Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of summary of the terms of the Company’s interest rate swaps

The following is a summary of the terms of the Company’s interest rate swaps as of September 30, 2020 (in thousands):

Swap Counterparty	Notional Amount		Effective Date	Maturity Date
Bank of Montreal	$	100,000	12/29/2017	8/31/2022
U.S. Bank	$	100,000	12/29/2017	8/31/2022
Regions Bank	$	50,000	1/31/2019	8/31/2022
Royal Bank of Canada	$	50,000	1/31/2019	8/31/2022

Company’s assets and liabilities measured at fair value on a recurring basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
September 30, 2020:
Liabilities
Derivative financial instruments	$	—	$	(10,977)	$	—	$	(10,977)
December 31, 2019:
Liabilities
Derivative financial instruments	$	—	$	(3,865)	$	—	$	(3,865)

Schedule of Company’s derivative financial instruments as well as their classification on the balance sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of September 30, 2020 and December 31, 2019, respectively (in thousands):

Derivatives designed as hedging instruments	Balance sheet location	September 30, 2020 Fair Value		December 31, 2019 Fair Value
Interest rate products	Other liabilities	$	(10,977)	$	(3,865)

Details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2020 and 2019, respectively (in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Amount of gain (loss) recognized in OCI on derivatives	$	62	$	(1,226)	$	(9,954)	$	(8,649)
Amount of loss (gain) reclassified from AOCI into interest	$	1,498	$	(96)	$	3,061	$	(561)