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Interest Rate Swaps (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreement
The following table sets forth a summary of our interest rate swaps at June 30, 2020 and December 31, 2019 (dollars in thousands):
 
 
 
 
 
 
 
 
 
Current Notional Value(1)
 
Fair Value of Interest Rate
Derivative Assets /(Derivative Liabilities)(2)
Derivative Instrument
 
Effective Date
 
Maturity Date
 
LIBOR Interest Strike Rate
 
June 30, 2020
 
December 31, 2019
 
June 30, 2020
 
December 31, 2019
Interest Rate Swap
 
2/14/2018
 
1/14/2022
 
1.3490
%
 
$
125,000

 
$
125,000

 
$
(2,347
)
 
$
489

Interest Rate Swap
 
8/14/2018
 
1/14/2022
 
1.4060
%
 
$
100,000

 
$
100,000

 
$
(1,966
)
 
$
277

Interest Rate Swap
 
12/14/2018
 
8/14/2021
 
1.7640
%
 
$
100,000

 
$
100,000

 
$
(1,835
)
 
$
(332
)
Interest Rate Swap
 
7/22/2019
 
11/22/2024
 
2.7625
%
 
$
150,000

 
$
150,000

 
$
(16,768
)
 
$
(8,156
)
(1)
Represents the notional value of swaps that are effective as of the balance sheet date presented. 
(2)
The fair value of derivative assets are included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) are included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.
Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements
The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented (in thousands): 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Interest Rate Swaps in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
Amount of loss recognized in AOCI on derivatives
$
(1,920
)
 
$
(7,761
)
 
$
(17,318
)
 
$
(12,036
)
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense”
$
(1,694
)
 
$
788

 
$
(2,124
)
 
$
1,640

Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)
$
7,428

 
$
6,255

 
$
14,877

 
$
12,726