Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivatives and Hedging Activities

Schedule of derivative instruments

The following table summarizes our derivative positions as of the years ended December 31, 2019, and 2018 (in thousands):

Notional Amount									Fair Value (Level 2) (1)
December 31,		December 31,		Type of	Strike Rate		Effective	Expiration	December 31,		December 31,
2019		2018		Derivative	as of 12/31/19		Date	Date	2019		2018
$	—	$	50,000	Interest Rate Swap	—	%	2/28/2014	1/31/2019	$	—	$	43
	75,000		75,000	Interest Rate Swap	2.63		5/5/2015	5/5/2020		67		1,099
	75,000		75,000	Interest Rate Swap	3.92		5/5/2018	4/5/2023		(2,819)		(897)
	—		175,000	Interest Rate Swap	—		6/3/2019	4/3/2019		—		(3,183)
	100,000		—	Interest Rate Swap	2.79		11/8/2019	4/1/2025		55		—
	75,000		—	Interest Rate Swap	2.79		11/8/2019	4/1/2025		41		—
$	325,000	$	375,000						$	(2,656)	$	(2,938)

(1) Derivative assets are recorded at fair value in our condensed consolidated balance sheets in other assets and derivative liabilities are recorded at fair value in our condensed consolidated balance sheets in unearned revenue, prepaid rent and other liabilities. We do not net our derivative position by counterparty for purposes of balance sheet presentation and disclosure.

Schedule of derivatives effect on consolidated financial staements

The following table shows the effect of the derivatives on our consolidated financial statements (in thousands):

	Year Ended December 31,
	2019		2018		2017
Cash Flow Hedges
Unrealized gain (loss) recognized in other comprehensive income	$	(5,038)	$	(3,676)	$	580
Gain (loss) reclassified from other comprehensive income to interest expense		212		(326)		623
Interest expense		41,712		35,526		24,147