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Derivative Instruments and Hedging Activity (Tables) | 6 Months Ended
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Jun. 30, 2024
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate swaps |  | 3 |  | 6 | ​ | $ | 350,000 | ​ | $ | 500,000
​ (1) Number of Instruments and total Notional Amount disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting interest rate 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, 2024 | ​ | December 31, 2023
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Other Assets, net | ​ | $ | 6,860 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liability Derivatives
​ | ​ | June 30, 2024 | ​ | December 31, 2023
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Accounts Payable, Accrued Expenses, and Other Liabilities | ​ | $ | — | ​ | $ | 4,501
​
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 other comprehensive income for the three and six months ended June 30, 2024 and 2023 (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, | ​ | 2024 |  | 2023 |  | ​ |  | 2024 |  | 2023 | ​
Interest rate swaps | ​ | $ | 5,722 | ​ | $ | 3,341 |  | Interest expense | ​ | $ | (2,225) | ​ | $ | (630) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Location of Accumulated OCI | ​ | Amount Reclassified from
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Reclassified from Accumulated | ​ | Accumulated OCI as a
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | OCI into Income | ​ | (Reduction)/Increase in Interest Expense
Six Months Ended June 30, |  | 2024 |  | 2023 |  | ​ | ​ | 2024 |  | 2023
Interest rate swaps | ​ | $ | 18,813 | ​ | $ | 3,341 | ​ | Interest expense | ​ | $ | (4,422) | ​ | $ | (1,257)

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