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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In September 2022, the Company entered into an interest rate swap contract which effectively fixed the interest rate at 4.2% on future draw downs of the $300.0 million unsecured term loan. The term loan matures in October 2024 with three 12-month extension options, each exercisable at the Company's option, and the swap has a termination date of October 2026. The term loan includes a 6-month delayed draw feature and had no balance drawn as of March 31, 2023 and December 31, 2022. This derivative qualifies for hedge accounting. As of March 31, 2023 and December 31, 2022, the swap contracts were presented in the consolidated balance sheets as an asset of $3.0 million and $5.6 million, respectively, and were included in prepaid expenses and other assets on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the Company had no interest rate caps. The Company has four total return swap contracts, with an aggregate notional amount of $223.4 million, that effectively convert $223.4 million of mortgage notes payable to a floating interest rate based on the Securities Industry and Financial Markets Association Municipal Swap Index ("SIFMA") plus a spread. The total return swaps provide fair market value protection on the mortgage notes payable to the counterparties during the initial period of the total return swap until the Company's option to call the mortgage notes at par can be exercised. The Company can currently call all four of its total return swaps, with $223.4 million of the outstanding debt at par. These derivatives do not qualify for hedge accounting and had a carrying and fair value of zero at both March 31, 2023 and December 31, 2022. These total return swaps are scheduled to mature between December 2024 and November 2033. The realized gains of $1.0 million and $2.5 million for the three months ended March 31, 2023 and 2022, respectively were reported in the condensed consolidated statements of income and comprehensive income as total return swap income.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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