XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.24.3

Financial Instruments and Fair Values (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023 and 2022 (dollar amounts in thousands):
|  |  |  | December 31, 2023 |  | December 31, 2022
Derivative |  | Notional Amount | Receive Rate | Pay Rate | Effective Date | Expiration Date |  | Asset | Liability |  | Asset | Liability
Interest rate swap |  | $ | 36,820 |  | 70% of 1 Month SOFR | 2.5000 | % | December 1, 2021 | November 1, 2030 |  | $ | 64 |  | $ | — |  |  | $ | 256 |  | $ | — |
Interest rate swap |  | 103,790 |  | 70% of 1 Month SOFR | 2.5000 | % | December 1, 2021 | November 1, 2033 |  | — |  | (85) |  |  | 365 |  | — |
Interest rate swap |  | 10,710 |  | 70% of 1 Month SOFR | 1.7570 | % | December 1, 2021 | November 1, 2033 |  | 546 |  | — |  |  | 643 |  | — |
Interest rate swap |  | 15,942 |  | 1 Month SOFR | 2.2540 | % | December 1, 2021 | November 1, 2030 |  | 782 |  | — |  |  | 1,070 |  | — |
Interest rate cap |  | 6,780 |  | 70% of 1 Month SOFR | 4.5000 | % | December 1, 2021 | October 1, 2024 |  | — |  | — |  |  | 8 |  | — |
Interest rate cap |  | 9,188 |  | 1 Month SOFR | 5.5000 | % | December 1, 2021 | October 1, 2024 |  | 4 |  | — |  |  | 26 |  | — |
Interest rate swap |  | 175,000 |  | SOFR Compound | 2.5620 | % | August 31, 2022 | December 31, 2026 |  | 5,637 |  | — |  |  | 8,040 |  | — |
Interest rate swap |  | 107,500 |  | SOFR Compound | 2.6260 | % | August 19, 2022 | March 19, 2025 |  | 2,384 |  | — |  |  | 3,766 |  | — |
Interest rate swap |  | 107,500 |  | SOFR OIS Compound | 2.6280 | % | August 19, 2022 | March 19, 2025 |  | 2,383 |  | — |  |  | 3,762 |  | — |
|  |  |  |  |  |  |  | $ | 11,800 |  | $ | (85) |  |  | $ | 17,936 |  | $ | — |
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, 2023, 2022 and 2021 (amounts in thousands):
Effects of Cash Flow Hedges |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Amount of gain recognized in other comprehensive income (loss) |  | $ | 5,581 |  |  | $ | 40,044 |  |  | $ | 348 |
Amount of loss (gain) reclassified from accumulated other comprehensive income (loss) into interest expense |  | 7,819 |  |  | (7,230) |  |  | (11,653) |
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, 2023, 2022 and 2021 (amounts in thousands):
Effects of Cash Flow Hedges |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Total interest expense presented on the consolidated statements of income in which the effects of cash flow hedges are recorded |  | $ | (101,484) |  |  | (101,206) |  |  | (94,394) |
Amount of loss (gain) reclassified from accumulated other comprehensive income (loss) into interest expense |  | 7,819 |  |  | (7,230) |  |  | (11,653) |
Schedule of Carrying and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying and estimated fair values of our financial instruments as of December 31, 2023 and 2022 (amounts in thousands):
|  | December 31, 2023
|  | Carrying Value |  | Estimated Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in prepaid expenses and other assets |  | $ | 11,800 |  |  | $ | 11,800 |  |  | $ | — |  |  | $ | 11,800 |  |  | $ | — |
Interest rate swaps included in accounts payable and accrued expenses |  | 85 |  |  | 85 |  |  | — |  |  | 85 |  |  | — |
Mortgage notes payable |  | 877,388 |  |  | 774,280 |  |  | — |  |  | — |  |  | 774,280 |
Senior unsecured notes - Series A, B, C, D, E, F, G and H |  | 973,872 |  |  | 882,242 |  |  | — |  |  | — |  |  | 882,242 |
Unsecured term loan facilities |  | 389,286 |  |  | 390,000 |  |  | — |  |  | — |  |  | 390,000 |
|  | December 31, 2022
|  | Carrying Value |  | Estimated Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps included in prepaid expenses and other assets |  | $ | 17,936 |  |  | $ | 17,936 |  |  | $ | — |  |  | $ | 17,936 |  |  | $ | — |
Mortgage notes payable |  | 883,705 |  |  | 783,648 |  |  | — |  |  | — |  |  | 783,648 |
Senior unsecured notes - Series A, B, C, D, E, F, G and H |  | 973,659 |  |  | 865,292 |  |  | — |  |  | — |  |  | 865,292 |
Unsecured term loan facility |  | 388,773 |  |  | 390,000 |  |  | — |  |  | — |  |  | 390,000 |

X
- 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration