Annual report pursuant to Section 13 and 15(d)

Interest Rate Derivatives (Tables)

v3.20.4
Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 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):
Notional Amount Effective Date Expiration Date Fair Value at December 31,
  Fixed Rate Floating Rate Index 2020 2019
$ 100,000  1.901  % One-Month LIBOR 9/1/2016 12/1/2022 $ (3,394) $ (1,028)
100,000  1.905  % One-Month LIBOR 9/1/2016 12/1/2022 (3,401) (1,037)
50,000  1.908  % One-Month LIBOR 9/1/2016 12/1/2022 (1,704) (524)
11,200  (1) 1.678  % One-Month LIBOR 8/1/2019 8/1/2026 (733) (20)
23,000  (2) 0.573  % One-Month LIBOR 4/1/2020 3/26/2025 (290) — 
75,000  (3) 3.176  % Three-Month LIBOR 6/30/2020 N/A —  (8,640)
75,000  (3) 3.192  % Three-Month LIBOR 6/30/2020 N/A —  (8,749)
75,000  (3) 2.744  % Three-Month LIBOR 6/30/2020 N/A —  (5,684)
—  1.390  % One-Month LIBOR 10/13/2015 10/1/2020 —  23 
            $ (9,522) $ (25,659)
(1)The notional amount of this instrument is scheduled to amortize to $10.0 million.
(2)The notional amount of this instrument is scheduled to amortize to $22.1 million.
(3)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 December 31,
Derivatives Balance Sheet Location 2020 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) $ (9,522) $ (25,682)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The tables below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
Amount of Loss Recognized in AOCL on Derivatives Amount of (Loss) Gain Reclassified from AOCL into Interest Expense on Statement of Operations
For the Years Ended December 31, For the Years Ended December 31,
Derivatives in Hedging Relationships 2020 2019 2018 2020 2019 2018
Interest rate derivatives $ (39,454) $ (24,321) $ (2,373) $ (3,725) $ 1,415  $ 407 
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 Years Ended December 31, For the Years Ended December 31,
Derivatives in Hedging Relationships 2020 2019 2018 2020 2019 2018
Interest rate derivatives $ (51,865) $ —  —  $ (1,265) $ —  —