XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.2

Derivative Instruments

6 Months Ended

Jun. 30, 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:

			Six Months Ended June 30,
Interest rate caps:(1)			2021						2020
Notional amount (in thousands)			$	679,000					$	602,500
Strike rate low end of range			0.75		%				3.00		%
Strike rate high end of range			4.00		%				4.00		%
Effective date range			January 2021- May 2021						March 2020 - June 2020
Termination date range			September 2021- June 2022						April 2021 - June 2021
Total cost of interest rate caps (in thousands)			$	79					$	92

_______________

(1)    No instruments were designated as cash flow hedges.

Interest rate derivatives consisted of the following:

Interest rate caps: (1)			June 30, 2021						December 31, 2020
Notional amount (in thousands)			$	801,000					$	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			August 2021 - June 2022						February 2021 - October 2021
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	776,000					$	779,000

_______________

(1)No instruments were designated as cash flow hedges.

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration