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Interest Rate Derivatives (Tables)

9 Months Ended

Sep. 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						September 30, 2023						December 31, 2022
$	10,700		(1)			1.678%						SOFR + 0.10%						8/1/2019						8/1/2026						$	833					$	806
$	22,550		(2)			0.573%						SOFR + 0.10%						4/1/2020						3/26/2025						1,490						1,825
$	150,000					3.742%						One-Month SOFR						2/1/2023						2/2/2026						3,313						—
$	50,000					3.747%						One-Month SOFR						2/1/2023						2/2/2026						1,100						—
																														$	6,736					$	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

September 30, 2023

December 31, 2022

Interest rate swaps designated as cash flow hedges

Prepaid expenses and other assets, net

$

6,736

$

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 September 30,												For the Nine Months Ended September 30,												For the Three Months Ended September 30,												For the Nine Months Ended September 30,
						2023						2022						2023						2022						2023						2022						2023						2022
Interest rate derivatives						$	2,042					$	1,101					$	6,816					$	4,646					$	1,146					$	77					$	2,711					$	(1,680)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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