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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The following table summarizes the Company’s outstanding interest rate swaps as of March 31, 2022. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges.

Interest Rate Derivative Counterparty						Trade Date						Effective Date						Notional Amount (in thousands)						Fair Value (in thousands)						Pay Fixed Interest Rate						Receive Variable Interest Rate						Maturity Date
Wells Fargo Bank, N.A.						Jan-08-2015						Mar-20-2015						$	25,000					$	—					1.8280		%				One-month L						Mar-31-2022
The Toronto-Dominion Bank						Jan-08-2015						Feb-14-2020						$	25,000					$	—					2.4535		%				One-month L						Mar-31-2022
Regions Bank						Jan-08-2015						Feb-14-2020						$	50,000					$	—					2.4750		%				One-month L						Mar-31-2022
Capital One, N.A.						Jan-08-2015						Feb-14-2020						$	50,000					$	—					2.5300		%				One-month L						Mar-31-2022
The Toronto-Dominion Bank						Jul-20-2017						Oct-30-2017						$	25,000					$	(64)					1.8485		%				One-month L						Jan-04-2023
Royal Bank of Canada						Jul-20-2017						Oct-30-2017						$	25,000					$	(63)					1.8505		%				One-month L						Jan-04-2023
Wells Fargo Bank, N.A.						Jul-20-2017						Oct-30-2017						$	25,000					$	(63)					1.8505		%				One-month L						Jan-04-2023
PNC Bank, N.A.						Jul-20-2017						Oct-30-2017						$	25,000					$	(63)					1.8485		%				One-month L						Jan-04-2023
PNC Bank, N.A.						Jul-20-2017						Oct-30-2017						$	50,000					$	(126)					1.8475		%				One-month L						Jan-04-2023
The Toronto-Dominion Bank						Apr-20-2020						Sep-29-2020						$	75,000					$	1,223					0.2750		%				One-month L						Apr-18-2023
Wells Fargo Bank, N.A.						Apr-20-2020						Sep-29-2020						$	75,000					$	1,219					0.2790		%				One-month L						Apr-18-2023
The Toronto-Dominion Bank						Apr-20-2020						Mar-19-2021						$	75,000					$	1,223					0.2750		%				One-month L						Apr-18-2023
Wells Fargo Bank, N.A.						Apr-20-2020						Mar-19-2021						$	75,000					$	1,218					0.2800		%				One-month L						Apr-18-2023
The Toronto-Dominion Bank						Jul-24-2018						Jul-26-2019						$	50,000					$	(548)					2.9180		%				One-month L						Jan-12-2024
PNC Bank, N.A.						Jul-24-2018						Jul-26-2019						$	50,000					$	(549)					2.9190		%				One-month L						Jan-12-2024
Bank of Montreal						Jul-24-2018						Jul-26-2019						$	50,000					$	(548)					2.9190		%				One-month L						Jan-12-2024
U.S. Bank, N.A.						Jul-24-2018						Jul-26-2019						$	25,000					$	(274)					2.9190		%				One-month L						Jan-12-2024
Wells Fargo Bank, N.A.						May-02-2019						Jul-15-2020						$	50,000					$	280					2.2460		%				One-month L						Jan-15-2025
U.S. Bank, N.A.						May-02-2019						Jul-15-2020						$	50,000					$	284					2.2459		%				One-month L						Jan-15-2025
Regions Bank						May-02-2019						Jul-15-2020						$	50,000					$	280					2.2459		%				One-month L						Jan-15-2025
Bank of Montreal						Jul-16-2019						Jul-15-2020						$	50,000					$	1,008					1.7165		%				One-month L						Jan-15-2025
U.S. Bank, N.A.						Feb-17-2021						Apr-18-2023						$	150,000					$	6,853					0.9385		%				One-month L						Feb-5-2026
Wells Fargo Bank, N.A.						Feb-17-2021						Apr-18-2023						$	75,000					$	3,409					0.9365		%				One-month L						Feb-5-2026
The Toronto-Dominion Bank						Feb-17-2021						Apr-18-2023						$	75,000					$	3,419					0.9360		%				One-month L						Feb-5-2026
Regions Bank						Oct-26-2021						Apr-01-2022						$	50,000					$	2,419					1.3045		%				One-month L						Mar-15-2027
Bank of Montreal						Oct-26-2021						Apr-01-2022						$	50,000					$	2,438					1.3045		%				One-month L						Mar-15-2027
PNC Bank, N.A.						Oct-26-2021						Apr-01-2022						$	50,000					$	2,423					1.3045		%				One-month L						Mar-15-2027

Schedule of interest rate swaps

The following table summarizes the fair value of the interest rate swaps outstanding as of March 31, 2022 and December 31, 2021.

Balance Sheet Line Item (in thousands)						Notional Amount March 31, 2022						Fair Value March 31, 2022						Notional Amount December 31, 2021						Fair Value December 31, 2021
Interest rate swaps-Asset						$	950,000					$	27,696					$	600,000					$	5,220
Interest rate swaps-Liability						$	325,000					$	(2,298)					$	825,000					$	(17,052)

Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps

The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three months ended March 31, 2022 and 2021.

						Three months ended March 31,
Effect of Cash Flow Hedge Accounting (in thousands)						2022						2021
Income recognized in accumulated other comprehensive income (loss) on interest rate swaps						$	33,506					$	7,750
Loss reclassified from accumulated other comprehensive income (loss) into income as interest expense						$	3,731					$	4,400
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded						$	17,259					$	15,358

Schedule of financial instruments accounted for at fair value on a recurring basis

The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. 

												Fair Value Measurements as of March 31, 2022 Using
Balance Sheet Line Item (in thousands)						Fair Value March 31, 2022						Level 1						Level 2						Level 3
Interest rate swaps-Asset						$	27,696					$	—					$	27,696					$	—
Interest rate swaps-Liability						$	(2,298)					$	—					$	(2,298)					$	—

												Fair Value Measurements as of December 31, 2021 Using
Balance Sheet Line Item (in thousands)						Fair Value December 31, 2021						Level 1						Level 2						Level 3
Interest rate swaps-Asset						$	5,220					$	—					$	5,220					$	—
Interest rate swaps-Liability						$	(17,052)					$	—					$	(17,052)					$	—

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