Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of September 30, 2020, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below:

Derivatives

Notional Amount

Weighted Average
Fixed Leg (Pay) Interest Rate

Cap Rate

Weighted Average
Remaining Term

Interest Rate Swap⁽¹⁾

$1,805.6 Million

2.00%

n/a

5.1 years

Interest Rate Cap

$200.0 Million

n/a

5.5%

1.3 years

(1) The impact of forward starting swaps with total notional amount of $350.0 million will increase the weighted average remaining term to 6.1 years.

Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income

The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands):


		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative Instrument	Financial statement caption	2020		2019		2020		2019
Non-designated derivative instruments	Realized (gain) loss on derivative instruments, net	$	—	$	(539)	$	(224)	$	(1,912)

Non-designated derivative instruments	Unrealized (gain) loss on derivative instruments, net	$	—	$	504	$	286	$	2,757
Designated derivative instruments	Interest and debt (income) expense	$	7,834	$	(1,530)	$	15,282	$	(6,192)
Designated derivative instruments	Comprehensive (income) loss	$	(852)	$	22,930	$	146,386	$	74,727