Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Interest Rate Derivatives

As of September 30, 2020, the Company had the following outstanding interest rate derivatives (dollars in thousands):

Interest Rate Derivatives	Number of Instruments		Notional Amount		Maturity Dates
Derivatives designated as hedging    instruments:
Interest rate caps		11	$	405,909	November 1, 2020 through September 1, 2024

Fair Value of Derivative Financial Instruments and Balance Sheet Classification

The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 (in thousands):

Asset Derivatives						Liabilities Derivatives
September 30, 2020			December 31, 2019			September 30, 2020			December 31, 2019
Balance Sheet	Fair Value		Balance Sheet	Fair Value		Balance Sheet	Fair Value		Balance Sheet	Fair Value
Derivatives designated as hedging instruments:
Interest rate caps	$	29	Interest rate caps	$	9	NA	$	—	NA	$	—

Effect of Derivative Financial Instruments on The Consolidated Statements of Operations and Comprehensive Loss

The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019 (in thousands):

Derivatives Designated as	Location of Gain (Loss) Recognized	Amount of Gain (Loss) Recognized in Income for the Three Months Ended						Amount of Gain (Loss) Recognized in Income for the Nine Months Ended
Hedging Instruments	in Income	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Interest rate caps	Interest expense	$	(21	)	$	(63	)	$	(82	)	$	(205	)

Derivatives in Cash Flow Hedging	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Three Months Ended						Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Three Months Ended
Relationships	September 30, 2020			September 30, 2019			(Effective Portion)	September 30, 2020		September 30, 2019
Interest rate products	$	(132	)	$	(48	)	Interest expense	$	21	$	(63	)

Derivatives in Cash Flow Hedging	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) for the Nine Months Ended					Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) for the Nine Months Ended
Relationships	September 30, 2020		September 30, 2019			(Effective Portion)	September 30, 2020			September 30, 2019
Interest rate products	$	117	$	(130	)	Interest expense	$	(82	)	$	(205	)