DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of March 31, 2020 and December 31, 2019 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Liabilities as of

Balance Sheet

Amount as of

Interest

Effective

Maturity

March 31,

December 31,

Location

March 31, 2020

Rates (1)

Dates

Dates

2020

2019 (2)

Interest Rate Swaps

Derivative liabilities, deferred rental income and other liabilities

$

871,666

2.55% to 4.02%

3/14/2016 to 8/15/2018

3/15/2021 to 7/1/2021

$

(13,743

)

$

(4,181

)

____________________________________

(1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2020.

(2) As of December 31, 2019, the Company had two interest rate swap agreements in an asset position with a notional amount of $60.0 million and a fair value of $261,000 included in prepaid expenses and other assets on the condensed consolidated balance sheets.