Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivatives and Hedging Activities

Schedule of derivative instruments

The following table summarizes our derivative positions as of March 31, 2020, and December 31, 2019 (in thousands):

Notional Amount										Fair Value (Level 2) (1)
March 31,		December 31,		Type of				Effective	Expiration	March 31,		December 31,
2020		2019		Derivative	Index	Strike Rate		Date	Date	2020		2019
$	75,000	$	75,000	Interest Rate Swap	1 mo. LIBOR	1.43	%	5/5/2015	5/5/2020	$	(30)	$	67
	75,000		75,000	Interest Rate Swap	1 mo. LIBOR	2.72		5/5/2018	4/5/2023		(5,469)		(2,819)
	100,000		100,000	Interest Rate Swap	1 mo. LIBOR	1.59		11/8/2019	4/1/2025		(5,918)		55
	75,000		75,000	Interest Rate Swap	1 mo. LIBOR	1.59		11/8/2019	4/1/2025		(4,439)		41
	200,000		—	Interest Rate Swap	1 mo. LIBOR	0.56		3/5/2020	4/19/2022		(1,104)		—
	75,000		—	Interest Rate Swap	1 mo. LIBOR	0.61		3/5/2020	10/5/2023		(738)		—
	175,000		—	Interest Rate Swap	1 mo. LIBOR	0.64		3/5/2020	10/1/2024		(2,075)		—
$	775,000	$	325,000							$	(19,773)	$	(2,656)

(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.