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Derivative Instruments and Hedging Activity (Tables) | 3 Months Ended
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Mar. 31, 2025
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 as of the dates presented (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Instruments 1 | ​ | Notional Amount1
​ | ​ | March 31, | ​ | December 31, | ​ | March 31, | ​ | December 31,
Interest Rate Derivatives |  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest rate swaps |  | 15 |  | 11 | ​ | $ | 650,000 | ​ | $ | 550,000
​
| (1) | Number of Instruments and total Notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheets 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 as of the dates presented (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives
​ | ​ | March 31, 2025 | ​ | December 31, 2024
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Other assets, net | ​ | $ | 7,839 | ​ | $ | 17,526
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liability Derivatives
​ | ​ | March 31, 2025 | ​ | December 31, 2024
Derivatives designated as cash flow hedges: |  | ​ |  |  | ​ |
Accounts payable, accrued expenses, and other liabilities | ​ | $ | 343 | ​ | $ | —
​
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 periods 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 March 31, | 2025 |  | 2024 |  | ​ | ​ | 2025 |  | 2024
Interest rate swaps | $ | (9,356) | ​ | $ | 13,092 | ​ | Interest expense | ​ | $ | (1,411) | ​ | $ | (2,178)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of offsetting assets and liabilities | ​ Offsetting of Derivative Assets as of March 31, 2025 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 7,839 | ​ | $ | — | ​ | $ | 7,839 | ​ | $ | (169) | ​ | $ | — | ​ | $ | 7,670
​ Offsetting of Derivative Liabilities as of March 31, 2025 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | 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 | ​ | $ | 343 | ​ | $ | — | ​ | $ | 343 | ​ | $ | (169) | ​ | $ | — | ​ | $ | 174
​

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