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DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
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 HedgeNumber of InstrumentsAggregate NotionalReference RateInterest RateEffective DateMaturity DateSeptember 30, 2023December 31, 2022
Cash FlowFour$250,000 SOFR2.99 %12/1/202210/24/2025$9,158 $7,134 
Cash FlowTwo100,000 SOFR2.66 %8/1/20228/1/20254,012 3,616 
Cash FlowTwo200,000 SOFR2.72 %8/3/202211/22/2023750 3,663 
Cash FlowThree120,000 SOFR1.58 %8/15/20227/17/20243,557 5,461 
Cash FlowThree150,000 SOFR1.68 %8/15/20227/17/202611,491 10,896 
$820,000 $28,968 $30,770 
Fair Value(2)
Two$155,000 SOFR
SOFR + 3.70%
4/23/20219/10/2025$(12,791)$(14,177)
Forward-Starting
Cash Flow
Two$200,000 SOFR2.37 %11/22/20238/1/2025$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.