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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2020:
Agreement Date
Forward
Effective Date
Maturity
Date		Strike
Rate		IndexNotional
Amount
December 21, 2016February 28, 2017January 31, 20221.97%One month LIBOR$750,000 
December 11, 2019February 28, 2017December 31, 20241.74%One month LIBOR750,000 
April 19, 2018January 31, 2019January 31, 20252.86%One month LIBOR400,000 
February 15, 2019March 15, 2019March 15, 20222.23%One month LIBOR800,000 
April 19, 2018March 15, 2019November 30, 20242.85%One month LIBOR400,000 
April 19, 2018March 15, 2019February 28, 20252.86%One month LIBOR400,000 
January 10, 2017January 15, 2020January 15, 20212.13%One month LIBOR550,000 
May 8, 2018March 9, 2020June 9, 20252.99%One month LIBOR325,000 
May 8, 2018June 9, 2020June 9, 20252.99%One month LIBOR595,000 
June 3, 2016July 15, 2020July 15, 20211.47%One month LIBOR450,000 
June 28, 2018August 7, 2020July 9, 20252.90%One month LIBOR1,100,000 
January 10, 2017January 15, 2021July 15, 20212.23%One month LIBOR550,000 
December 9, 2019July 15, 2021November 30, 20242.90%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.14%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.16%One month LIBOR400,000 
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 September 30, 2020 and December 31, 2019:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location		September 30, 2020December 31, 2019Balance
Sheet Location		September 30, 2020December 31, 2019
Derivatives designated as hedging instruments:
Interest rate swaps
Other
assets
$— $1,643 Other liabilities$602,507 $275,679 
Derivatives not designated as hedging instruments:
Interest rate caps
Other
assets
1 — Other liabilities— — 
Total$1 $1,643 $602,507 $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 September 30, 2020 and December 31, 2019:
September 30, 2020
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$1 $— $1 $— $— $1 
Offsetting liabilities:
Derivatives$602,507 $— $602,507 $— $— $602,507 
December 31, 2019
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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 September 30, 2020 and December 31, 2019:
September 30, 2020
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$1 $— $1 $— $— $1 
Offsetting liabilities:
Derivatives$602,507 $— $602,507 $— $— $602,507 
December 31, 2019
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$1,643 $— $1,643 $(1,054)$— $589 
Offsetting liabilities:
Derivatives$275,679 $— $275,679 $(1,054)$— $274,625 
Derivative Instruments, Gain (Loss)
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended September 30, 2020 and 2019:
Amount of Loss Recognized
in OCI on Derivative
Location of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeTotal Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
For the Three Months
Ended September 30,
For the Three Months
Ended September 30,
For the Three Months
Ended September 30,
202020192020201920202019
Derivatives in cash flow hedging relationships:
Interest rate swaps$(4,171)$(71,729)
Interest expense
$(37,557)$4,272 $87,713 $89,067 
Location of
Loss
Recognized in
Net Income on Derivative		Amount of Loss Recognized in Net Income on Derivative
For the Three Months
Ended September 30,
20202019
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$146 $64 
The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the nine months ended September 30, 2020 and 2019:
Amount of Loss Recognized
in OCI on Derivative
Location of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeTotal Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
For the Nine Months
Ended September 30,
For the Nine Months
Ended September 30,		For the Nine Months
Ended September 30,
202020192020201920202019
Derivatives in cash flow hedging relationships:
Interest rate swaps$(398,426)$(308,196)Interest expense$(74,166)$23,026 $258,541 $278,756 
Location of
Loss
Recognized in
Net Income on Derivative		Amount of Loss Recognized in Net Income on Derivative
For the Nine Months
Ended September 30,
20202019
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$198 $98