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

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (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, 2024						December 31, 2023
Cash Flow						Four						$	250,000					SOFR						2.99		%				12/1/2022						10/24/2025						$	6,287					$	4,952
Cash Flow						Two						100,000						SOFR						2.66		%				8/1/2022						8/1/2025						2,707						2,415
Cash Flow						Two						200,000						SOFR						2.37		%				11/22/2023						8/1/2025						6,165						5,716
Cash Flow						Three						120,000						SOFR						1.58		%				8/15/2022						7/17/2024						1,301						2,236
Cash Flow						Three						150,000						SOFR						1.68		%				8/15/2022						7/17/2026						8,815						7,744
												$	820,000																													$	25,275					$	23,063
Fair Value(2)						Two						$	155,000					SOFR						SOFR + 3.70%						4/23/2021						9/10/2025						$	(9,207)					$	(9,408)
Forward-Starting Cash Flow(3)						Three						$	150,000					SOFR						3.44		%				6/28/2024						6/28/2034						$	—					$	(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)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.

(3)The forward-starting interest rate swaps were terminated in conjunction with the issuance of the Notes Due 2034.

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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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