Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments

Schedule of Outstanding Derivative Instruments

As of December 31, 2019 and December 31, 2018, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands):

										Fair Value at Significant Other
Notional Amount										Observable Inputs (Level 2)
As of			As of							As of		As of
December 31,			December 31,			Type of	Strike	Effective	Expiration	December 31,		December 31,
2019			2018			Derivative	Rate	Date	Date	2019 (3)		2018 (3)
Currently-paying contracts
$	—		$	206,000	(1)	Swap	1.611	Jun 15, 2017	Jan 15, 2020	$	—	$	1,976
	—			54,905	(1)	Swap	1.605	Jun 6, 2017	Jan 6, 2020		—		517
	29,000	(1)		75,000	(1)	Swap	1.016	Apr 6, 2016	Jan 6, 2021		175		2,169
	75,000	(1)		75,000	(1)	Swap	1.164	Jan 15, 2016	Jan 15, 2021		345		1,970
	300,000	(1)		300,000	(1)	Swap	1.435	Jan 15, 2016	Jan 15, 2023		945		11,463
	75,825	(2)		72,220	(2)	Swap	0.779	Jan 15, 2016	Jan 15, 2021		931		2,024
$	479,825		$	783,125						$	2,396	$	20,119

(1) Represents debt which bears interest based on one-month U.S. LIBOR.

(2) Represents debt which bears interest based on one-month CDOR. Translation to U.S. dollars is based on exchange rates of $0.77 to 1.00 CAD as of December 31, 2019 and $0.73 to 1.00 CAD as of December 31, 2018.

(3) Balance recorded in other assets in the consolidated balance sheets if positive and recorded in accounts payable and other accrued liabilities in the consolidated balance sheets if negative.