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Derivative Instruments | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives include interest rate caps and interest rate floors, which are subject to master netting settlement arrangements. All derivatives are recorded at fair value. The following table summarizes the interest rate derivatives we entered into over the applicable periods:
| Three Months Ended March 31,
Interest rate caps:(1) | 2021 |  | 2020 |  |
Notional amount (in thousands) | $ | 192,500 |  |  | $ | 167,500 |  |  |
Strike rate low end of range | 0.75 | % |  | 3.00 | % |  |
Strike rate high end of range | 3.00 | % |  | 3.50 | % |  |
Effective date range | January 2021- March 2021 |  | March 2020 |  |
Termination date range | September 2021- April 2022 |  | April 2021 |  |
Total cost of interest rate caps (in thousands) | $ | 20 |  |  | $ | 38 |  |  |
_______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following:
Interest rate caps: (1) | March 31, 2021 |  | December 31, 2020
Notional amount (in thousands) | $ | 917,500 |  |  | $ | 779,000 |
Strike rate low end of range | 0.75 | % |  | 3.00 | %
Strike rate high end of range | 4.00 | % |  | 4.00 | %
Termination date range | April 2021 - April 2022 |  | February 2021 - October 2021
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 725,000 |  |  | $ | 779,000 |
_______________ (1)No instruments were designated as cash flow hedges.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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