Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

9. Derivative Instruments and Hedging Activities

Interest Rate Swaps – Designated as Cash Flow Hedges

We had interest rate swaps with an aggregate notional amount of $1.0 billion that were designated as cash flow hedges. We also had entered into forward starting interest rate swaps with an aggregate notional amount of $400,000,000 to extend the maturity of certain swaps for an additional year. In November 2019, in connection with the $1.25 billion refinancing of 1633 Broadway at a fixed rate of 2.99%, we terminated all interest rate swaps and incurred $11,258,000 of swap breakage costs. Following these terminations, we also accelerated the reclassification of amounts from other comprehensive (loss) income to “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2019.  

As of December 31, 2018, the fair value of the interest rate swap assets and interest rate swap liabilities was $16,859,000 and $48,000, respectively. We recognized other comprehensive loss of $28,069,000 for the year ended December 31, 2019 and other comprehensive income of $7,273,000 and $10,618,000 for the years ended December 31, 2018 and 2017, respectively, from the changes in fair value of these interest rate swaps. See Note 11, Accumulated Other Comprehensive (Loss) Income.