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Interest Rate Caps (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Summary of Interest Rate Caps | The following is a summary of the Company’s interest rate caps as of September 30, 2021:
|  |  |  |  |  |  |  | Notional Amount |
Execution Date |  | Maturity Date |  | Strike Rate |  |  | (in thousands) |
03/2020 |  | 03/2023 |  |  | 1.75 | % |  | $ | 100,000 |
08/2020 |  | 08/2023 |  |  | 0.50 | % |  |  | 50,000 |
09/2020 |  | 10/2023 |  |  | 0.50 | % |  |  | 100,000 |
11/2020 |  | 11/2023 |  |  | 0.25 | % |  |  | 50,000 |
02/2021 |  | 02/2024 |  |  | 0.25 | % |  |  | 50,000 |
03/2021 |  | 03/2024 |  |  | 0.25 | % |  |  | 50,000 |
06/2021 |  | 06/2024 |  |  | 0.25 | % |  |  | 50,000 |
Total notional amount |  |  |  |  |  |  |  | $ | 450,000 |
Summary of Changes in Fair Value of Interest Rate Caps | The following is a summary of changes in fair value of the interest rate caps (included in other assets) for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
In thousands |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 2,027 |  |  | $ | 52 |  |  | $ | 265 |  |  | $ | — |
Purchases |  |  | — |  |  |  | 280 |  |  |  | 987 |  |  |  | 394 |
Fair value adjustment included as an (increase) decrease in interest expense |  |  | (284 | ) |  |  | (119 | ) |  |  | 491 |  |  |  | (181 | )
Balance at end of period |  | $ | 1,743 |  |  | $ | 213 |  |  | $ | 1,743 |  |  | $ | 213 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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- Definition 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 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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