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Interest Rate Contracts (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020:

																								Fair Value (1)												Current Notional Amounts
Derivative Instrument						Effective Date						Maturity Date						Interest Strike Rate						March 31, 2021						December 31, 2020						March 31, 2021						December 31, 2020
Liabilities:
Interest Rate Swap						3/10/2020						7/1/2025						0.83%						$	(216)					$	(2,963)					$	150,000					$	150,000
Interest Rate Swap						3/10/2020						7/1/2025						0.84%						(197)						(2,023)						100,000						100,000
Interest Rate Swap						3/10/2020						7/1/2025						0.86%						(201)						(1,580)						75,000						75,000
Interest Rate Swap						7/1/2020						7/1/2025						2.82%						(10,816)						(13,896)						125,000						125,000
Interest Rate Swap						7/1/2020						7/1/2025						2.82%						(8,690)						(11,140)						100,000						100,000
Interest Rate Swap						7/1/2020						7/1/2025						2.83%						(8,684)						(11,148)						100,000						100,000
Interest Rate Swap						7/1/2020						7/1/2025						2.84%						(8,755)						(11,225)						100,000						100,000
Total																								$	(37,559)					$	(53,975)					$	750,000					$	750,000

(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 March 31, 2021, derivatives in a liability position are included in the line item "Interest rate swap liability" in the consolidated balance sheets at fair value. The LIBO rate as of March 31, 2021 (effective date) was 0.12%.

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:

			Three Months Ended March 31,
			2021						2020
Interest Rate Swap in Cash Flow Hedging Relationship:
Amount of (loss) gain recognized in AOCI on derivatives			$	(16,447)					$	(30,869)
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense”			$	16,416					$	42
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded			$	20,685					$	19,961

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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=121590274&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
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-SubTopic 10
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