Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following interest rate swaps have not been designated as hedging instruments (in thousands):

			Notional value at				Fair value at
Derivative type	Interest rate	Maturity	September 30, 2019		December 31, 2018		September 30, 2019			December 31, 2018
Interest rate swap (1)	1.80%	September 2020	$	30,360	$	—	$	(34	)	$	—
Interest rate swap (1)	1.80%	September 2020	75,440		—		(85		)	—
Interest rate swap (1)	1.80%	September 2020	32,200		—		(36		)	—
Interest rate swap (1)	1.81%	October 2020	143,000		—		(247		)	—
			$	281,000	$	—	$	(402	)	$	—

(1)

During the nine months ended September 30, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges. The Company recognized all changes in the fair value of these interest rate swaps in interest expense in the consolidated statements of operations and comprehensive income.

Schedule of interest rate swaps

The following interest rate swaps have been designated as cash flow hedges (in thousands):

			Notional value at				Fair value at
Hedge type	Interest rate	Maturity	September 30, 2019		December 31, 2018		September 30, 2019			December 31, 2018
Swap-cash flow	2.02%	March 2019	$	—	$	125,000	$	—		$	148
Swap-cash flow	1.94%	March 2019	—		100,000		—			136
Swap-cash flow	1.27%	March 2019	—		125,000		—			447
Swap-cash flow	1.96%	March 2019	—		100,000		—			153
Swap-cash flow	1.85%	March 2019	—		50,000		—			93
Swap-cash flow	1.81%	March 2019	—		50,000		—			99
Swap-cash flow	1.74%	March 2019	—		25,000		—			54
Swap-cash flow (1)	1.80%	September 2020	—		30,855		—			370
Swap-cash flow (1)	1.80%	September 2020	—		76,670		—			919
Swap-cash flow (1)	1.80%	September 2020	—		32,725		—			392
Swap-cash flow (1)	1.81%	October 2020	—		143,000		—			1,808
Swap-cash flow	1.15%	April 2021	100,000		100,000		674			3,072
Swap-cash flow	1.20%	April 2021	100,000		100,000		590			2,955
Swap-cash flow	2.15%	April 2021	75,000		75,000		(725		)	539
Swap-cash flow	1.91%	April 2021	75,000		75,000		(427		)	967
Swap-cash flow	1.61%	June 2021	50,000		50,000		(76		)	1,057
Swap-cash flow	1.56%	June 2021	50,000		50,000		(24		)	1,129
Swap-cash flow	1.71%	June 2021	50,000		50,000		(165		)	934
Swap-cash flow	2.29%	December 2022	200,000		200,000		(5,779		)	938
Swap-cash flow	2.29%	December 2022	125,000		125,000		(3,603		)	607
Swap-cash flow	2.38%	December 2022	200,000		200,000		(6,392		)	259
Swap-cash flow	2.38%	December 2022	100,000		100,000		(3,193		)	139
Swap-cash flow (2)	2.75%	November 2023	100,000		100,000		(4,307		)	(1,020		)
Swap-cash flow (3)	2.51%	December 2023	75,000		—		(2,680		)	—
Swap-cash flow (3)	2.39%	December 2023	75,000		—		(2,417		)	—
Swap-cash flow	1.35%	September 2021	49,000		—		155			—
Swap-cash flow	1.28%	September 2022	100,000		—		426			—
Swap-cash flow (4)	1.24%	September 2025	150,000		—		428			—
			$	1,674,000	$	2,083,250	$	(27,515	)	$	16,195

(1) During the nine months ended September 30, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges because the hedged forecasted transactions were no longer probable of occurring as a result of debt paydowns in March and April 2019. Therefore, the Company reclassified approximately $2.3 million of the unrealized gains included in accumulated other comprehensive (loss) income to interest expense in the consolidated statements of operations and comprehensive income.

(2) Effective in November 2020.

(3) Effective in January 2021.

(4) Effective in September 2021.