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Financial Instruments: Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments as of September 30, 2021 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
| Notional Value |  | Strike Rate |  | Effective Date |  | Expiration Date |  | Balance Sheet Location |  | Fair Value
Interest Rate Cap | $ | 111,869 |  |  | 3.500 | % |  | December 2020 |  | November 2021 |  | Other Assets |  | $ | — |
Interest Rate Swap | 200,000 |  |  | 0.138 | % |  | February 2021 |  | February 2022 |  | Other Liabilities |  | (27) |
Interest Rate Swap | 100,000 |  |  | 0.136 | % |  | February 2021 |  | February 2022 |  | Other Liabilities |  | (13) |
Interest Rate Cap | 85,000 |  |  | 4.000 | % |  | March 2021 |  | March 2022 |  | Other Assets |  | — |
Interest Rate Swap | 100,000 |  |  | 0.212 | % |  | January 2021 |  | January 2023 |  | Other Assets |  | 11 |
Interest Rate Swap | 400,000 |  |  | 0.160 | % |  | February 2021 |  | February 2023 |  | Other Assets |  | 86 |
Interest Rate Swap | 200,000 |  |  | 1.131 | % |  | July 2016 |  | July 2023 |  | Other Liabilities |  | (3,108) |
Interest Rate Swap | 100,000 |  |  | 1.161 | % |  | July 2016 |  | July 2023 |  | Other Liabilities |  | (1,609) |
Interest Rate Swap | 150,000 |  |  | 2.696 | % |  | January 2019 |  | January 2024 |  | Other Liabilities |  | (7,840) |
Interest Rate Swap | 150,000 |  |  | 2.721 | % |  | January 2019 |  | January 2026 |  | Other Liabilities |  | (11,990) |
Interest Rate Swap | 200,000 |  |  | 2.740 | % |  | January 2019 |  | January 2026 |  | Other Liabilities |  | (16,150) |
|  |  |  |  |  |  |  |  |  |  | $ | (40,640) |
The following table summarizes the notional value at inception and fair value of our joint ventures' derivative financial instruments as of September 30, 2021 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
| Notional Value |  | Strike Rate |  | Effective Date |  | Expiration Date |  | Classification |  | Fair Value
Interest Rate Cap | $ | 1,075,000 |  |  | 2.850 | % |  | September 2021 |  | September 2022 |  | Asset |  | $ | 2 |
Interest Rate Cap | 125,000 |  |  | 2.850 | % |  | September 2021 |  | September 2022 |  | Asset |  | — |
Interest Rate Cap | 1,250,000 |  |  | 1.250 | % |  | November 2020 |  | October 2024 |  | Asset |  | 5,005 |
Interest Rate Swap | 177,000 |  |  | 1.669 | % |  | March 2016 |  | February 2026 |  | Liability |  | (6,190) |
|  |  |  |  |  |  |  |  |  |  | $ | (1,183) |
Schedule of effect of derivative financial instruments on consolidated statements of income | The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended September 30, 2021 and 2020, respectively (in thousands):
|  | Amount of Loss Recognized in Other Comprehensive Loss |  | Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income |  | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
|  | Three Months Ended September 30, |  |  | Three Months Ended September 30,
Derivative |  | 2021 |  | 2020 |  |  |  |  | 2021 |  | 2020 |  |
Interest Rate Swaps/Caps |  | $ | (450) |  |  | $ | (318) |  |  |  |  | Interest expense |  | $ | (4,416) |  |  | $ | (5,162) |  |  |
Share of unconsolidated joint ventures' derivative instruments |  | (143) |  |  | (199) |  |  |  |  | Equity in net loss from unconsolidated joint ventures |  | (2,792) |  |  | (1,454) |  |  |
|  | $ | (593) |  |  | $ | (517) |  |  |  |  |  |  | $ | (7,208) |  |  | $ | (6,616) |  |  |
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the nine months ended September 30, 2021 and 2020, respectively (in thousands):
|  | Amount of Gain (Loss) Recognized in Other Comprehensive Loss |  | Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income |  | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
|  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30,
Derivative |  | 2021 |  | 2020 |  |  |  |  | 2021 |  | 2020 |  |
Interest Rate Swaps/Caps |  | $ | 7,305 |  |  | $ | (52,808) |  |  |  |  | Interest expense |  | $ | (13,359) |  |  | $ | (9,610) |  |  |
Share of unconsolidated joint ventures' derivative instruments |  | (20,641) |  |  | (8,375) |  |  |  |  | Equity in net loss from unconsolidated joint ventures |  | (6,542) |  |  | (3,347) |  |  |
|  | $ | (13,336) |  |  | $ | (61,183) |  |  |  |  |  |  | $ | (19,901) |  |  | $ | (12,957) |  |  |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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