XML 47 R18.htm IDEA: XBRL DOCUMENT
v3.20.1

Interest Rate Derivatives | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Derivatives | Interest Rate 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):
|  |  |  |  |  |  |  |  |  | Fair Value at
Notional Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date |  | March 31, 2020 |  | December 31, 2019
$ | 12,336 |  | (1) | 1.390% |  | One-Month LIBOR |  | 10/13/2015 |  | 10/1/2020 |  | $ | (57 | ) |  | $ | 23 |
100,000 |  |  | 1.901% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | (4,297 | ) |  | (1,028 | )
100,000 |  |  | 1.905% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | (4,307 | ) |  | (1,037 | )
50,000 |  |  | 1.908% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | (2,157 | ) |  | (524 | )
11,200 |  | (2) | 1.678% |  | One-Month LIBOR |  | 8/1/2019 |  | 8/1/2026 |  | (778 | ) |  | (20 | )
150,000 |  |  | 0.498% |  | One-Month LIBOR |  | 4/1/2020 |  | 12/31/2020 |  | (125 | ) |  | — |
23,000 |  | (3) | 0.573% |  | One-Month LIBOR |  | 4/1/2020 |  | 3/26/2025 |  | (174 | ) |  | — |
75,000 |  |  | 3.176% |  | Three-Month LIBOR |  | 6/30/2020 |  | 6/30/2030 |  | (18,132 | ) |  | (8,640 | )
75,000 |  |  | 3.192% |  | Three-Month LIBOR |  | 6/30/2020 |  | 6/30/2030 |  | (18,249 | ) |  | (8,749 | )
75,000 |  |  | 2.744% |  | Three-Month LIBOR |  | 6/30/2020 |  | 6/30/2030 |  | (14,956 | ) |  | (5,684 | )
|  |  |  |  |  |  |  |  |  |  | $ | (63,232 | ) |  | $ | (25,659 | )
(1) | The notional amount of this instrument is scheduled to amortize to $12.1 million.
(2) | The notional amount of this instrument is scheduled to amortize to $10.0 million.
(3) | The notional amount of this instrument is scheduled to amortize to $22.1 million.
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
Derivatives |  | Balance Sheet Location |  | March 31, 2020 |  | December 31, 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) |  | $ | (63,232 | ) |  | $ | (25,682 | )
The table 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 Three Months Ended March 31, |  | For the Three Months Ended March 31,
Derivatives in Hedging Relationships |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest rate derivatives |  | $ | (37,705 | ) |  | $ | (8,845 | ) |  | $ | (131 | ) |  | $ | 570 |
Based on the fair value of our derivatives as of March 31, 2020, we estimate that approximately $6.0 million of losses will be reclassified from accumulated other comprehensive loss (“AOCL”) as an increase to interest expense over the next 12 months. We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. As of March 31, 2020, we were not in default with any of these provisions. As of March 31, 2020, the fair value of interest rate derivatives in a liability position related to these agreements was $63.4 million, excluding the effects of accrued interest and credit valuation adjustments. As of March 31, 2020, we had not posted any collateral related to these agreements. If we breach any of these provisions, we could be required to settle our obligations under the agreements at their termination value, which was $63.5 million as of March 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration