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Interest Rate Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
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 |  | March 31, 2025 |  | December 31, 2024
$ | 150,000 |  |  | 3.742% |  | One-Month SOFR |  | 2/1/2023 |  | 2/2/2026 |  | $ | 283 |  |  | $ | 550 |
$ | 50,000 |  |  | 3.747% |  | One-Month SOFR |  | 2/1/2023 |  | 2/2/2026 |  | 93 |  |  | 181 |
$ | 10,340 |  | (1) | 1.678% |  | SOFR + 0.10% |  | 8/1/2019 |  | 8/1/2026 |  | 297 |  |  | 387 |
$ | 22,100 |  |  | 0.573% |  | SOFR + 0.10% |  | 4/1/2020 |  | 3/26/2025 |  | — |  |  | 197 |
|  |  |  |  |  |  |  |  |  | $ | 673 |  |  | $ | 1,315 |
(1)The notional amount of this instrument is scheduled to amortize to $10.0 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 |  | March 31, 2025 |  | December 31, 2024
Interest rate swaps designated as cash flow hedges |  | Prepaid expenses and other assets, net |  | $ | 673 |  |  | $ | 1,315 |
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 (Loss) Income Recognized in AOCI on Derivatives |  | Amount of Income Reclassified from AOCI into Interest Expense on Statement of Operations
Derivatives in Hedging Relationships |  | For the Three Months Ended March 31, |  |  |  | For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  | 2025 |  | 2024 |  |  |  |
Interest rate derivatives |  | $ | (80) |  |  | $ | 2,981 |  |  |  |  |  |  | $ | 562 |  |  | $ | 1,180 |  |  |  |  |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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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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