XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Financial Instruments and Fair Values (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Terms of Agreements and Fair Value of Derivative Financial Instruments | The table below summarizes the terms of agreements and the fair values of our derivative financial instruments:
(amounts in thousands, except percentages) |  | September 30, 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 |  | $ | — |  | $ | (269) |  |  | $ | 64 |  | $ | — |
Interest rate swap |  | 103,790 |  | 70% of 1 Month SOFR | 2.5000% | December 1, 2021 | November 1, 2033 |  | — |  | (1,075) |  |  | — |  | (85) |
Interest rate swap |  | 10,710 |  | 70% of 1 Month SOFR | 1.7570% | December 1, 2021 | November 1, 2033 |  | 415 |  | — |  |  | 546 |  | — |
Interest rate swap |  | 14,642 |  | 1 Month SOFR | 2.2540% | December 1, 2021 | November 1, 2030 |  | 505 |  | — |  |  | 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 |  | — |  | — |  |  | 4 |  | — |
Interest rate swap |  | 175,000 |  | SOFR Compound | 2.5620% | August 31, 2022 | December 31, 2026 |  | 3,009 |  | — |  |  | 5,637 |  | — |
Interest rate swap |  | 107,500 |  | SOFR Compound | 2.6260% | August 19, 2022 | March 19, 2025 |  | 832 |  | — |  |  | 2,384 |  | — |
Interest rate swap |  | 107,500 |  | SOFR OIS Compound | 2.6280% | August 19, 2022 | March 19, 2025 |  | 831 |  | — |  |  | 2,383 |  | — |
Interest rate cap |  | 6,780 |  | 70% of 1 Month SOFR | 4.5000% | October 1, 2024 | November 1, 2030 |  | 25 |  | — |  |  | — |  | — |
Interest rate cap |  | 6,676 |  | 1 Month SOFR | 5.5000% | October 1, 2024 | November 1, 2030 |  | 56 |  | — |  |  | — |  | — |
Interest rate swap |  | 47,500 |  | 1 Month SOFR | 3.3090 | % | March 19, 2025 | March 8, 2029 |  | — |  | (404) |  |  | — |  | — |
Interest rate swap |  | 47,500 |  | 1 Month SOFR | 3.3030 | % | March 19, 2025 | March 8, 2029 |  | — |  | (395) |  |  | — |  | — |
|  | $ | 680,386 |  |  |  |  |  |  | $ | 5,673 |  | $ | (2,143) |  |  | $ | 11,800 |  | $ | (85) |
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):
|  | Three Months Ended |  | Nine Months Ended
(amounts in thousands) |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Amount of gain (loss) recognized in other comprehensive income (loss) |  | $ | (9,341) |  |  | $ | 9,525 |  |  | $ | 1,710 |  |  | $ | 16,058 |
Amount of (gain) reclassified from accumulated other comprehensive income (loss) into interest expense |  | (2,457) |  |  | (2,275) |  |  | (5,448) |  |  | (5,429) |
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations:
|  | Three Months Ended |  | Nine Months Ended
(amounts in thousands) |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | (27,408) |  |  | $ | (25,382) |  |  | $ | (77,859) |  |  | $ | (76,091) |
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense |  | 2,457 |  |  | 2,275 |  |  | 5,448 |  |  | 5,429 |
Schedule of Carrying and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying and estimated fair values of our financial instruments:
| September 30, 2024
|  |  | Estimated Fair Value
(amounts in thousands) | Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swaps and caps included in prepaid expenses and other assets | $ | 5,673 |  |  | $ | 5,673 |  |  | $ | — |  |  | $ | 5,673 |  |  | $ | — |
Interest rate swaps included in accounts payable and accrued expenses | 2,143 |  |  | 2,143 |  |  | — |  |  | 2,143 |  |  | — |
Mortgage notes payable | 692,989 |  |  | 623,788 |  |  | — |  |  | — |  |  | 623,788 |
Senior unsecured notes - Series A-K | 1,196,911 |  |  | 1,147,018 |  |  | — |  |  | — |  |  | 1,147,018 |
Unsecured term loan facilities | 268,655 |  |  | 270,000 |  |  | — |  |  | — |  |  | 270,000 |
Unsecured revolving credit facility | 120,000 |  |  | 120,000 |  |  | — |  |  | — |  |  | 120,000 |
| December 31, 2023
|  |  | Estimated Fair Value
(amounts in thousands) | 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-H | 973,872 |  |  | 882,242 |  |  | — |  |  | — |  |  | 882,242 |
Unsecured term loan facilities | 389,286 |  |  | 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 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