Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amount and Fair Value of Instruments

The following table summarizes the notional amount at inception and fair value of these instruments on the Company's balance sheet as of June 30, 2020 and December 31, 2019 (dollar amounts in thousands):


Derivatives Designated as Hedging Instruments	Fixed Rate Paid by Company	Variable Rate Paid by Bank	Effective Date	Maturity Date	Notional Value ⁽¹⁾		Fair Value of Asset/(Liability) as of June 30, 2020⁽²⁾		Fair Value of Asset/(Liability) as of December 31, 2019⁽²⁾
Interest Rate Swap	2.06%	1 month LIBOR	2019-05-14	2024-04-12	$	100,000	$	(7,177)	$	(1,996)
Interest Rate Swap	2.06%	1 month LIBOR	2019-05-14	2024-04-12	50,000		(3,589)		(999)
Interest Rate Swap	2.07%	1 month LIBOR	2019-05-14	2024-04-12	50,000		(3,595)		(1,005)
Interest Rate Swap ⁽³⁾	1.61%	1 month LIBOR	2019-12-09	2026-11-26	175,000		(14,001)		758
Interest Rate Swap ⁽³⁾	1.61%	1 month LIBOR	2019-12-09	2026-11-26	50,000		(4,014)		210
Interest Rate Swap ⁽³⁾	1.60%	1 month LIBOR	2019-12-09	2026-11-26	25,000		(1,982)		127
Interest Rate Swap ⁽⁴⁾	1.36%	1 month LIBOR	2020-07-09	2026-11-26	100,000		(6,446)		—
Interest Rate Swap ⁽⁴⁾	1.36%	1 month LIBOR	2020-07-09	2026-11-26	80,000		(5,167)		—
					$	630,000	$	(45,971)	$	(2,905)

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(1)Notional value indicates the extent of the Company’s involvement in these instruments, but does not represent exposure to credit, interest rate or market risks.

(2)Derivatives in a liability position are included within accrued liabilities, derivatives and other payables in the Company’s consolidated balance sheets totaling to $46.0 million and $4.0 million at June 30, 2020 and December 31, 2019, respectively.

(3)Derivatives in a net asset position are included within rent receivables, prepaid expenses and other assets in the Company’s consolidated balance sheets totaling to $1.1 million at December 31, 2019.

(4)The Company entered into two forward swap contracts during the six months ended June 30, 2020 with an effective date of July 9, 2020 and total notional value of $180.0 million.