

265,000

 

 

1 Month LIBOR with Floor

 

1.053%

 

 

$

(2,999

)

 

 

2,674

 

4/7/16

 

4/1/23

 

 

19,497

 

 

1 Month LIBOR

 

1.303%

 

 

 

(553

)

 

 

148

 

12/1/16

 

11/1/23

 

 

32,517

 

 

1 Month LIBOR

 

1.490%

 

 

 

(1,300

)

 

 

84

 

9/17/19

 

3/17/25

 

 

24,000

 

 

1 Month LIBOR

 

1.542%

 

 

 

(1,411

)

 

 

81

 

6/2/17

 

6/2/27

 

 

36,736

 

 

1 Month LIBOR with Floor

 

2.366%

 

 

 

(4,154

)

 

 

(1,515

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(10,417

)

 

 

1,472

 

 

(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.
Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

 

Location and Amount of Gain (Loss) Recognized in OCI on Derivative

 

 

Location and Amount of Gain (Loss) Reclassified from AOCI into Income

 

 

Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded

 

 

 

Three months ended September 30,

 

 

 

 

Three months ended September 30,

 

 

 

 

Three months ended September 30,

 

(in thousands)

 

2020

 

 

2019

 

 

 

 

2020

 

 

2019

 

 

 

 

2020

 

 

2019

 

Interest rate swaps

 

$

(666

)

 

 

(3,851

)

 

Interest expense

 

$

2,570

 

 

 

1,677

 

 

Interest expense, net

 

$

40,794

 

 

 

38,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

 

Nine months ended September 30,

 

 

 

 

Nine months ended September 30,

 

(in thousands)

 

2020

 

 

2019

 

 

 

 

2020

 

 

2019

 

 

 

 

2020

 

 

2019

 

Interest rate swaps

 

$

(19,187

)

 

 

(18,567

)

 

Interest expense

 

$

6,479

 

 

 

2,085

 

 

Interest expense, net

 

$

118,605

 

 

 

113,178