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Derivative Instruments and Hedging Activity (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activity |
Schedule of notional amounts of outstanding derivative positions | The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (presented in thousands, except number of instruments):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Instruments 1 | ​ | Notional Amount1
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
Interest Rate Derivatives |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate swap |  | 3 |  | — | ​ | $ | 350,000 | ​ | $ | —
​ (1) Number of Instruments and total Notional Amount disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date. ​
Schedule of cash flow hedging instruments, as well as their classification in the Condensed Consolidated Balance Sheets | The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the Condensed Consolidated Balance Sheets (presented in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives
​ | ​ | June 30, 2023 | ​ | December 31, 2022
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Other Assets, net | ​ | $ | 3,341 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liability Derivatives
​ | ​ | June 30, 2023 | ​ | December 31, 2022
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Accounts Payable, Accrued Expenses, and Other Liabilities | ​ | $ | — | ​ | $ | —
​
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | The table below presents the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 and 2022 (presented in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Income/(Loss) | ​ | Location of Accumulated OCI | ​ | Amount Reclassified from | ​
​ | ​ | Recognized in | ​ | Reclassified from Accumulated | ​ | Accumulated OCI as a | ​
​ | ​ | OCI on Derivative | ​ | OCI into Income | ​ | (Reduction)/Increase in Interest Expense | ​
Three Months Ended June 30, | ​ | 2023 |  | 2022 |  | ​ |  | 2023 |  | 2022 | ​
Interest rate swaps | ​ | $ | 3,341 | ​ | $ | 16,481 |  | Interest expense | ​ | $ | (630) | ​ | $ | 82 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Income/(Loss) | ​ | Location of Accumulated OCI | ​ | Amount Reclassified from
​ | ​ | Recognized in | ​ | Reclassified from Accumulated | ​ | Accumulated OCI as a
​ | ​ | OCI on Derivative | ​ | OCI into Income | ​ | (Reduction)/Increase in Interest Expense
Six Months Ended June 30, |  | 2023 |  | 2022 |  | ​ | ​ | 2023 |  | 2022
Interest rate swaps | ​ | $ | 3,341 | ​ | $ | 37,062 | ​ | Interest expense | ​ | $ | (1,257) | ​ | $ | 164
​
Schedule of derivative instruments in statement of financial position, fair value | The table below presents a gross presentation of the effects of offsetting and a net presentation of the Company’s derivatives as of June 30, 2023 and December 31, 2022. The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets (presented in thousands): Offsetting of Derivative Assets as of June 30, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Amounts |  | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Offset in the | ​ | Assets presented | ​ | Gross Amounts Not Offset in the
​ | ​ | Gross Amounts |  | Statement of | ​ | in the Statement | ​ | Statement of Financial Position
​ | ​ | of Recognized | ​ | Financial | ​ | of Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Assets |  | Position |  | Position |  | Instruments |  | Received |  | Net Amount
Derivatives | ​ | $ | 3,341 | ​ | $ | — | ​ | $ | 3,341 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,341
​ Offsetting of Derivative Liabilities as of June 30, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross Amounts |  | Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Offset in the |  | presented in the |  | Gross Amounts Not Offset in the
​ |  | Gross Amounts |  | Statement of |  | Statement of |  | Statement of Financial Position
​ |  | of Recognized |  | Financial |  | Financial |  | Financial |  | Cash Collateral | ​ | ​ | ​
​ |  | Liabilities |  | Position |  | Position |  | Instruments |  | Posted |  | Net Amount
Derivatives | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​

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