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DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | September 30, 2023 |  | December 31, 2022
Cash Flow |  | Four |  | $ | 250,000 |  |  | SOFR |  | 2.99 | % |  | 12/1/2022 |  | 10/24/2025 |  | $ | 9,158 |  |  | $ | 7,134 |
Cash Flow |  | Two |  | 100,000 |  |  | SOFR |  | 2.66 | % |  | 8/1/2022 |  | 8/1/2025 |  | 4,012 |  |  | 3,616 |
Cash Flow |  | Two |  | 200,000 |  |  | SOFR |  | 2.72 | % |  | 8/3/2022 |  | 11/22/2023 |  | 750 |  |  | 3,663 |
Cash Flow |  | Three |  | 120,000 |  |  | SOFR |  | 1.58 | % |  | 8/15/2022 |  | 7/17/2024 |  | 3,557 |  |  | 5,461 |
Cash Flow |  | Three |  | 150,000 |  |  | SOFR |  | 1.68 | % |  | 8/15/2022 |  | 7/17/2026 |  | 11,491 |  |  | 10,896 |
|  |  |  | $ | 820,000 |  |  |  |  |  |  |  |  |  |  | $ | 28,968 |  |  | $ | 30,770 |
Fair Value(2) |  | Two |  | $ | 155,000 |  |  | SOFR |  | SOFR + 3.70% |  | 4/23/2021 |  | 9/10/2025 |  | $ | (12,791) |  |  | $ | (14,177) |
Forward-Starting Cash Flow |  | Two |  | $ | 200,000 |  |  | SOFR |  | 2.37 | % |  | 11/22/2023 |  | 8/1/2025 |  | $ | 8,187 |  |  | $ | 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)On July 1, 2023, the fallback rate in the derivative agreements went into effect. The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70% as of September 30, 2023 and three-month LIBOR plus 3.70% as of December 31, 2022.

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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