XML 57 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
DERIVATIVE INSTRUMENTS, HEDGING ACTIVITIES AND OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Terms and Fair Values of Derivative 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 December 31, 2023 and 2022 (dollars in thousands):
Fair Value Assets (Liabilities)(1)
Type of HedgeNumber of InstrumentsAggregate NotionalReference RateInterest RateEffective DateMaturity DateDecember 31, 2023December 31, 2022
Cash FlowFour$250,000 SOFR2.99 %12/1/202210/24/2025$4,952 $7,134 
Cash FlowTwo100,000 SOFR2.66 %8/1/20228/1/20252,415 3,616 
Cash FlowTwo— SOFR2.72 %8/3/202211/22/2023— 3,663 
Cash FlowTwo200,000 SOFR2.37 %11/22/20238/1/20255,716 4,370 
Cash FlowThree120,000 SOFR1.58 %8/15/20227/17/20242,236 5,461 
Cash FlowThree150,000 SOFR1.68 %8/15/20227/17/20267,744 10,896 
$820,000 $23,063 $35,140 
Fair Value(2)
Two$155,000 SOFR
SOFR + 3.70%
4/23/20219/10/2025$(9,408)$(14,177)
Forward-Starting
Cash Flow(3)
Three$150,000 SOFR3.44 %6/28/20246/28/2034$(700)$— 
(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 December 31, 2023 and three-month LIBOR plus 3.70% as of December 31, 2022.
(3)Subsequent to December 31, 2023, the forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.