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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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						March 31, 2024						December 31, 2023						March 31, 2024						December 31, 2023
Interest rate swaps						12						12						$	650,000					$	650,000

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 March 31, 2024 and December 31, 2023 (in thousands):

						Derivative Assets
												Fair Value as of March 31,
Derivatives Designated as Hedging Instruments:						Balance Sheet Location						2024						2023
Interest rate swaps						Other assets, net						$	21,476					$	14,442

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 (loss) for the three months ended March 31, 2024 and 2023 (in thousands):

						Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)												Location of Gain (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															2024																		2023												2024						2023
Interest Rate Products															$	13,761																	$	(3,141)					Interest expense, net						$	4,633					$	2,837

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 March 31, 2024 and December 31, 2023, 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
March 31, 2024
Derivative assets						$	—					$	21,476					$	—					$	21,476
December 31, 2023
Derivative assets						$	—					$	14,442					$	—					$	14,442
Derivative liabilities						$	—					$	3,073					$	—					$	3,073

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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.

+ 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
-SubTopic 10
-Section 50
-Paragraph 4B
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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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