v3.20.2

Interest Rate Swaps (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Summary of Company's Outstanding Interest-rate Swap Agreement | The following is a summary of the Company’s outstanding interest rate swap agreements:
(in thousands, except interest rates) |  |  |  |  |  |  |  |  |  |  |  | Fair Value |  |
Counterparty |  | Maturity Date |  | Fixed Rate |  |  | Variable Rate Index |  | Notional Amount |  |  | June 30, 2020 |  |  | December 31, 2019 |  |
Bank of America, N.A. |  | November 2023 |  |  | 2.80 | % |  | one-month LIBOR |  | $ | 25,000 |  |  | $ | (2,194 | ) |  | $ | (1,136 | ) |
Bank of Montreal |  | July 2024 |  |  | 1.16 | % |  | one-month LIBOR |  |  | 40,000 |  |  |  | (1,635 | ) |  |  | 740 |  |
Bank of Montreal |  | January 2025 |  |  | 1.91 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (1,988 | ) |  |  | (402 | ) |
Bank of Montreal |  | July 2025 |  |  | 2.32 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,688 | ) |  |  | (970 | ) |
Bank of Montreal |  | January 2026 |  |  | 1.92 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,346 | ) |  |  | (448 | ) |
Bank of Montreal |  | January 2026 |  |  | 2.05 | % |  | one-month LIBOR |  |  | 40,000 |  |  |  | (4,040 | ) |  |  | (1,014 | ) |
Bank of Montreal |  | December 2026 |  |  | 2.33 | % |  | one-month LIBOR |  |  | 10,000 |  |  |  | (1,328 | ) |  |  | (460 | ) |
Bank of Montreal |  | December 2026 |  |  | 1.99 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,760 | ) |  |  | (577 | ) |
Bank of Montreal |  | December 2027 |  |  | 2.37 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,760 | ) |  |  | (1,306 | ) |
Bank of Montreal |  | May 2029 |  |  | 2.09 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,633 | ) |  |  | (799 | ) |
Capital One, National Association |  | December 2021 |  |  | 1.05 | % |  | one-month LIBOR |  |  | 15,000 |  |  |  | (213 | ) |  |  | 143 |  |
Capital One, National Association |  | December 2024 |  |  | 1.58 | % |  | one-month LIBOR |  |  | 15,000 |  |  |  | (935 | ) |  |  | 10 |  |
Capital One, National Association |  | January 2026 |  |  | 2.08 | % |  | one-month LIBOR |  |  | 35,000 |  |  |  | (3,549 | ) |  |  | (911 | ) |
Capital One, National Association |  | April 2026 |  |  | 2.68 | % |  | one-month LIBOR |  |  | 15,000 |  |  |  | (2,102 | ) |  |  | (944 | ) |
Capital One, National Association |  | July 2026 |  |  | 1.32 | % |  | one-month LIBOR |  |  | 35,000 |  |  |  | (2,182 | ) |  |  | 720 |  |
Capital One, National Association |  | December 2027 |  |  | 2.37 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,738 | ) |  |  | (1,278 | ) |
M&T Bank |  | August 2021 |  |  | 1.02 | % |  | one-month LIBOR |  |  | 4,841 |  |  |  | (46 | ) |  |  | 41 |  | (a), (b)
M&T Bank |  | September 2022 |  |  | 2.83 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (1,490 | ) |  |  | (862 | ) |
M&T Bank |  | November 2023 |  |  | 2.65 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,125 | ) |  |  | (1,038 | ) |
Regions Bank |  | May 2020 |  |  | 2.12 | % |  | one-month LIBOR |  |  | 50,000 |  |  |  | — |  |  |  | (104 | ) |
Regions Bank |  | December 2023 |  |  | 1.18 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (962 | ) |  |  | 376 |  |
Regions Bank |  | May 2029 |  |  | 2.11 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,753 | ) |  |  | (827 | ) |
Regions Bank |  | June 2029 |  |  | 2.03 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,579 | ) |  |  | (651 | ) |
Truist Financial Corporation |  | April 2024 |  |  | 1.99 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (1,749 | ) |  |  | (451 | ) |
Truist Financial Corporation |  | April 2025 |  |  | 2.20 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,403 | ) |  |  | (781 | ) |
Truist Financial Corporation |  | July 2025 |  |  | 1.99 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,244 | ) |  |  | (524 | ) |
Truist Financial Corporation |  | December 2025 |  |  | 2.30 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,848 | ) |  |  | (993 | ) |
Truist Financial Corporation |  | January 2026 |  |  | 1.93 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,339 | ) |  |  | (458 | ) |
U.S. Bank National Association |  | June 2029 |  |  | 2.03 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (3,553 | ) |  |  | (681 | ) |
U.S. Bank National Association |  | August 2029 |  |  | 1.35 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (2,021 | ) |  |  | 881 |  |
Wells Fargo Bank, N.A. |  | February 2021 |  |  | 2.39 | % |  | one-month LIBOR |  |  | 35,000 |  |  |  | (466 | ) |  |  | (302 | ) |
Wells Fargo Bank, N.A. |  | October 2024 |  |  | 2.72 | % |  | one-month LIBOR |  |  | 15,000 |  |  |  | (1,642 | ) |  |  | (795 | ) |
Wells Fargo Bank, N.A. |  | April 2027 |  |  | 2.72 | % |  | one-month LIBOR |  |  | 25,000 |  |  |  | (4,075 | ) |  |  | (1,845 | ) |
Wells Fargo Bank, N.A. |  | January 2028 |  |  | 2.37 | % |  | one-month LIBOR |  |  | 75,000 |  |  |  | (11,292 | ) |  |  | (3,914 | ) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (85,678 | ) |  | $ | (21,560 | ) |
(a) | Notional amount at December 31, 2019 was $4,912.
(b) | Interest rate swap was assumed in October 2017 as part of an UPREIT transaction.
Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income (Loss), from Converting from Variable Rates to Fixed Rates | The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss), from converting from variable rates to fixed rates under these agreements were as follows:
|  |  |  |  |  | Reclassification from |  |  | Total Interest Expense |
|  | Amount of Loss |  |  | Accumulated Other |  |  | Presented in the |
|  | Recognized in |  |  | Comprehensive Loss |  |  | Consolidated Statements of |
(in thousands) |  | Accumulated Other |  |  |  |  | Amount of |  |  | Income and Comprehensive |
For the three months ended June 30, |  | Comprehensive Loss |  |  | Location |  | (Loss) Gain |  |  | Income (Loss) |
2020 |  | $ | (6,056 | ) |  | Interest expense |  | $ | (3,416 | ) |  | $ | 19,513 |
2019 |  |  | (23,178 | ) |  | Interest expense |  |  | 778 |  |  |  | 16,732 |
|  |  |  |  |  | Reclassification from |  |  | Total Interest Expense |
|  | Amount of Loss |  |  | Accumulated Other |  |  | Presented in the |
|  | Recognized in |  |  | Comprehensive Loss |  |  | Consolidated Statements of |
(in thousands) |  | Accumulated Other |  |  |  |  | Amount of |  |  | Income and Comprehensive |
For the six months ended June 30, |  | Comprehensive Loss |  |  | Location |  | (Loss) Gain |  |  | Income (Loss) |
2020 |  | $ | (64,118 | ) |  | Interest expense |  | $ | (4,301 | ) |  | $ | 40,504 |
2019 |  |  | (35,802 | ) |  | Interest expense |  |  | 1,614 |  |  |  | 32,560 |

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