The following table summarizes the interest rate derivatives we entered into over the applicable periods: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | Interest rate caps:(1) | 2021 | | 2020 | | 2019 | | Notional amount (in thousands) | $ | 882,500 | | | $ | 602,500 | | | $ | 391,000 | | | Strike rate low end of range | 0.75 | % | | 3.00 | % | | 3.00 | % | | Strike rate high end of range | 4.00 | % | | 4.00 | % | | 7.80 | % | | Effective date range | January 2021- September 2021 | | March 2020 - June 2020 | | January 2019 - December 2019 | | Termination date range | February 2022- August 2024 | | April 2021 - June 2021 | | March 2020 -October 2021 | | Total cost of interest rate caps (in thousands) | $ | 200 | | | $ | 92 | | | $ | 115 | | | | | | | | | Interest rate floors: | | | | | | | Notional amount (in thousands) | $ | — | | | $ | — | | | $ | 2,000,000 | | | Strike rate low end of range | | | | | 1.63 | % | | Strike rate high end of range | | | | | 1.63 | % | | Effective date | | | | | January 2019 | | Termination date | | | | | March 2020 | | Total cost of interest rate floors (in thousands) | $ | — | | | $ | — | | | $ | 75 | |
_______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: | | | | | | | | | | | | Interest rate caps: (1) | December 31, 2021 | | December 31, 2020 | | Notional amount (in thousands) | $ | 882,500 | | | $ | 779,000 | | | Strike rate low end of range | 0.75 | % | | 3.00 | % | | Strike rate high end of range | 4.00 | % | | 4.00 | % | |
| Termination date range | February 2022 - August 2024 | | February 2021 - October 2021 | | Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 857,000 | | | $ | 779,000 | | |
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_______________ (1)No instruments were designated as cash flow hedges.
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