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Financial Instruments: Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2021

Financial Instruments: Derivatives and Hedging

Schedule of notional and fair value of derivative financial instruments

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Notional

Strike

Effective

Expiration

Fair Value (2) at

(in thousands)

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Value

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Rate

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Date

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Date

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March 31, 2021

December 31, 2020

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2017 Interest Rate Swap

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$

400,000

1.12

%

Sep-17

Sep-21

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$

(1,981)

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$

(2,947)

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2019 JPM Interest Rate Swap

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$

100,000

2.44

%

Mar-19

Nov-21

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$

(1,540)

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$

(2,102)

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2019 BMO Interest Rate Swap (1)

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$

220,000

2.39

%

Aug-20

Jan-24

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$

(10,177)

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$

(12,262)

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(1) The Notional Value will decrease to $165 million on November 30, 2021.

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(2) Classified within Level 2 of the fair value hierarchy.

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Summary of Interest Rate Swaps that was recorded in OCI

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​	​	​	​	​	​	​
(in thousands)	​	Three Months Ended March 31,
Interest Rate Swaps in Cash Flow Hedging Relationships:		2021			2020
​	​	​	​	​	​	​
Amounts of gain (loss) recognized in OCI	​	$	807	​	$	(18,389)
Amounts of previously recorded gain/(loss) reclassified from OCI into Interest Expense	​	$	(2,806)	​	$	(36)
​	​	​	​	​	​	​
Total amount of Interest Expense presented in the consolidated statements of operations	​	$	8,600	​	$	9,063

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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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.

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