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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s outstanding swap contracts as of September 30, 2020 (dollars in thousands):
Date EnteredMaturity DateHedge DesignationNotionalPay RateReceive Rate
Fair Value(1)
Interest rate:      
August 2020(2)
August 2025Cash Flow$41,305 0.33%USD-SIFMA Municipal Swap Index$(162)
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(1)Derivative liabilities are recorded in accounts payable, accrued liabilities, and other liabilities in the consolidated balance sheets.
(2)Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.