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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

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-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

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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

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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

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4B
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