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Derivatives | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company enters into derivatives in order to hedge interest rate risk. The Company had four interest rate swaps with aggregate notional amounts of $539.5 million as of March 31, 2020 and December 31, 2019. These derivatives were designated as effective cash flow hedges for accounting purposes. The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments. The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of March 31, 2020 and December 31, 2019:
|  |  |  |  |  |  |  |  |  | Interest Rate Range(1) |  |  |  | Fair Value (Liabilities) Assets |  |
Underlying Debt Instrument |  | Number of Hedges |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Low |  | High |  | March 31, 2020 |  | December 31, 2019
Met Park North |  | 1 |  | $ | 64,500 |  |  | August 2013 |  | August 2020 |  | 3.71% |  | 3.71% |  | $ | (350) |  |  | $ | (195) |
Term loan B |  | 2 |  | 350,000 |  |  | April 2015 |  | April 2022 |  | 2.96% |  | 3.46% |  | (9,774) |  |  | (1,596) |
Term loan D |  | 1 |  | 125,000 |  |  | June 2016 |  | November 2022 |  | 2.63% |  | 3.13% |  | (3,391) |  |  | 479 |
TOTAL |  | 4 |  | $ | 539,500 |  |  |  |  |  |  |  |  |  |  | $ | (13,515) |  |  | $ | (1,312) |
_____________ 1.The rate is based on the fixed rate from the interest rate swap and the spread based on the operating partnership’s leverage ratio. The Company reclassifies into earnings in the same period during which the hedged forecasted transaction affects earnings. As of March 31, 2020, the Company expects $6.7 million of unrealized loss included in accumulated other comprehensive income will be reclassified as an increase to interest expense in the next 12 months.

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- 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
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