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

6 Months Ended

Jun. 30, 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 June 30, 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	June 30, 2023		December 31, 2022
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	8,633	$	7,134
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	3,972		3,616
Cash Flow	Two	200,000		SOFR	2.72	%	8/3/2022	11/22/2023	2,021		3,663
Cash Flow	Three	120,000		SOFR	1.58	%	8/15/2022	7/17/2024	4,479		5,461
Cash Flow	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	11,094		10,896
		$	820,000						$	30,199	$	30,770

Fair Value(2)	Two	$	155,000	LIBOR	LIBOR + 3.70%		4/23/2021	9/10/2025	$	(13,423)	$	(14,177)

Forward-Starting Cash Flow	Two	$	200,000	SOFR	2.37	%	11/22/2023	8/1/2025	$	6,795	$	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%.

- 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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