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Derivative Instruments and Hedging Activity (Tables) | 9 Months Ended
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Sep. 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
​ | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31,
Interest Rate Derivatives |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate swaps |  | 11 |  | 6 | ​ | $ | 550,000 | ​ | $ | 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
​ | ​ | September 30, 2024 | ​ | December 31, 2023
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Other Assets, net | ​ | $ | 733 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liability Derivatives
​ | ​ | September 30, 2024 | ​ | December 31, 2023
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Accounts Payable, Accrued Expenses, and Other Liabilities | ​ | $ | 5,634 | ​ | $ | 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 nine months ended September 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 September 30, | ​ | 2024 |  | 2023 |  | ​ |  | 2024 |  | 2023 | ​
Interest rate swaps | ​ | $ | (10,202) | ​ | $ | 9,348 |  | Interest expense | ​ | $ | (2,297) | ​ | $ | (1,653) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Nine Months Ended September 30, |  | 2024 |  | 2023 |  | ​ | ​ | 2024 |  | 2023
Interest rate swaps | ​ | $ | 8,612 | ​ | $ | 12,688 | ​ | Interest expense | ​ | $ | (6,709) | ​ | $ | (2,913)
Schedule of offsetting assets and liabilities | 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 (in thousands): Offsetting of Derivative Assets as of September 30, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 733 | ​ | $ | — | ​ | $ | 733 | ​ | $ | (447) | ​ | $ | — | ​ | $ | 286
​ ​ Offsetting of Derivative Liabilities as of September 30, 2024 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Gross Amounts |  | Net Amounts of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Offset in the |  | Liabilities 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 | ​ | ​ | ​
​ | ​ | Liabilities | ​ | Position | ​ | Position | ​ | Instruments | ​ | Posted | ​ | Net Amount
Derivatives | ​ | $ | 5,634 | ​ | $ | — | ​ | $ | 5,634 | ​ | $ | (447) | ​ | $ | — | ​ | $ | 5,187
​

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