XML 38 R31.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the accompanying consolidated balance sheets as of December 31, 2018. The Company did not have any derivative instruments outstanding as of December 31, 2019 due to the termination of its interest rate swaps after the repayment of certain mortgages during the third quarter of 2019 (see Note 5 — Mortgage Notes Payable, Net for additional information).

Schedule of Interest Rate Derivatives

As of December 31, 2019 the Company did not have any derivatives that were designated as cash flow hedges of interest rate risk. As of December 31, 2018, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk:

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2019, 2018 and 2017, respectively:



	Year Ended December 31,
(In thousands)	2019			2018			2017
Amount of (loss) gain recognized in accumulated other comprehensive (loss) income on interest rate derivatives (effective portion)^[1]	$	(979	)	$	(670	)	$	56
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense	$	(36	)	$	(125	)	$	(39	)
Amount of gain recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$	—		$	81		$	—
Total interest expense recorded in the consolidated statement of operations	$	77,994		$	66,789		$	60,305

^__________

^[1]

Excludes a loss of $1.5 million in the Company’s consolidated statements of operations for the year ended December 31, 2019 recorded upon termination of its interest rate swaps after the repayment of certain mortgages (see Note 5 — Mortgage Notes Payable, Net for additional information).

Offsetting Liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018. The Company did not have any derivatives outstanding as of 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 sheets.



											Gross Amounts Not Offset on the Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset on the Balance Sheet		Net Amounts of Assets (Liabilities) Presented on the Balance Sheet			Financial Instruments		Cash Collateral Received (Posted)		Net Amount
December 31, 2019	$	—	$	—		$	—	$	—		$	—	$	—	$	—
December 31, 2018	$	—	$	(531	)	$	—	$	(531	)	$	—	$	—	$	(531	)

Offsetting Assets



											Gross Amounts Not Offset on the Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset on the Balance Sheet		Net Amounts of Assets (Liabilities) Presented on the Balance Sheet			Financial Instruments		Cash Collateral Received (Posted)		Net Amount
December 31, 2019	$	—	$	—		$	—	$	—		$	—	$	—	$	—
December 31, 2018	$	—	$	(531	)	$	—	$	(531	)	$	—	$	—	$	(531	)

(In thousands)

Balance Sheet Location

As of December 31, 2018

Derivatives designated as hedging instruments:

Interest Rate “Pay fixed” Swaps

Derivative liabilities, at fair value