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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments):

						Number of Instruments												Notional
Interest Rate Derivatives						June 30, 2023						December 31, 2022						June 30, 2023						December 31, 2022
Interest rate swaps						10						7						$	525,000					$	375,000

Fair Value of Derivative Financial Instruments

The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):

Derivative Assets

Fair Value at

Derivatives Designated as Hedging Instruments:

Balance Sheet Location

June 30, 2023

December 31, 2022

Interest rate swaps

Other assets, net

$

24,476

$

24,067

Effect of Interest Rate Swaps

The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2023 and 2022 (in thousands):

						Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)												Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships															2023																		2022												2023						2022
For the Three Months Ended June 30
Interest Rate Products						$	9,714					$	1,591					Interest expense, net						$	3,326					$	253
For the Six Months Ended June 30
Interest Rate Products						$	6,572					$	7,779					Interest expense, net						$	6,163					$	230

Schedule of Derivative Liabilities at Fair Value

The table below presents the Company’s derivative assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

						Fair Value Hierarchy Level
Description						Level 1						Level 2						Level 3						Total Fair Value
June 30, 2023
Derivative assets						$	—					$	24,476					$	—					$	24,476
December 31, 2022
Derivative assets						$	—					$	24,067					$	—					$	24,067

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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.

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-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.

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-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of derivative liabilities at fair value.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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