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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of interest rate swap instruments | The table below summarizes our interest rate swap instruments as of March 31, 2020:
Agreement Date |  | Forward Effective Date |  | Maturity Date |  | Strike Rate |  | Index |  | Notional Amount
December 21, 2016 |  | February 28, 2017 |  | January 31, 2022 |  | 1.97% |  | One month LIBOR |  | $ | 750,000 |
December 11, 2019 |  | February 28, 2017 |  | December 31, 2024 |  | 1.74% |  | One month LIBOR |  | 750,000 |
January 12, 2017 |  | February 28, 2017 |  | August 7, 2020 |  | 1.59% |  | One month LIBOR |  | 1,100,000 |
January 13, 2017 |  | February 28, 2017 |  | June 9, 2020 |  | 1.63% |  | One month LIBOR |  | 595,000 |
April 19, 2018 |  | January 31, 2019 |  | January 31, 2025 |  | 2.86% |  | One month LIBOR |  | 400,000 |
February 15, 2019 |  | March 15, 2019 |  | March 15, 2022 |  | 2.23% |  | One month LIBOR |  | 800,000 |
April 19, 2018 |  | March 15, 2019 |  | November 30, 2024 |  | 2.85% |  | One month LIBOR |  | 400,000 |
April 19, 2018 |  | March 15, 2019 |  | February 28, 2025 |  | 2.86% |  | One month LIBOR |  | 400,000 |
June 3, 2016 |  | July 15, 2019 |  | July 15, 2020 |  | 1.30% |  | One month LIBOR |  | 450,000 |
January 10, 2017 |  | January 15, 2020 |  | January 15, 2021 |  | 2.13% |  | One month LIBOR |  | 550,000 |
May 8, 2018 |  | March 9, 2020 |  | June 9, 2025 |  | 2.99% |  | One month LIBOR |  | 325,000 |
May 8, 2018 |  | June 9, 2020 |  | June 9, 2025 |  | 2.99% |  | One month LIBOR |  | 595,000 |
June 3, 2016 |  | July 15, 2020 |  | July 15, 2021 |  | 1.47% |  | One month LIBOR |  | 450,000 |
June 28, 2018 |  | August 7, 2020 |  | July 9, 2025 |  | 2.90% |  | One month LIBOR |  | 1,100,000 |
January 10, 2017 |  | January 15, 2021 |  | July 15, 2021 |  | 2.23% |  | One month LIBOR |  | 550,000 |
December 9, 2019 |  | July 15, 2021 |  | November 30, 2024 |  | 2.90% |  | One month LIBOR |  | 400,000 |
November 7, 2018 |  | March 15, 2022 |  | July 31, 2025 |  | 3.14% |  | One month LIBOR |  | 400,000 |
November 7, 2018 |  | March 15, 2022 |  | July 31, 2025 |  | 3.16% |  | One month LIBOR |  | 400,000 |
Summary of derivative financial instruments, fair value and location in consolidated balance sheets | The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019:
|  | Asset Derivatives |  | Liability Derivatives
|  |  |  | Fair Value as of |  |  |  | Fair Value as of
|  | Balance Sheet Location |  | March 31, 2020 |  | December 31, 2019 |  | Balance Sheet Location |  | March 31, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Other assets |  | $ | — |  |  | $ | 1,643 |  |  | Other liabilities |  | $ | 607,985 |  |  | $ | 275,679 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate caps |  | Other assets |  | 22 |  |  | — |  |  | Other liabilities |  | 7 |  |  | — |
Total |  |  |  | $ | 22 |  |  | $ | 1,643 |  |  |  |  | $ | 607,992 |  |  | $ | 275,679 |
Summary of offsetting derivative assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 607,992 |  |  | $ | — |  |  | $ | 607,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 607,992 |
|  | December 31, 2019
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 1,643 |  |  | $ | — |  |  | $ | 1,643 |  |  | $ | (1,054 | ) |  | $ | — |  |  | $ | 589 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 275,679 |  |  | $ | — |  |  | $ | 275,679 |  |  | $ | (1,054 | ) |  | $ | — |  |  | $ | 274,625 |
Summary of offsetting derivative liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 607,992 |  |  | $ | — |  |  | $ | 607,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 607,992 |
|  | December 31, 2019
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 1,643 |  |  | $ | — |  |  | $ | 1,643 |  |  | $ | (1,054 | ) |  | $ | — |  |  | $ | 589 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 275,679 |  |  | $ | — |  |  | $ | 275,679 |  |  | $ | (1,054 | ) |  | $ | — |  |  | $ | 274,625 |
Derivative Instruments, Gain (Loss) | The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive loss and the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019:
|  | Amount of Loss Recognized in OCI on Derivative |  | Location of Gain Reclassified from Accumulated OCI into Net Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income |  | Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
|  | For the Three Months Ended March 31, |  |  | For the Three Months Ended March 31, |  | For the Three Months Ended March 31,
|  | 2020 |  | 2019 |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (341,438 | ) |  | $ | (87,868 | ) |  | Interest expense |  | $ | (8,567 | ) |  | $ | 10,863 |  |  | $ | 84,757 |  |  | $ | 93,983 |
|  | Location of Loss Recognized in Net Income on Derivative |  | Amount of Loss Recognized in Net Income on Derivative
|  |  | For the Three Months Ended March 31,
|  |  | 2020 |  | 2019
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Interest rate caps |  | Interest expense |  | $ | (13 | ) |  | $ | (33 | )

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