XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.25.2

Financial Instruments and Fair Values (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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) |  | June 30, 2025 |  | December 31, 2024
Derivative |  | Notional Amount | Receive Rate | Pay Rate | Effective Date | Expiration Date |  | Asset(1) | Liability(2) |  | Asset(1) | Liability(2)
Interest rate swap |  | $ | 36,820 |  | 70% of 1 Month SOFR | 2.5000% | December 1, 2021 | November 1, 2030 |  | $ | — |  | $ | (12) |  |  | $ | 759 |  | $ | — |
Interest rate swap |  | 103,790 |  | 70% of 1 Month SOFR | 2.5000% | December 1, 2021 | November 1, 2033 |  | 502 |  | — |  |  | 2,825 |  | — |
Interest rate swap |  | 10,710 |  | 70% of 1 Month SOFR | 1.7570% | December 1, 2021 | November 1, 2033 |  | 490 |  | — |  |  | 743 |  | — |
Interest rate swap |  | 13,252 |  | 1 Month SOFR | 2.2540% | December 1, 2021 | November 1, 2030 |  | 446 |  | — |  |  | 754 |  | — |
Interest rate swap |  | 175,000 |  | SOFR Compound | 2.5620% | August 31, 2022 | December 31, 2026 |  | 2,589 |  | — |  |  | 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 |  | 19 |  | — |  |  | 35 |  | — |
Interest rate cap |  | 6,676 |  | 1 Month SOFR | 5.5000% | October 1, 2024 | November 1, 2030 |  | 43 |  | — |  |  | 81 |  | — |
Interest rate swap |  | 47,500 |  | 1 Month SOFR | 3.3090% | March 19, 2025 | March 8, 2029 |  | 53 |  | — |  |  | 1,117 |  | — |
Interest rate swap |  | 47,500 |  | 1 Month SOFR | 3.3030% | March 19, 2025 | March 8, 2029 |  | 63 |  | — |  |  | 1,124 |  | — |
|  | $ | 448,028 |  |  |  |  |  |  | $ | 4,205 |  | $ | (12) |  |  | $ | 13,098 |  | $ | — |
(1) Included as a component of prepaid expenses and other assets on the condensed consolidated balance sheets. (2) Included as a component of accounts payable and accrued expenses on the condensed consolidated balance sheets.
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 |  | Six Months Ended
(amounts in thousands) |  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Amount of (loss) gain recognized in other comprehensive income (loss) |  | $ | (1,472) |  |  | $ | 2,853 |  |  | $ | (5,588) |  |  | $ | 11,051 |
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense |  | (484) |  |  | (667) |  |  | (1,533) |  |  | (2,991) |
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 |  | Six Months Ended
(amounts in thousands) |  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | (25,126) |  |  | $ | (25,323) |  |  | $ | (52,064) |  |  | $ | (50,451) |
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense |  | 484 |  |  | 667 |  |  | 1,533 |  |  | 2,991 |
Schedule of Carrying and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying and estimated fair values of our financial instruments:
| June 30, 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 | $ | 4,205 |  |  | $ | 4,205 |  |  | $ | — |  |  | $ | 4,205 |  |  | $ | — |
Interest rate swaps included in accounts payable and accrued expenses | 12 |  |  | 12 |  |  | — |  |  | 12 |  |  | — |
Mortgage notes payable | 691,440 |  |  | 644,870 |  |  | — |  |  | — |  |  | 644,870 |
Senior unsecured notes - Series B-K | 1,097,355 |  |  | 1,044,459 |  |  | — |  |  | — |  |  | 1,044,459 |
Unsecured term loan facilities | 268,883 |  |  | 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://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -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 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: 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 + 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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -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