DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the terms of the Company’s interest rate swap agreements designated as hedging instruments as of September 30, 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	September 30,		December 31,
	Location	September 30, 2020		Rates (1)	Dates	Dates	2020		2019 (2)
Interest Rate Swaps	Derivative liabilities, deferred rental income and other liabilities	$	865,266	2.55% to 3.67%	6/29/2016 to 5/27/2020	3/15/2021 to 7/1/2021	$	(7,255)	$	(4,181)

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(1)The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 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.