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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
During the six months ended June 30, 2018 and 2017, we entered into interest rate caps as summarized in the table below:
 
Six Months Ended June 30,
 
2018
 
2017
Notional amount (in thousands)
$
685,000

 
$
619,500

Strike rate minimum
2.43
%
 
3.00
%
Strike rate maximum
7.80
%
 
5.35
%
Effective date range
February 2018 - May 2018

 
January 2017 - May 2017

Maturity date range
March 2019 - June 2020

 
March 2018 - May 2019

Total cost of interest rate cap (in thousands)
$
348

 
$
338

_______________
No instruments were designated as cash flow hedges
As of June 30, 2018, we held interest rate instruments as summarized in the table below:
Interest rate caps (1)
 
 
Notional amount (in thousands)
 
$
1,393,200

Strike rate minimum
 
2.43
 %
Strike rate maximum
 
11.61
 %
Effective date range
 
January 2017 - May 2018

Maturity date range
 
November 2018 - June 2020

Aggregate principal balance on corresponding mortgage loans (in thousands)
 
$
993,826

 
 
 
Interest rate floors (1) (2)
 
 
Notional amount (in thousands)
 
$
6,850,000

Strike rate minimum
 
(0.25
)%
Strike rate maximum
 
1.50
 %
Maturity date range
 
March 2019 - July 2020

_______________
(1) 
No instruments were designated as cash flow hedges
(2) 
Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.