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DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Terms and Fair Values of Derivative Financial Instruments

The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of March 31, 2023 and December 31, 2022 (dollars in thousands):

																																										Fair Value Assets (Liabilities)(1)
Type of Hedge						Number of Instruments						Aggregate Notional						Reference Rate						Interest Rate						Effective Date						Maturity Date						March 31, 2023						December 31, 2022
Cash Flow						Four						$	250,000					SOFR						2.99		%				12/1/2022						10/24/2025						$	4,831					$	7,134
Cash Flow						Two						100,000						SOFR						2.66		%				8/1/2022						8/1/2025						2,655						3,616
Cash Flow						Two						200,000						SOFR						2.72		%				8/3/2022						11/22/2023						2,625						3,663
Cash Flow						Three						120,000						SOFR						1.58		%				8/15/2022						7/17/2024						4,315						5,461
Cash Flow						Three						150,000						SOFR						1.68		%				8/15/2022						7/17/2026						8,743						10,896
												$	820,000																													$	23,169					$	30,770
Fair Value(2)						Two						$	155,000					LIBOR						LIBOR + 3.70%						4/23/2021						9/10/2025						$	(12,045)					$	(14,177)
Forward-Starting Cash Flow						Two						$	200,000					SOFR						2.37		%				11/22/2023						8/1/2025						$	3,528					$	4,370

(1)Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of LIBOR plus 3.70%.

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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