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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2024 and 2023.

($ in thousands)

December 31, 2024

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

4

3.5880%

$200,000

USD-SOFR-OIS Compound

March 27, 2035

($ in thousands)

December 31, 2023

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

7

3.6685%

$500,000

USD SOFR- COMPOUND

March 6, 2034

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:

			Year Ended December 31,
(In thousands)			2024						2023						2022
Unrealized gain (loss) recorded in other comprehensive income			$	26,973					$	(9,655)					$	200,550
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks			(24,662)						(24,148)						(16,233)

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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