Derivatives (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the Company’s interest rate swaps as of June 30, 2020, which effectively convert one-month floating rate LIBOR to a fixed rate:

Number of Instruments	Effective Date	Aggregate Notional		Fixed Interest Rate		Maturity Date
Three	December 29, 2017	$	250,000	2.00	%	January 5, 2021
Two	November 23, 2018	$	200,000	2.85	%	November 22, 2023
Three	August 15, 2019	$	120,000	1.68	%	July 17, 2024
Three	August 15, 2019	$	150,000	1.77	%	July 17, 2026

Schedule of interest rate swaps designated as cash flow hedges

The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk:

	Number of Instruments		Notional
Interest Rate Derivatives	June 30, 2020	December 31, 2019	June 30, 2020		December 31, 2019
Interest rate swaps	11	11	$	720,000	$	720,000

Schedule of estimated fair value of derivative instruments

The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques used are described in Note 12 to the condensed consolidated financial statements.

	Fair Value
	June 30, 2020		December 31, 2019
Derivatives designated as cash flow hedges:
Interest rate swaps	$	39,176	$	12,288

Schedule of effect of derivative instruments on the consolidated statements of operations

The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:

Derivatives in Cash Flow Hedging Relationships	Amount of Loss Recognized in Other Comprehensive Income on Derivative				Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income	Amount of Loss (Gain) Reclassified from AOCI into Income						Total Interest Expense Presented in the Statements of Operations in which the Effects of Cash Flow Hedges are Recorded
	Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended June 30,			Six Months Ended June 30,			Three Months Ended June 30,		Six Months Ended June 30,
2020	$	2,301	$	30,954	Interest expense	$	2,995		$	4,066		$	19,360	$	36,406
2019	$	6,215	$	9,601		$	(92	)	$	(220	)	$	17,363	$	34,793