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Derivative Instruments and Hedging Activity (Tables)

6 Months Ended

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

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(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.

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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).

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​	​	​	​	​	​	​
​	​	Asset Derivatives
​	​	June 30, 2024		​	December 31, 2023
Derivatives designated as cash flow hedges:		​			​
Other Assets, net	​	$	6,860	​	$	—

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​	​	​	​	​	​	​
​	​	Liability Derivatives
​	​	June 30, 2024		​	December 31, 2023
Derivatives designated as cash flow hedges:		​			​
Accounts Payable, Accrued Expenses, and Other Liabilities	​	$	—	​	$	4,501

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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).

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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 June 30,

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2024

2023

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2024

2023

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Interest rate swaps

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$

5,722

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$

3,341

Interest expense

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$

(2,225)

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$

(630)

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Location of Accumulated OCI

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Amount Reclassified from

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Reclassified from Accumulated

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Accumulated OCI as a

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OCI into Income

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(Reduction)/Increase in Interest Expense

Six Months Ended June 30,

2024

2023

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2024

2023

Interest rate swaps

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$

18,813

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$

3,341

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Interest expense

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$

(4,422)

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$

(1,257)

X

- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

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