Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of interest rate swap instruments

The table below summarizes our interest rate swap instruments as of June 30, 2020:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
December 21, 2016	February 28, 2017	January 31, 2022	1.97%	One month LIBOR	$	750,000
December 11, 2019	February 28, 2017	December 31, 2024	1.74%	One month LIBOR	750,000
January 12, 2017	February 28, 2017	August 7, 2020	1.59%	One month LIBOR	1,100,000
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One month LIBOR	400,000
February 15, 2019	March 15, 2019	March 15, 2022	2.23%	One month LIBOR	800,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One month LIBOR	400,000
June 3, 2016	July 15, 2019	July 15, 2020	1.30%	One month LIBOR	450,000
January 10, 2017	January 15, 2020	January 15, 2021	2.13%	One month LIBOR	550,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One month LIBOR	595,000
June 3, 2016	July 15, 2020	July 15, 2021	1.47%	One month LIBOR	450,000
June 28, 2018	August 7, 2020	July 9, 2025	2.90%	One month LIBOR	1,100,000
January 10, 2017	January 15, 2021	July 15, 2021	2.23%	One month LIBOR	550,000
December 9, 2019	July 15, 2021	November 30, 2024	2.90%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.14%	One month LIBOR	400,000
November 7, 2018	March 15, 2022	July 31, 2025	3.16%	One month LIBOR	400,000

Summary of derivative financial instruments, fair value and location in consolidated balance sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019:

	Asset Derivatives					Liability Derivatives
		Fair Value as of					Fair Value as of
	Balance Sheet Location	June 30, 2020		December 31, 2019		Balance Sheet Location	June 30, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate swaps	Other assets	$	—	$	1,643	Other liabilities	$	634,337	$	275,679
Derivatives not designated as hedging instruments:
Interest rate caps	Other assets	86		—		Other liabilities	2		—
Total		$	86	$	1,643		$	634,339	$	275,679

Summary of offsetting derivative assets

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2020 and December 31, 2019:

	June 30, 2020
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	86	$	—	$	86	$	—	$	—	$	86
Offsetting liabilities:
Derivatives	$	634,339	$	—	$	634,339	$	—	$	—	$	634,339

	December 31, 2019
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	1,643	$	—	$	1,643	$	(1,054	)	$	—	$	589
Offsetting liabilities:
Derivatives	$	275,679	$	—	$	275,679	$	(1,054	)	$	—	$	274,625

Summary of offsetting derivative liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2020 and December 31, 2019:

	June 30, 2020
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	86	$	—	$	86	$	—	$	—	$	86
Offsetting liabilities:
Derivatives	$	634,339	$	—	$	634,339	$	—	$	—	$	634,339

	December 31, 2019
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting assets:
Derivatives	$	1,643	$	—	$	1,643	$	(1,054	)	$	—	$	589
Offsetting liabilities:
Derivatives	$	275,679	$	—	$	275,679	$	(1,054	)	$	—	$	274,625

Derivative Instruments, Gain (Loss)

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive loss and the condensed consolidated statements of operations for the three months ended June 30, 2020 and 2019:

	Amount of Loss Recognized in OCI on Derivative						Location of Gain Reclassified from Accumulated OCI into Net Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income					Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Three Months Ended June 30,							For the Three Months Ended June 30,					For the Three Months Ended June 30,
	2020			2019				2020			2019		2020		2019
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	(52,817	)	$	(148,599	)	Interest expense	$	(28,042	)	$	7,891	$	86,071	$	95,706

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Three Months Ended June 30,
		2020	2019
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	39	1

The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive loss and the condensed consolidated statements of operations for the six months ended June 30, 2020 and 2019:

	Amount of Loss Recognized in OCI on Derivative						Location of Gain Reclassified from Accumulated OCI into Net Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income					Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
	For the Six Months Ended June 30,							For the Six Months Ended June 30,					For the Six Months Ended June 30,
	2020			2019				2020			2019		2020		2019
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	(394,255	)	$	(236,467	)	Interest expense	$	(36,609	)	$	18,754	$	170,828	$	189,689

	Location of Loss Recognized in Net Income on Derivative	Amount of Loss Recognized in Net Income on Derivative
		For the Six Months Ended June 30,
		2020		2019
Derivatives not designated as hedging instruments:
Interest rate caps	Interest expense	$	52	$	34