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Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

Sep. 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
​	​	September 30,	​	December 31,	​	September 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.

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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
​	​	September 30, 2023		​	December 31, 2022
Derivatives designated as cash flow hedges:		​			​
Other Assets, net	​	$	11,664	​	$	—

​

​	​	​	​	​	​	​
​	​	Liability Derivatives
​	​	September 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 nine months ended September 30, 2023 and 2022 (presented in thousands).

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Amount of Income/(Loss)

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Location of Accumulated OCI

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Amount Reclassified from

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Recognized in

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Reclassified from Accumulated

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Accumulated OCI as a

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OCI on Derivative

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OCI into Income

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(Reduction)/Increase in Interest Expense

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Three Months Ended September 30,

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2023

2022

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2023

2022

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Interest rate swaps

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$

9,348

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$

(7,181)

Interest expense

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$

(1,653)

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$

(273)

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Amount of Income/(Loss)

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Location of Accumulated OCI

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Amount Reclassified from

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Recognized in

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Reclassified from Accumulated

​

Accumulated OCI as a

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OCI on Derivative

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OCI into Income

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(Reduction)/Increase in Interest Expense

Nine Months Ended September 30,

2023

2022

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2023

2022

Interest rate swaps

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$

12,688

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$

29,881

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Interest expense

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$

(2,913)

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$

(109)

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Schedule of derivative instruments in statement of financial position, fair value

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
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