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Derivatives and Hedging
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
The Company's interest rate swaps consisted of the following (in thousands): 
Notional value atFair value at
Hedge typeInterest rateMaturityDecember 31, 2020December 31, 2019December 31, 2020December 31, 2019
Swap-cash flow1.15%April 2021$100,000 $100,000 $(398)$607 
Swap-cash flow1.20%April 2021100,000 100,000 (418)538 
Swap-cash flow2.15%April 202175,000 75,000 (594)(590)
Swap-cash flow1.91%April 202175,000 75,000 (523)(337)
Swap-cash flow1.61%June 202150,000 50,000 (433)(32)
Swap-cash flow1.56%June 202150,000 50,000 (416)13 
Swap-cash flow1.71%June 202150,000 50,000 (462)(109)
Swap-cash flow2.29%December 2022200,000 200,000 (9,044)(4,587)
Swap-cash flow2.29%December 2022125,000 125,000 (5,648)(2,859)
Swap-cash flow2.38%December 2022200,000 200,000 (9,436)(5,155)
Swap-cash flow2.38%December 2022100,000 100,000 (4,716)(2,574)
Swap-cash flow 2.75%November 2023100,000 100,000 (7,635)(3,590)
Swap-cash flow (1)2.51%December 202375,000 75,000 (5,284)(2,120)
Swap-cash flow (1)2.39%December 202375,000 75,000 (5,012)(1,858)
Swap-cash flow1.35%September 202149,000 49,000 (454)181 
Swap-cash flow1.28%September 2022100,000 100,000 (2,035)690 
Swap-cash flow (2)1.24%September 2025150,000 150,000 (5,508)2,268 
Swap-cash flow (3)1.16%April 202450,000 — (1,464)— 
Swap-cash flow (3)1.20%April 202450,000 — (1,526)— 
Swap-cash flow (3)1.15%April 202450,000 — (1,450)— 
Swap-cash flow (3)1.10%April 202450,000 — (1,374)— 
Swap-cash flow (3)0.98%April 202425,000 — (596)— 
Swap-cash flow (3)0.95%April 202425,000 — (573)— 
Swap-cash flow (3)0.93%April 202425,000 — (558)— 
Swap-cash flow (3)0.90%April 202425,000 — (535)— 
Swap-cash flow 0.85%December 202450,000 — (1,249)— 
Swap-cash flow 0.75%December 202450,000 — (1,047)— 
Swap-cash flow (4)0.65%January 202650,000 — (662)— 
$2,124,000 $1,674,000 $(69,050)$(19,514)

(1)Effective in January 2021.
(2)Effective in September 2021.
(3)Effective in April 2021.
(4)Effective in July 2021.
The following interest rate swaps have not been designated as hedging instruments (in thousands):
Notional value atFair value at
Derivative typeInterest
rate		MaturityDecember 31, 2020December 31, 2019December 31, 2020December 31, 2019
Interest rate swap (1)1.80%September 2020$— $30,195 $— $(34)
Interest rate swap (1)1.80%September 2020— 75,030 — (86)
Interest rate swap (1)1.80%September 2020— 32,025 — (37)
Interest rate swap (1)1.81%October 2020— 142,500 — (219)
$— $279,750 $— $(376)
     
(1)During the year ended December 31, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges. The Company recognized all changes in the fair value of these interest rate swaps in interest expense in the consolidated statements of operations and comprehensive income.

As of December 31, 2020 and 2019, the aggregate fair value of the interest rate swap liabilities of $69.1 million and $24.2 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2019, the aggregate fair value of the interest rate swap assets of $4.3 million was included in prepaid expense and other assets in the accompanying consolidated balance sheet.

As of December 31, 2020 and 2019, there was approximately $69.1 million and $19.5 million, respectively, of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the years ended December 31, 2020 and 2019. For the year ended December 31, 2020, approximately $19.7 million of the amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the year ended December 31, 2019, approximately $5.4 million of the amounts included in accumulated other comprehensive income were reclassified into interest expense. Approximately $27.7 million of the unrealized losses included in accumulated other comprehensive loss at December 31, 2020 is expected to be reclassified into interest expense within the next 12 months.