Interest Rate Derivatives

3 Months Ended

Mar. 31, 2020

Interest Rate Derivatives [Abstract]

Interest Rate Derivatives

17. Interest Rate Derivatives

The following tables summarize the Partnership’s interest rate derivatives as of March 31, 2020 and December 31, 2019:

Purchase Date	Notional Amount		Maturity Date	Effective Capped Rate (1)			Index	Variable Debt Financing Facility Hedged (1)	Counterparty	Fair Value as of March 31, 2020
July 2015		26,949,233	Aug 2020		3.0	%	SIFMA	TOB Trusts	Wells Fargo Bank	$	-
July 2015		26,949,233	Aug 2020		3.0	%	SIFMA	TOB Trusts	Royal Bank of Canada		-
July 2015		26,949,233	Aug 2020		3.0	%	SIFMA	TOB Trusts	SMBC Capital Markets, Inc		-
June 2017		80,847,700	Aug 2020		1.5	%	SIFMA	TOB Trusts	Barclays Bank PLC		-
Sept 2017		57,918,000	Sept 2020		4.0	%	SIFMA	TOB Trusts	Barclays Bank PLC		-
Aug 2019		79,014,909	Aug 2024		4.5	%	SIFMA	M31 TEBS	Barclays Bank PLC		36,112
										$	36,112

⁽¹⁾ See Note 22 for additional details.

Purchase Date	Notional Amount		Maturity  Date	Effective Capped Rate (2)			Index	Variable Debt Financing Facility Hedged (2)	Counterparty	Fair Value as of December 31, 2019
July 2015		27,033,788	Aug 2020		3.0	%	SIFMA	TOB Trusts	Wells Fargo Bank	$	-
July 2015		27,033,788	Aug 2020		3.0	%	SIFMA	TOB Trusts	Royal Bank of Canada		-
July 2015		27,033,788	Aug 2020		3.0	%	SIFMA	TOB Trusts	SMBC Capital Markets, Inc		-
June 2017		81,101,364	Aug 2020		1.5	%	SIFMA	TOB Trusts	Barclays Bank PLC		4,090
Sept 2017		58,090,000	Sept 2020		4.0	%	SIFMA	TOB Trusts	Barclays Bank PLC		-
Aug 2019		79,333,280	Aug 2024		4.5	%	SIFMA	M31 TEBS	Barclays Bank PLC		6,821
										$	10,911

⁽²⁾ See Note 22 for additional details.

The Partnership’s interest rate derivatives are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s condensed consolidated statements of operations. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets.