Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Values and Fair Values of Derivative Financial Instruments

The following table summarizes the notional values and fair values of our derivative financial instruments as of March 31, 2020:

	Hedge Type	Notional Value		Fixed Rate		Fair Value		Expiration Date
Underlying Debt
		(In thousands)				(In thousands)
Derivative Liabilities
Unsecured term loan	Cash Flow	$	15,000	2.150	%	$	(24)	5/2020
Unsecured term loan	Cash Flow	10,000		2.150	%	(16)		5/2020
Unsecured term loan	Cash Flow	50,000		1.460	%	(35)		5/2020
Unsecured term loan	Cash Flow	20,000		1.498	%	(275)		5/2021
Unsecured term loan	Cash Flow	15,000		1.490	%	(205)		5/2021
Unsecured term loan	Cash Flow	40,000		1.480	%	(541)		5/2021
Unsecured term loan	Cash Flow	60,000		1.770	%	(2,580)		3/2023
Unsecured term loan	Cash Flow	30,000		1.260	%	(1,208)		11/2024
Unsecured term loan	Cash Flow	10,000		1.259	%	(401)		11/2024
Unsecured term loan	Cash Flow	10,000		1.269	%	(406)		11/2024
Unsecured term loan	Cash Flow	50,000		1.297	%	(2,611)		11/2026
		$	310,000			$	(8,302)
Derivative Liabilities - Forward Swaps
Unsecured term loan	Cash Flow	25,000		1.310	%	(1,075)		1/2025
Unsecured term loan	Cash Flow	25,000		1.324	%	(1,092)		1/2025
Unsecured term loan	Cash Flow	50,000		1.382	%	(2,322)		1/2027
Unsecured term loan	Cash Flow	25,000		1.398	%	(1,177)		1/2027
Unsecured term loan	Cash Flow	25,000		1.402	%	(1,481)		1/2027
Total Derivative Liabilities		$	460,000			$	(15,449)

The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2019:

	Hedge Type	Notional Value		Fixed Rate		Fair Value		Expiration Date
Underlying Debt
		(In thousands)				(In thousands)
Derivative Assets
Unsecured term loan	Cash Flow	$	50,000	1.460	%	$	42	5/2020
Unsecured term loan	Cash Flow	20,000		1.498	%	21		5/2021
Unsecured term loan	Cash Flow	15,000		1.490	%	18		5/2021
Unsecured term loan	Cash Flow	40,000		1.480	%	52		5/2021
		$	125,000			$	133
Derivative Assets - Forward Swaps
Unsecured term loan	Cash Flow	25,000		1.310	%	311		1/2025
Unsecured term loan	Cash Flow	25,000		1.324	%	297		1/2025
Unsecured term loan	Cash Flow	50,000		1.382	%	797		1/2027
Unsecured term loan	Cash Flow	25,000		1.398	%	381		1/2027
Unsecured term loan	Cash Flow	25,000		1.402	%	412		1/2027
Total Derivative Assets		$	275,000			$	2,331
Derivative Liabilities
Unsecured term loan	Cash Flow	$	15,000	2.150	%	$	(26)	5/2020
Unsecured term loan	Cash Flow	10,000		2.150	%	(17)		5/2020
Unsecured term loan	Cash Flow	60,000		1.770	%	(426)		3/2023
Total Derivative Liabilities		$	85,000			$	(469)

Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations

The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2020 and 2019 is summarized as follows:

	Amount of Gain (Loss) Recognized in OCI on Derivative				Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationship	Three Months Ended March 31,					Three Months Ended March 31,
	2020		2019			2020		2019
	(In thousands)					(In thousands)
Interest rate contracts - assets	$	(2,345)	$	(1,988)	Interest Expense	$	14	$	449
Interest rate contracts - liabilities	(15,039)		—		Interest Expense	59		—
Total	$	(17,384)	$	(1,988)	Total	$	73	$	449