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Financial Instruments and Fair Values (Tables)

3 Months Ended

Mar. 31, 2025

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)																								March 31, 2025									December 31, 2024
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						$	265		$	—					$	759		$	—
Interest rate swap						103,790			70% of 1 Month SOFR			2.5000%			December 1, 2021			November 1, 2033						1,167			—						2,825			—
Interest rate swap						10,710			70% of 1 Month SOFR			1.7570%			December 1, 2021			November 1, 2033						576			—						743			—
Interest rate swap						13,726			1 Month SOFR			2.2540%			December 1, 2021			November 1, 2030						566			—						754			—
Interest rate swap						175,000			SOFR Compound			2.5620%			August 31, 2022			December 31, 2026						3,406			—						4,895			—
Interest rate swap						—			SOFR Compound			2.6260%			August 19, 2022			March 19, 2025						—			—						383			—
Interest rate swap						—			SOFR OIS Compound			2.6280%			August 19, 2022			March 19, 2025						—			—						382			—
Interest rate cap						6,780			70% of 1 Month SOFR			4.5000%			October 1, 2024			November 1, 2030						25			—						35			—
Interest rate cap						6,676			1 Month SOFR			5.5000%			October 1, 2024			November 1, 2030						57			—						81			—
Interest rate swap						47,500			1 Month SOFR			3.3090%			March 19, 2025			March 8, 2029						482			—						1,117			—
Interest rate swap						47,500			1 Month SOFR			3.3030%			March 19, 2025			March 8, 2029						491			—						1,124			—
						$	448,502																	$	7,035		$	—					$	13,098		$	—

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
(amounts in thousands)						March 31, 2025						March 31, 2024
Amount of (loss) gain recognized in other comprehensive income (loss)						$	(4,116)					$	8,198
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense						(1,049)						(2,324)

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
(amounts in thousands)						March 31, 2025						March 31, 2024
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded						$	(26,938)					$	(25,128)
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense						1,049						2,324

Schedule of Carrying and Estimated Fair Values of Financial Instruments

The following tables summarize the carrying and estimated fair values of our financial instruments:

			March 31, 2025
									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			$	7,035					$	7,035					$	—					$	7,035					$	—
Mortgage notes payable			691,816						629,476						—						—						629,476
Senior unsecured notes - Series B-K			1,097,212						1,033,230						—						—						1,033,230
Unsecured term loan facilities			268,807						270,000						—						—						270,000

			December 31, 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			$	13,098					$	13,098					$	—					$	13,098					$	—
Mortgage notes payable			692,176						618,378						—						—						618,378
Senior unsecured notes - Series A-K			1,197,061						1,116,149						—						—						1,116,149
Unsecured term loan facilities			268,731						270,000						—						—						270,000
Unsecured revolving credit facility			120,000						120,000						—						—						120,000

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

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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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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4A
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-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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