Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v3.20.2
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) $ —