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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities |
7. | Derivative Instruments and Hedging Activities
We have entered into interest rate swap agreements with an aggregate notional amount of $500,000,000 to fix LIBOR at 0.46% through August 2024. We also entered into interest rate cap agreements with an aggregate notional amount of $360,000,000 to cap LIBOR at 2.00% through August 2023. These interest rate swaps and interest rate caps are designated as cash flow hedges and therefore changes in their fair values are recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive income of $18,545,000 for the three months ended March 31, 2022, from the changes in fair value of these derivative financial instruments. See Note 9, Accumulated Other Comprehensive Income. During the next twelve months, we estimate that $7,347,000 of the amounts to be recognized in accumulated other comprehensive income will be reclassified as a decrease to interest expense. The tables below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges.
|  | Notional |  |  | Effective |  | Maturity |  | Benchmark |  | Strike |  |  | Fair Value as of |
Property |  | Amount |  |  | Date |  | Date |  | Rate |  | Rate |  |  | March 31, 2022 |  |  | December 31, 2021 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1301 Avenue of the Americas |  | $ | 500,000 |  |  | Jul-2021 |  | Aug-2024 |  | LIBOR |  |  | 0.46 | % |  | $ | 22,760 |  |  | $ | 6,691 |
Total interest rate swap assets designated as cash flow hedges (included in "other assets") | $ | 22,760 |  |  | $ | 6,691 |
|  | Notional |  |  | Effective |  | Maturity |  | Benchmark |  | Strike |  |  | Fair Value as of |
Property |  | Amount |  |  | Date |  | Date |  | Rate |  | Rate |  |  | March 31, 2022 |  |  | December 31, 2021 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1301 Avenue of the Americas |  | $ | 360,000 |  |  | Jul-2021 |  | Aug-2023 |  | LIBOR |  |  | 2.00 | % |  | $ | 2,782 |  |  | $ | 306 |
Total interest rate cap assets designated as cash flow hedges (included in "other assets") | $ | 2,782 |  |  | $ | 306 |
We have agreements with various derivative counterparties that contain provisions wherein a default on our indebtedness could be deemed a default on our derivative obligations, which would require us to settle our derivative obligations for cash. As of March 31, 2022, we did not have any obligations relating to our interest rate swaps or interest rate caps that contained such provisions.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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