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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the interest rate derivatives we entered into over the applicable periods:
| Six Months Ended June 30,
Interest rate caps: | 2020 |  | 2019
Notional amount (in thousands) | $ | 602,500 |  |  | $ | 228,500 |
Strike rate low end of range | 3.00 | % |  | 3.00 | %
Strike rate high end of range | 4.00 | % |  | 7.80 | %
Effective date range | March 2020 - June 2020 |  |  | January 2019 - April 2019 |
Termination date range | April 2021 - June 2021 |  |  | March 2020 - February 2021 |
Total cost of interest rate caps (in thousands) | $ | 92 |  |  | $ | 62 |
Interest rate floors: |  |  |
Notional amount (in thousands) | $ | — |  |  | $ | 2,000,000 |
Strike rate |  |  |  | 1.63 | %
Effective date |  |  | January 2019 |
Termination date |  |  | March 2020 |
Total cost of interest rate floors (in thousands) | $ | — |  |  | $ | 75 |
_______________ No instruments were designated as cash flow hedges for during the six months ended June 30, 2020 and 2019. Interest rate derivatives consisted of the following:
Interest rate caps: (1) | June 30, 2020 |  | December 31, 2019
Notional amount (in thousands) | $ | 819,000 |  |  | $ | 968,000 |
Strike rate low end of range | 3.00 | % |  | 3.00 | %
Strike rate high end of range | 4.00 | % |  | 7.80 | %
Termination date range | September 2020 - October 2021 |  |  | January 2020 - October 2021 |
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 819,000 |  |  | $ | 870,000 |
Interest rate floors: (1) (2) |  |  |
Notional amount (in thousands) | $ | 3,000,000 |  |  | $ | 5,000,000 |
Strike rate low end of range | (0.25 | )% |  | (0.25 | )%
Strike rate high end of range | (0.25 | )% |  | 1.63 | %
Termination date range | July 2020 |  |  | March 2020 - 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.

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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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5579240-113959 + Details
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