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Derivatives and Hedging Activities
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
 
The following interest rate swaps have been designated as cash flow hedges (in thousands):
Notional value atFair value at
Hedge typeInterest
rate		MaturityJune 30, 2021December 31, 2020June 30, 2021December 31, 2020
Swap-cash flow1.15%April 2021$— $100,000 $— $(398)
Swap-cash flow1.20%April 2021— 100,000 — (418)
Swap-cash flow2.15%April 2021— 75,000 — (594)
Swap-cash flow1.91%April 2021— 75,000 — (523)
Swap-cash flow1.61%June 202150,000 50,000 — (433)
Swap-cash flow1.56%June 202150,000 50,000 — (416)
Swap-cash flow1.71%June 202150,000 50,000 — (462)
Swap-cash flow (1)2.29%December 2022200,000 200,000 (6,759)(9,044)
Swap-cash flow (2)2.29%December 2022125,000 125,000 (4,220)(5,648)
Swap-cash flow (3)2.38%December 202287,780 200,000 (3,097)(9,436)
Swap-cash flow (4)2.38%December 202236,875 100,000 (1,301)(4,716)
Swap-cash flow 2.75%November 2023100,000 100,000 (5,935)(7,635)
Swap-cash flow 2.51%December 202375,000 75,000 (4,197)(5,284)
Swap-cash flow 2.39%December 202375,000 75,000 (3,962)(5,012)
Swap-cash flow 1.35%September 202149,000 49,000 (157)(454)
Swap-cash flow 1.28%September 2022100,000 100,000 (1,452)(2,035)
Swap-cash flow (5)1.24%September 2025150,000 150,000 (3,074)(5,508)
Swap-cash flow 1.16%April 202450,000 50,000 (1,069)(1,464)
Swap-cash flow 1.20%April 202450,000 50,000 (1,129)(1,526)
Swap-cash flow 1.15%April 202450,000 50,000 (1,056)(1,450)
Swap-cash flow 1.10%April 202450,000 50,000 (983)(1,374)
Swap-cash flow 0.98%April 202425,000 25,000 (404)(596)
Swap-cash flow 0.95%April 202425,000 25,000 (382)(573)
Swap-cash flow 0.93%April 202425,000 25,000 (367)(558)
Swap-cash flow 0.90%April 202425,000 25,000 (345)(535)
Swap-cash flow 0.85%December 202450,000 50,000 (520)(1,249)
Swap-cash flow 0.75%December 202450,000 50,000 (343)(1,047)
Swap-cash flow (6)0.65%January 202650,000 50,000 248 (662)
$1,598,655 $2,124,000 $(40,504)$(69,050)
     
(1)In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $83.8 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $2.8 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $2.8 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap.
(2)In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $47.2 million of the original $125.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $1.6 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $1.6 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap.
(3)In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $112.2 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $2.2 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $2.2 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss.
(4)In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $63.1 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $4.0 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $4.0 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss.
(5)Effective in September 2021.
(6)Effective in July 2021.

As of June 30, 2021 and December 31, 2020, the aggregate fair value of the interest rate swap liabilities of $40.8 million and $69.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of June 30, 2021, the aggregate fair value of the interest rate swap assets of $0.2 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets.
As of June 30, 2021 and December 31, 2020, there was approximately $40.5 million and $69.1 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 three or six month periods ended June 30, 2021 or 2020. For the three and six months ended June 30, 2021, approximately $6.6 million and $13.9 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. For the three and six months ended June 30, 2020, approximately, $5.5 million and $6.3 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. Approximately $19.8 million of the unrealized losses included in accumulated other comprehensive loss at June 30, 2021 is expected to be reclassified into interest expense within the next 12 months