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Derivatives and Hedging
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging Activities
 
The following interest rate swaps have been designated as cash flow hedges (in thousands):
Notional value atFair value at
Hedge typeInterest
rate		MaturityJune 30, 2020December 31, 2019June 30, 2020December 31, 2019
Swap-cash flow1.15%April 2021$100,000  $100,000  $(893) $607  
Swap-cash flow1.20%April 2021100,000  100,000  (938) 538  
Swap-cash flow2.15%April 202175,000  75,000  (1,347) (590) 
Swap-cash flow1.91%April 202175,000  75,000  (1,183) (337) 
Swap-cash flow1.61%June 202150,000  50,000  (799) (32) 
Swap-cash flow1.56%June 202150,000  50,000  (768) 13  
Swap-cash flow1.71%June 202150,000  50,000  (852) (109) 
Swap-cash flow2.29%December 2022200,000  200,000  (11,285) (4,587) 
Swap-cash flow2.29%December 2022125,000  125,000  (7,047) (2,859) 
Swap-cash flow2.38%December 2022200,000  200,000  (11,772) (5,155) 
Swap-cash flow2.38%December 2022100,000  100,000  (5,883) (2,574) 
Swap-cash flow (1)2.75%November 2023100,000  100,000  (7,937) (3,590) 
Swap-cash flow (2)2.51%December 202375,000  75,000  (5,360) (2,120) 
Swap-cash flow (2)2.39%December 202375,000  75,000  (5,088) (1,858) 
Swap-cash flow 1.35%September 202149,000  49,000  (748) 181  
Swap-cash flow 1.28%September 2022100,000  100,000  (2,632) 690  
Swap-cash flow (3)1.24%September 2025150,000  150,000  (5,968) 2,268  
Swap-cash flow (4)1.16%April 202450,000  —  (1,524) —  
Swap-cash flow (4)1.20%April 202450,000  —  (1,586) —  
Swap-cash flow (4)1.15%April 202450,000  —  (1,510) —  
Swap-cash flow (4)1.10%April 202450,000  —  (1,434) —  
Swap-cash flow (4)0.98%April 202425,000  —  (626) —  
Swap-cash flow (4)0.95%April 202425,000  —  (603) —  
Swap-cash flow (4)0.93%April 202425,000  —  (587) —  
Swap-cash flow (4)0.90%April 202425,000  —  (564) —  
Swap-cash flow 0.85%December 202450,000  —  (1,510) —  
Swap-cash flow 0.75%December 202450,000  —  (1,282) —  
Swap-cash flow (5)0.65%January 202650,000  —  (847) —  
$2,124,000  $1,674,000  $(82,573) $(19,514) 
  
(1)Effective in November 2020.
(2)Effective in January 2021.
(3)Effective in September 2021.
(4)Effective in April 2021.
(5)Effective in July 2021.
The following interest rate swaps have not been designated as hedging instruments (in thousands):
Notional value atFair value at
Derivative typeInterest
rate		MaturityJune 30, 2020December 31, 2019June 30, 2020December 31, 2019
Interest rate swap (1)1.80%September 2020$29,865  $30,195  $(136) $(34) 
Interest rate swap (1)1.80%September 202074,210  75,030  (339) (86) 
Interest rate swap (1)1.80%September 202031,675  32,025  (145) (37) 
Interest rate swap (1)1.81%October 2020141,094  142,500  (942) (219) 
$276,844  $279,750  $(1,562) $(376) 
  
(1)During the year ended December 31, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges. The Company recognizes all changes in the fair value of these interest rate swaps in interest expense in the consolidated statements of operations and comprehensive income.

As of December 31, 2019, the aggregate fair value of the interest rate swap assets of $4.3 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of June 30, 2020 and December 31, 2019, the aggregate fair value of the interest rate swap liabilities of $84.1 million and $24.2 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.
As of June 30, 2020 and December 31, 2019, there was approximately $82.6 million and $19.5 million, respectively, of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the three or six month periods ended June 30,2020 or 2019. For the three and six months ended June 30, 2020, approximately $5.5 million and $6.3 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. For the three and six months ended June 30, 2019, $1.9 million and $4.4 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. Approximately $27.8 million of the unrealized losses included in accumulated other comprehensive loss at June 30, 2020 is expected to be reclassified into interest expense within the next 12 months