DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 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 September 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):

	September 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 September 30, 2020
Derivative instruments not designated as hedging instruments
Interest rate swaps (1)	10	$	1,140,640	11	$	960,963	One-month LIBOR/ Fixed at 1.16% - 2.11%	1.9%	2.1

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(1) Includes one forward interest rate swap in the amount of $65.0 million, which will become effective in November 2020 and matures in 2023. During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured.

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 September 30, 2020 and December 31, 2019 (dollars in thousands):

		September 30, 2020			December 31, 2019
Derivative Instruments	Balance Sheet Location	Number of Instruments (1)	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	10	$	(39,335)	8	$	(11,404)

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(1) During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured.

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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Derivatives not designated as hedging instruments
Realized loss (gain) recognized on interest rate swaps	$	4,798	$	(491)	$	9,427	$	(3,118)
Unrealized (gain) loss on interest rate swaps	(4,532)		3,807		29,484		41,706
Increase in interest expense as a result of derivatives	$	266	$	3,316	$	38,911	$	38,588