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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
During the years ended December 31, 2018, 2017 and 2016, we entered into interest rate derivatives as summarized in the table below (in thousands):
 
Year Ended December 31,
Interest rate caps
2018
 
2017
 
2016
Notional amount (in thousands)
$
727,000

 
$
844,200

 
$
224,500

Strike rate low end of range
2.43
%
 
3.00
%
 
5.43
%
Strike rate high end of range
7.80
%
 
11.61
%
 
5.78
%
Effective date range
February 2018 - December 2018

 
January 2017 - December 2017

 
March 2016 - December 2016

Termination date range
March 2019 - June 2020

 
March 2018 - September 2019

 
March 2017 - December 2017

Total cost of interest rate caps (in thousands)
$
362

 
$
375

 
$
13

 
 
 
 
 
 
Interest rate floors
 
 
 
 
 
Notional amount (in thousands)
$
4,000,000

 
$
3,850,000

 
$
—

Strike rate low end of range
1.38
%
 
1.00
%
 
—
%
Strike rate high end of range
2.00
%
 
1.50
%
 
—
%
Effective date
July 2018

 
September 2017 - December 2017

 
n/a

Termination date range
June 2019 - September 2019

 
March 2019 - June 2019

 
n/a

Total cost of interest rate floors (in thousands)
$
138

 
$
140

 
$
—

_______________
No instruments were designated as cash flow hedges
Interest rate derivatives consisted of the following (in thousands):
Interest rate caps (1)
December 31, 2018
 
December 31, 2017
Notional amount (in thousands)
$
1,292,500

 
$
887,700

Strike rate minimum
2.43
 %
 
2.00
 %
Strike rate maximum
11.61
 %
 
11.61
 %
Effective date range
January 2017 - December 2018

 
December 2015 - December 2017

Termination date range
January 2019 - June 2020

 
January 2018 - September 2019

Aggregate principal balance on corresponding mortgage loans (in thousands)
$
805,500

 
$
818,138

 
 
 
 
Interest rate floors (1) (2)
 
 
 
Notional amount (in thousands)
$
10,850,000

 
$
6,850,000

Strike rate low end of range
(0.25
)%
 
(0.25
)%
Strike rate high end of range
2.00
 %
 
1.50
 %
Effective date range
July 2015 - July 2018

 
July 2015 - December 2017

Termination date range
March 2019 - July 2020

 
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.