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Financial Instruments and Fair Values (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of the Terms of Agreements and Fair Values of Derivative Financial Instruments | The table below summarizes the terms of agreement and the fair value of our derivative financial instruments as of December 31, 2021 and 2020 (dollar amounts in thousands):
|  |  |  | December 31, 2021 |  | December 31, 2020
Derivative |  | Notional Amount | Receive Rate | Pay Rate | Effective Date | Expiration Date |  | Asset | Liability |  | Asset | Liability
Interest rate swap |  | $ | 265,000 |  | 1 Month LIBOR | 2.1485 | % | August 31, 2017 | August 24, 2022 |  | $ | — |  | $ | (3,184) |  |  | $ | — |  | $ | (8,849) |
Interest rate swap |  | 36,820 |  | 70% of 1 Month LIBOR | 2.5000 | % | December 1, 2021 | November 1, 2030 |  | — |  | (4,527) |  |  | — |  | — |
Interest rate swap |  | 103,790 |  | 70%of 1 Month LIBOR | 2.5000 | % | December 1, 2021 | November 1, 2033 |  | — |  | (15,945) |  |  | — |  | — |
Interest rate swap |  | 10,710 |  | 70% of 1 Month LIBOR | 1.7570 | % | December 1, 2021 | November 1, 2033 |  | — |  | (754) |  |  | — |  | — |
Interest rate swap |  | 19,008 |  | 1 Month LIBOR | 2.2540 | % | December 1, 2021 | November 1, 2030 |  | — |  | (898) |  |  | — |  | — |
Interest rate cap |  | 6,780 |  | 70% of 1 Month LIBOR | 4.5000 | % | December 1, 2021 | October 1, 2024 |  | 5 |  | — |  |  | — |  | — |
Interest rate cap |  | 9,188 |  | 1 Month LIBOR | 5.5000 | % | December 1, 2021 | October 1, 2024 |  | 8 |  | — |  |  | — |  | — |
|  |  |  |  |  |  |  | $ | 13 |  | $ | (25,308) |  |  | $ | — |  | $ | (8,849) |
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges | The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):
Effects of Cash Flow Hedges |  | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Amount of gain (loss) recognized in other comprehensive income (loss) |  | $ | 348 |  |  | $ | (19,322) |  |  | $ | (21,813) |
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense |  | (11,653) |  |  | (8,870) |  |  | (1,231) |
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):
Effects of Cash Flow Hedges |  | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Total interest expense presented on the consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | (94,394) |  |  | $ | (89,907) |  |  | $ | (79,246) |
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense |  | (11,653) |  |  | (8,870) |  |  | (1,231) |
Schedule of the Aggregate Carrying Value of Debt and Estimates of Fair Value | The following tables summarize the carrying and estimated fair values of our financial instruments as of December 31, 2021 and 2020 (amounts in thousands):
|  | December 31, 2021
|  | Carrying Value |  | Estimated Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in accounts payable and accrued expenses |  | $ | 25,308 |  |  | $ | 25,308 |  |  | $ | — |  |  | $ | 25,308 |  |  | $ | — |
Mortgage notes payable |  | 948,769 |  |  | 960,933 |  |  | — |  |  | — |  |  | 960,933 |
Senior unsecured notes - Series A, B, C, D, E, F, G and H |  | 973,373 |  |  | 994,389 |  |  | — |  |  | — |  |  | 994,389 |
Unsecured term loan facilities |  | 388,223 |  |  | 390,000 |  |  | — |  |  | — |  |  | 390,000 |
|  | December 31, 2020
|  | Carrying Value |  | Estimated Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in accounts payable and accrued expenses |  | 8,849 |  |  | 8,849 |  |  | — |  |  | 8,849 |  |  | — |
Mortgage notes payable |  | 775,929 |  |  | 808,294 |  |  | — |  |  | — |  |  | 808,294 |
Senior unsecured notes - Series A, B, C, D, E and F |  | 973,159 |  |  | 1,039,857 |  |  | — |  |  | — |  |  | 1,039,857 |
Unsecured term loan facility |  | 387,561 |  |  | 390,000 |  |  | — |  |  | — |  |  | 390,000 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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