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Interest Rate Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2023
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):
|  |  |  |  |  |  |  |  |  | Fair Value at
Notional Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date |  | June 30, 2023 |  | December 31, 2022
$ | 10,760 |  | (1) | 1.678% |  | SOFR + 0.10% |  | 8/1/2019 |  | 8/1/2026 |  | $ | 811 |  |  | $ | 806 |
$ | 22,625 |  | (2) | 0.573% |  | SOFR + 0.10% |  | 4/1/2020 |  | 3/26/2025 |  | 1,641 |  |  | 1,825 |
$ | 150,000 |  |  | 3.742% |  | One-Month SOFR |  | 2/1/2023 |  | 2/2/2026 |  | 2,545 |  |  | — |
$ | 50,000 |  |  | 3.747% |  | One-Month SOFR |  | 2/1/2023 |  | 2/2/2026 |  | 843 |  |  | — |
|  |  |  |  |  |  |  |  |  | $ | 5,840 |  |  | $ | 2,631 |
(1)The notional amount of this instrument is scheduled to amortize to $10.0 million. (2)The notional amount of this instrument is scheduled to amortize to $22.1 million.
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
Derivatives |  | Balance Sheet Location |  | June 30, 2023 |  | December 31, 2022
Interest rate swaps designated as cash flow hedges |  | Prepaid expenses and other assets, net |  | $ | 5,840 |  |  | $ | 2,631 |
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income | The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
|  | Amount of Income Recognized in AOCI on Derivatives |  | Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations
Derivatives in Hedging Relationships |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate derivatives |  | $ | 4,989 |  |  | $ | 1,008 |  |  | $ | 4,774 |  |  | $ | 3,545 |  |  | $ | 974 |  |  | $ | (754) |  |  | $ | 1,565 |  |  | $ | (1,757) |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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