XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Derivative Instruments (Tables)
 6 Months Ended
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.