Derivative Instruments and Hedging Activity (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activity

Schedule of notional amounts of outstanding derivative positions

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments):

	Number of Instruments 1		Notional 1
	March 31,	December 31,	March 31,		December 31,
Interest Rate Derivatives	2021	2020	2021		2020
Interest rate swap	18	16	$	605,000	$	505,000

¹ Number of Instruments and total Notional disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date.

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the Condensed Consolidated Balance Sheets (in thousands).

	Asset Derivatives
	March 31, 2021		December 31, 2020
	Fair Value		Fair Value
Derivatives designated as cash flow hedges:
Other Assets, net	$	23,036	$	2,286

	Liability Derivatives
	March 31, 2021		December 31, 2020
	Fair Value		Fair Value
Derivatives designated as cash flow hedges:
Accounts Payable, Accrued Expenses, and Other Liabilities	$	12,590	$	16,985

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The table below presents the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2021 and 2020 (in thousands).

						Location of
	Derivatives in					Income/(Loss)
	Cash Flow					Reclassified from	Amount of Income/(Loss)
	Hedging	Amount of Income/(Loss) Recognized				Accumulated OCI	Reclassified from
	Relationships	in OCI on Derivative				into Income	Accumulated OCI into Expense
Three Months Ended March 31,		2021		2020			2021		2020
	Interest rate swaps	$	23,954	$	(33,379)	Interest Expense	$	1,693	$	337

Schedule of offsetting assets and liabilities

The table below presents a gross presentation of the effects of offsetting and a net presentation of the Company’s derivatives as of March 31, 2021 and December 31, 2020. The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets (in thousands):

Offsetting of Derivative Assets as of March 31, 2021

Gross Amounts

Net Amounts of

Offset in the

Assets presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Assets

Position

Position

Instruments

Received

Net Amount

Derivatives

$

23,036

$

—

$

23,036

$

(3,028)

$

—

$

20,008

Offsetting of Derivative Liabilities as of March 31, 2021

Net Amounts of

Gross Amounts

Liabilities

Offset in the

presented in the

Gross Amounts Not Offset in the

Gross Amounts

Statement of

Statement of

Statement of Financial Position

of Recognized

Financial

Financial

Financial

Cash Collateral

Liabilities

Position

Position

Instruments

Posted

Net Amount

Derivatives

$

12,590

$

—

$

12,590

$

(3,028)

$

—

$

9,562

Offsetting of Derivative Assets as of December 31, 2020

Gross Amounts

Net Amounts of

Offset in the

Assets presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Assets

Position

Position

Instruments

Received

Net Amount

Derivatives

$

2,286

$

—

$

2,286

$

(1,258)

$

—

$

1,028

Offsetting of Derivative Liabilities as of December 31, 2020

Net Amounts of

Gross Amounts

Liabilities

Offset in the

presented in the

Gross Amounts Not Offset in the

Gross Amounts

Statement of

Statement of

Statement of Financial Position

of Recognized

Financial

Financial

Financial

Cash Collateral

Liabilities

Position

Position

Instruments

Posted

Net Amount

Derivatives

$

16,985

$

—

$

16,985

$

(1,258)

$

—

$

15,727