Annual report pursuant to Section 13 and 15(d)

Interest Rate Derivatives (Tables)

v3.19.3.a.u2
Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2019
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):
Notional Amount
 
 
 
 
 
Effective Date
 
Expiration Date
 
Fair Value at December 31,
 
Fixed Rate
 
Floating Rate Index
 
 
 
2019
 
2018
$
12,438

(1)
1.390
%
 
One-Month LIBOR
 
10/13/2015
 
10/1/2020
 
$
23

 
$
239

100,000

 
1.901
%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(1,028
)
 
1,968

100,000

 
1.905
%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(1,037
)
 
1,967

50,000

 
1.908
%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(524
)
 
971

11,200

(2)
1.678
%
 
One-Month LIBOR
 
8/1/2019
 
8/1/2026
 
(20
)
 
—

75,000

 
3.176
%
 
Three-Month LIBOR
 
6/30/2020
 
6/30/2030
 
(8,640
)
 
(2,676
)
75,000

 
3.192
%
 
Three-Month LIBOR
 
6/30/2020
 
6/30/2030
 
(8,749
)
 
(2,783
)
75,000

 
2.744
%
 
Three-Month LIBOR
 
6/30/2020
 
6/30/2030
 
(5,684
)
 
—

100,000

 
1.730
%
 
One-Month LIBOR
 
9/1/2015
 
8/1/2019
 
—

 
472

 

 
 

 
 
 
 
 
 
 
$
(25,659
)
 
$
158


(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.
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 December 31,
Derivatives
 
Balance Sheet Location
 
2019
 
2018
Interest rate swaps designated as cash flow hedges
 
Prepaid expenses and other assets, net
 
$
23

 
$
5,617

Interest rate swaps designated as cash flow hedges
 
Interest rate derivatives (liabilities)
 
$
(25,682
)
 
$
(5,459
)
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 (Loss) Gain Recognized in AOCI on Derivatives
 
Amount of Gain (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations
 
 
For the Years Ended December 31,
 
For the Years Ended December 31,
Derivatives in Hedging Relationships
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Interest rate derivatives
 
$
(24,321
)
 
$
(2,373
)
 
$
684

 
$
1,415

 
$
407

 
$
(3,304
)