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Interest Rate Caps (Tables)

9 Months Ended

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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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.

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