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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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.

- 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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+ Details