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Interest Rate Derivatives (Tables)

3 Months Ended

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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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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