Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of LIBOR interest rate caps

During the three months ended March 31, 2019, the Company had the following LIBOR interest rate caps ($ in thousands):

Origination Date	Expiration Date	Notional Amount		Strike Rate		Premium Paid
2/7/2017	3/1/2019	$	50,000	1.50	%	$	187
6/23/2017	7/1/2019	50,000		1.50	%	154
9/18/2017	10/1/2019	50,000		1.50	%	199
11/28/2017	12/1/2019	50,000		1.50	%	359
3/7/2018	4/1/2020	50,000		2.25	%	310
7/16/2018	8/1/2020	50,000		2.50	%	319
12/11/2018	1/1/2021	50,000		2.75	%	210

Schedule of derivatives

The Company’s derivatives were comprised of the following as of March 31, 2019 and December 31, 2018 (in thousands): 

	March 31, 2019							December 31, 2018
	(Unaudited)
	Notional Amount		Fair Value					Notional Amount		Fair Value
			Asset		Liability					Asset		Liability
Derivatives not designated as accounting hedges
Interest rate swaps	$	100,000	$	175	$	(1,271	)	$	100,000	$	303	$	(749	)
Interest rate caps	300,000		977		—			350,000		1,790		—
Total derivatives not designated as accounting hedges	400,000		1,152		(1,271		)	450,000		2,093		(749		)
Derivatives designated as accounting hedges
Interest rate swaps	62,977		—		(2,656		)	63,208		—		(1,725		)
Total derivatives	$	462,977	$	1,152	$	(3,927	)	$	513,208	$	2,093	$	(2,474	)

Schedule of changes in fair value of derivatives

The changes in the fair value of the Company’s derivatives during the three months ended March 31, 2019 and 2018 were comprised of the following (in thousands): 

	Three Months Ended March 31,
	2019			2018
Interest rate swaps	$	(1,652	)	$	348
Interest rate caps	(814		)	621
Total change in fair value of interest rate derivatives	$	(2,466	)	$	969
Comprehensive income statement presentation:
Change in fair value of interest rate derivatives	$	(1,463	)	$	969
Unrealized cash flow hedge gains losses	(1,003		)	—
Total change in fair value of interest rate derivatives	$	(2,466	)	$	969