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Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of key terms and fair values of interest rate swap derivatives
The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands):
Notional AmountEffective DateExpiration DateFair Value at December 31,
 Fixed RateFloating Rate Index20222021
$10,880 (1)1.678 %
SOFR plus 0.10%
8/1/20198/1/2026$806 $(234)
$22,775 (2)0.573 %
SOFR plus 0.10%
4/1/20203/26/20251,825 355 
$100,000 1.901 %One-Month LIBOR9/1/201612/1/2022— (1,361)
$100,000 1.905 %One-Month LIBOR9/1/201612/1/2022— (1,365)
$50,000 (3)1.908 %One-Month LIBOR9/1/2016N/A— (684)
      $2,631 $(3,289)
(1)The notional amount of this instrument is scheduled to amortize to $10.0 million. Effective December 1, 2022, we amended this swap to change the floating rate index from one-month LIBOR to SOFR plus 0.10%. We made elections under reference rate reform related accounting guidance to not result in a dedesignation of this hedging relationship.
(2)The notional amount of this instrument is scheduled to amortize to $22.1 million. Effective December 1, 2022, we amended this swap to change the floating rate index from one-month LIBOR to SOFR plus 0.10%. We made elections under reference rate reform related accounting guidance to not result in a dedesignation of this hedging relationship.
(3)We cash settled this swap and accrued interest thereon for $625,000 on January 28, 2022.
Schedule of fair value and balance sheet classification of interest rate derivatives
The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
Fair Value at December 31,
DerivativesBalance Sheet Location20222021
Interest rate swaps designated as cash flow hedgesPrepaid expenses and other assets, net$2,631 $355 
Interest rate swaps designated as cash flow hedgesOther liabilities$— $(2,960)
Interest rate swap not designatedOther liabilities$— $(684)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The tables below present the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
Amount of Income (Loss) Recognized in AOCI/AOCL on DerivativesAmount of Loss Reclassified from AOCI/AOCL into Interest Expense on Statement of Operations
For the Years Ended December 31,For the Years Ended December 31,
Derivatives in Hedging Relationships202220212020202220212020
Interest rate derivatives$4,730 $1,379 $(39,454)$(996)$(5,048)$(3,725)
Amount of Loss Reclassified from AOCL into Loss on Interest Rate Derivatives on Statement of OperationsAmount of Loss Recognized on Undesignated Swaps in Loss on Interest Rate Derivatives on Statement of Operations
For the Years Ended December 31,
For the Years Ended December 31,
Derivatives in Hedging Relationships202220212020202220212020
Interest rate derivatives$— $— $(51,865)$— $— $(1,265)