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Interest Rate Contracts (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of interest rate swaps

The following table sets forth a summary of the interest rate swaps at June 30, 2019 and December 31, 2018:

								Fair Value (1)								Current Notional Amounts (2)
Derivative Instrument		Effective Date		Maturity Date		Interest Strike Rate		June 30, 2019				December 31, 2018				June 30, 2019				December 31, 2018
Assets/(Liabilities):
Interest Rate Swap		7/9/2015		7/1/2020		1.69%		$	704			$	5,245			$	425,000			$	425,000
Interest Rate Swap		7/1/2020		7/1/2025		2.82%		(6,785		)		(1,987		)		125,000				125,000
Interest Rate Swap		7/1/2020		7/1/2025		2.82%		(5,449		)		(1,628		)		100,000				100,000
Interest Rate Swap		7/1/2020		7/1/2025		2.83%		(5,464		)		(1,636		)		100,000				100,000
Interest Rate Swap		7/1/2020		7/1/2025		2.84%		(5,547		)		(1,711		)		100,000				100,000
Total								$	(22,541	)		$	(1,717	)		$	850,000			$	850,000

(1) The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of June 30, 2019, derivatives in an asset or liability position are included in the line item "Other assets" or "Interest rate swap liability," respectively, in the consolidated balance sheets at fair value.

(2) Represents the notional amount of swaps as of the balance sheet date of June 30, 2019 and December 31, 2018.

Impact of interest rate swap on consolidated statements of operation

The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented:

	Six Months Ended June 30,
	2019				2018
Interest Rate Swap in Cash Flow Hedging Relationship:
Amount of (loss) gain recognized in AOCI on derivatives	$	(19,107	)		$	4,753
Amount of (gain) reclassified from AOCI into earnings under “Interest expense”	$	(1,655	)		$	(774	)
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$	34,082			$	27,090

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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