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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 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:
| Year Ended December 31,
Interest rate caps: | 2020 |  | 2019 |  | 2018
Notional amount (in thousands) | $ | 602,500 |  |  | $ | 391,000 |  |  | $ | 727,000 |
Strike rate low end of range | 3.00 | % |  | 3.00 | % |  | 2.43 | %
Strike rate high end of range | 4.00 | % |  | 7.80 | % |  | 7.80 | %
Effective date range | March 2020 - June 2020 |  | January 2019 - December 2019 |  | February 2018 - December 2018
Termination date range | April 2021 - June 2021 |  | March 2020 - October 2021 |  | March 2019 - June 2020
Total cost of interest rate caps (in thousands) | $ | 92 |  |  | $ | 115 |  |  | $ | 362 |
Interest rate floors: |  |  |  |  |
Notional amount (in thousands) | $ | — |  |  | $ | 2,000,000 |  |  | $ | 4,000,000 |
Strike rate low end of range |  |  | 1.63 | % |  | 1.38 | %
Strike rate high end of range |  |  | 1.63 | % |  | 2.00 | %
Effective date |  |  | January 2019 |  | July 2018
Termination date |  |  | March 2020 |  | June 2019 - September 2019
Total cost of interest rate floors (in thousands) | $ | — |  |  | $ | 75 |  |  | $ | 138 |
_______________ No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following:
Interest rate caps: (1) | December 31, 2020 |  | December 31, 2019
Notional amount (in thousands) | $ | 779,000 |  |  | $ | 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 | February 2021 - October 2021 |  | January 2020 - October 2021
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 779,000 |  |  | $ | 870,000 |
Interest rate floors: (1) (2) |  |  |
Notional amount (in thousands) | $ | — |  |  | $ | 5,000,000 |
Strike rate low end of range |  |  | (0.25) | %
Strike rate high end of range |  |  | 1.63 | %
Termination date range |  |  | 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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