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Derivative Instruments (Tables)

12 Months Ended

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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- References

No definition available.

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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

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