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Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

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