Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018:

		December 31,
(In thousands)	Balance Sheet Location	2019		2018
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swaps	Derivative assets, at fair value	$	377	$	4,582
Interest rate “pay-fixed” swaps	Derivative liabilities, at fair value	$	5,305	$	—
Derivatives not designated as hedging instruments:
Interest rate caps	Derivative assets, at fair value	$	15	$	51

Summary of Derivative Instruments

s of December 31, 2019 and 2018:

	December 31, 2019			December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate caps	6	$	359,322	7	$	359,322

As of December 31, 2019 and 2018, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk:

	December 31, 2019			December 31, 2018
Interest Rate Derivative	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate “pay-fixed” swaps	9	$	578,500	2	$	250,000

Schedule of Derivatives Included in AOCI

The table below details the location in the financial statements of the loss recognized on interest rate derivatives designated as cash flow hedges for the periods ended December 31, 2019 and 2018:

	Year Ended December 31,
(In thousands)	2019			2018		2017
Amount of gain (loss) recognized in accumulated other comprehensive (loss) income on interest rate derivatives	$	(10,753	)	$	2,367	$	1,674
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	872		$	258	$	(799	)
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss	$	56,059		$	49,471	$	30,264

Offsetting Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure

of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet.

									Gross Amounts Not Offset in the Consolidated Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)		Gross Amounts Offset in the Consolidated Balance Sheet	Net Amounts of Assets presented in the Consolidated Balance Sheet			Financial Instruments	Cash Collateral Received	Net Amount
December 31, 2019	$	392	—		—	$	392		—	—	$	392
December 31, 2019	$	—	(5,305	)	—	$	(5,305	)	—	—	$	(5,305	)
December 31, 2018	$	4,633	—		—	$	4,633		—	—	$	4,633