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DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amount of Derivatives Instruments
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):
March 31, 2021December 31, 2020
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$1,095,000 $1,340,000 
Denominated in Canadian Dollars (2)
$125,000 $250,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$52,211 $52,778 
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars$125,000 $125,000 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$4,089 $3,522 
(1) Balance includes swaps with an aggregate notional amount of $400.0 million, which accretes to $600.0 million in January 2023, and six forward starting interest rate swaps with an effective date of May 2024 and an aggregate notional amount of $250.0 million. Balance as of December 31, 2020 also includes two forward starting interest rate swaps and one forward starting interest rate collar with an effective date of January 2021 and an aggregate notional amount of $245.0 million.
(2)    Balance as of December 31, 2020 includes two forward starting interest rate swaps with an effective date of January 2021 and an aggregate notional amount of CAD $125.0 million.
Derivative and Financial Instruments Designated as Hedging Instruments
The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2021 and December 31, 2020 (dollars in thousands):    
Count as of March 31, 2021Fair ValueMaturity Dates
TypeDesignationMarch 31, 2021December 31, 2020Balance Sheet Location
Assets:
Forward starting interest rate swapsCash flow6 $32,875 $10,652 2034Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 1,540 2,150 2025Accounts receivable, prepaid expenses and other assets, net
$34,415 $12,802 
Liabilities:
Interest rate swapsCash flow11 $24,509 $23,849 2023- 2024Accounts payable and accrued liabilities
Interest rate collarCash flow2 1,398 1,626 2024Accounts payable and accrued liabilities
Forward starting interest rate swapsCash flow— — 10,723 2024Accounts payable and accrued liabilities
Forward starting interest rate collarsCash flow— — 920 2024Accounts payable and accrued liabilities
CAD term loanNet investment1 99,275 98,100 2024Term loans, net
$125,182 $135,218 
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income and the condensed consolidated statements of equity for the three months ended March 31, 2021 and 2020 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended March 31,
20212020Income Statement Location
Cash Flow Hedges:
Interest rate products$30,598 $(40,475)Interest expense
Net Investment Hedges:
Foreign currency products(555)4,187 N/A
CAD term loan(1,175)7,813 N/A
$28,868 $(28,475)
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
Three Months Ended March 31,
20212020Income Statement Location
Cash Flow Hedges:
Interest rate products$(3,202)$237 Interest expense
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2021 and December 31, 2020 (in thousands):
As of March 31, 2021
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$34,415 $— $34,415 $(9,513)$— $24,902 
Offsetting Liabilities:
Derivatives$25,907 $— $25,907 $(9,513)$— $16,394 
As of December 31, 2020
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$12,802 $— $12,802 $(7,420)$— $5,382 
Offsetting Liabilities:
Derivatives$37,018 $— $37,018 $(7,420)$— $29,598 
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2021 and December 31, 2020 (in thousands):
As of March 31, 2021
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$34,415 $— $34,415 $(9,513)$— $24,902 
Offsetting Liabilities:
Derivatives$25,907 $— $25,907 $(9,513)$— $16,394 
As of December 31, 2020
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$12,802 $— $12,802 $(7,420)$— $5,382 
Offsetting Liabilities:
Derivatives$37,018 $— $37,018 $(7,420)$— $29,598