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Financial Instruments and Fair Values (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of the Terms of Agreements and the Fair Value of Derivative Financial Instruments | The table below summarizes the terms of agreements and the fair values of our derivative financial instruments as of March 31, 2024 and December 31, 2023 (amounts in thousands):
|  |  |  | March 31, 2024 |  | December 31, 2023
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 |  | $ | 659 |  | $ | — |  |  | $ | 64 |  | $ | — |
Interest rate swap |  | 103,790 |  | 70% of 1 Month SOFR | 2.5000% | December 1, 2021 | November 1, 2033 |  | 1,898 |  | — |  |  | — |  | (85) |
Interest rate swap |  | 10,710 |  | 70% of 1 Month SOFR | 1.7570% | December 1, 2021 | November 1, 2033 |  | 716 |  | — |  |  | 546 |  | — |
Interest rate swap |  | 15,518 |  | 1 Month SOFR | 2.2540% | December 1, 2021 | November 1, 2030 |  | 951 |  | — |  |  | 782 |  | — |
Interest rate cap |  | 6,780 |  | 70% of 1 Month SOFR | 4.5000% | December 1, 2021 | October 1, 2024 |  | — |  | — |  |  | — |  | — |
Interest rate cap |  | 9,188 |  | 1 Month SOFR | 5.5000% | December 1, 2021 | October 1, 2024 |  | 2 |  | — |  |  | 4 |  | — |
Interest rate swap |  | 175,000 |  | SOFR Compound | 2.5620% | August 31, 2022 | December 31, 2026 |  | 7,633 |  | — |  |  | 5,637 |  | — |
Interest rate swap |  | 107,500 |  | SOFR Compound | 2.6260% | August 19, 2022 | March 19, 2025 |  | 2,364 |  | — |  |  | 2,384 |  | — |
Interest rate swap |  | 107,500 |  | SOFR OIS Compound | 2.6280% | August 19, 2022 | March 19, 2025 |  | 2,363 |  | — |  |  | 2,383 |  | — |
Interest rate cap |  | 6,780 |  | 70% of 1 Month SOFR | 4.5000% | October 1, 2024 | November 1, 2030 |  | 44 |  | — |  |  | — |  | — |
Interest rate cap |  | 6,676 |  | 1 Month SOFR | 5.5000% | October 1, 2024 | November 1, 2030 |  | 96 |  | — |  |  | — |  | — |
|  |  |  |  |  |  |  | $ | 16,726 |  | $ | — |  |  | $ | 11,800 |  | $ | (85) |
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss) | The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (amounts in thousands):
|  |  |  | Three Months Ended
Effects of Cash Flow Hedges |  |  |  |  |  | March 31, 2024 |  | March 31, 2023
Amount of gain (loss) recognized in other comprehensive income (loss) |  |  |  |  |  | $ | 8,198 |  |  | $ | (5,402) |
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense |  |  |  |  |  | 2,324 |  |  | 1,272 |
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (amounts in thousands):
|  |  |  | Three Months Ended
Effects of Cash Flow Hedges |  |  |  |  |  | March 31, 2024 |  | March 31, 2023
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  |  |  |  |  | $ | (25,128) |  |  | $ | (25,304) |
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense |  |  |  |  |  | 2,324 |  |  | 1,272 |
Schedule of the Carrying and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying and estimated fair values of our financial instruments as of March 31, 2024 and December 31, 2023 (amounts in thousands):
| March 31, 2024
|  |  | Estimated Fair Value
| Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps and caps included in prepaid expenses and other assets | $ | 16,726 |  |  | $ | 16,726 |  |  | $ | — |  |  | $ | 16,726 |  |  | $ | — |
Mortgage notes payable | 876,497 |  |  | 765,660 |  |  | — |  |  | — |  |  | 765,660 |
Senior unsecured notes - Series A, B, C, D, E, F, G and H | 973,926 |  |  | 872,714 |  |  | — |  |  | — |  |  | 872,714 |
Unsecured term loan facilities | 268,503 |  |  | 270,000 |  |  | — |  |  | — |  |  | 270,000 |
Unsecured revolving credit facility | 120,000 |  |  | 120,000 |  |  | — |  |  | — |  |  | 120,000 |
| December 31, 2023
|  |  | Estimated Fair Value
| Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps and caps 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 |

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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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