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Derivative Instruments
 3 Months Ended
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)
20212020
Notional amount (in thousands)$192,500 $167,500 
Strike rate low end of range0.75 %3.00 %
Strike rate high end of range3.00 %3.50 %
Effective date rangeJanuary 2021- March 2021March 2020
Termination date rangeSeptember 2021- April 2022April 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, 2021December 31, 2020
Notional amount (in thousands)$917,500 $779,000 
Strike rate low end of range0.75 %3.00 %
Strike rate high end of range4.00 %4.00 %
Termination date rangeApril 2021 - April 2022February 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.