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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2022 and 2021:
As of December 31, 2022
As of December 31, 2021
Notional Fair Value of
Assets 		Fair Value of
Liabilities 		Notional Fair Value of
Assets 		Fair Value of
Liabilities
Cash flow hedges:
Interest rate swaps$300,000 $26,099 — $150,000 $2,488 $6,463 
Interest rate collars250,000 8,317 — 250,000 — 5,433 
Forward interest rate collars200,000 6,693 — — — — 
Total$750,000 $41,109 — $400,000 $2,488 $11,896 
Interest rate swaps
On May 9, 2019, we entered into a forward starting interest rate swap contract with a notional value of $150,000 and a strike rate of 2.176%. The interest rate swap became effective on June 17, 2021 and has a maturity date of June 17, 2026. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness.
On March 2, 2020, we entered into a forward starting interest rate swap contract with a notional value of $150,000 and a strike rate of 0.985%. The interest rate swap became effective on May 17, 2022 and has a maturity date of May 17, 2027. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness.
On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% which was subsequently reduced to 1.1325% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness.
Interest rate collar
On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method.
On November 17, 2017, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap, 1.25% floor, and a maturity date of November 17, 2024. We designated this interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method.
Forward interest rate collars
On July 12, 2022, we entered into forward starting interest rate collars with a total notional value of $200,000, a cap rate of 2.50%, a floor rate of 1.50% and a maturity date of January 17, 2028. The effective date for $100,000 of the forward interest rate collars is January 17, 2024 and November 17, 2024, for the other $100,000. We designated these forward interest rate collars as cash flow hedges at inception and determined that the hedges are highly effective in offsetting interest rate fluctuations associated with the identified indebtedness.
For interest rate swaps and collars that are considered effective hedges, we reclassified realized gains (losses) of $(1,296), $8,136 and $(5,352) to earnings within interest expense for the years ended December 31, 2022, 2021 and 2020, respectively. For interest rate swaps that are considered effective hedges, gains of $14,809 are expected to be reclassified out of accumulated other comprehensive income (loss) to earnings over the next 12 months.
Effective interest rate swaps and collars are reported in accumulated other comprehensive income (loss) and the fair value of these hedge agreements is included in other assets or other liabilities.