DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional and Fair Value of Interest Rate Swaps Designated as Cash Flow Hedges

The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of June 30, 2020 and December 31, 2019. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):

	June 30, 2020			December 31, 2019				Weighted-Average Fix Pay Rate	Weighted-Average Remaining Term in Years
Derivative Instruments	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount		Reference Rate as of June 30, 2020
Derivative instruments not designated as hedging instruments
Interest rate swaps (1)	11	$	1,189,503	11	$	960,963	One-month LIBOR/ Fixed at 1.16% - 2.15%	1.86%	2.2

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⁽¹⁾ Includes two forward interest rate swaps in the total amount of $115.0 million, which will become effective in August 2020 and November 2020 and mature in 2023.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (dollars in thousands):

		June 30, 2020			December 31, 2019
Derivative Instruments	Balance Sheet Location	Number of Instruments	Fair Value		Number of Instruments	Fair Value
Derivative instruments not designated as hedging instruments
Interest rate swaps	Prepaid expenses and other assets, at fair value	—	$	—	3	$	1,553
Interest rate swaps	Other liabilities, at fair value	11	$	(43,867)	8	$	(11,404)

Schedule of Derivative Instruments in Statement of Operations

The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Derivatives not designated as hedging instruments
Realized loss (gain) recognized on interest rate swaps	$	3,882	$	(1,238)	$	4,629	$	(2,627)
Unrealized loss on interest rate swaps	25		23,280		34,016		37,899
Increase in interest expense as a result of derivatives	$	3,907	$	22,042	$	38,645	$	35,272