Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019:

(In thousands)	Balance Sheet Location	March 31, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swaps	Derivative assets, at fair value	$	—	$	377
Interest rate “pay-fixed” swaps	Derivative liabilities, at fair value	$	42,405	$	5,305
Derivatives not designated as hedging instruments:
Interest rate caps	Derivative assets, at fair value	$	66	$	15

Summary of Derivative Instruments

The Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Interest Rate Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate caps	7	$	359,322	6	$	359,322

As of March 31, 2020 and December 31, 2019, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk:

	March 31, 2020			December 31, 2019
Interest Rate Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate “pay-fixed” swaps	9	$	578,500	9	$	578,500

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 presented:

	Three Months Ended March 31,
(In thousands)	2020			2019
Amount of loss recognized in accumulated other comprehensive loss on interest rate derivatives	$	(37,715	)	$	(2,028	)
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	(450	)	$	391
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss	$	(13,257	)	$	(13,943	)

Offsetting Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2020 and December 31, 2019. 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
March 31, 2020	$	66	$	(42,405	)	$	—	$	(42,339	)	$	—	$	—	$	(42,339	)
December 31, 2019	$	392	$	(5,305	)	$	—	$	(4,913	)	$	—	$	—	$	(4,913	)