XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivatives (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | As of September 30, 2023 and December 31, 2022 the Company had the following derivatives that were designated as cash flow hedges of interest rate risk (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets (Liabilities)
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | September 30, 2023 |  | December 31, 2022
Senior unsecured term loans |  | Swap (1) |  | 2.21 | % |  | SOFR |  | December 28, 2022 |  | October 18, 2023 |  | $ | 25,000 |  |  | $ | 37 |  |  | $ | 517 |
Senior unsecured term loans |  | Swap (1) |  | 2.21 | % |  | SOFR |  | December 28, 2022 |  | October 18, 2023 |  | $ | 25,000 |  |  | 37 |  |  | 515 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 2,624 |  |  | 3,979 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 2,621 |  |  | 3,976 |
Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 2,892 |  |  | — |
Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 2,277 |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,488 |  |  | $ | 8,987 |
______________________ (1)Swap was designated as cash flow hedge as of April 1, 2023.
Schedule of Gains and Losses Recognized on Derivative Financial Statements | The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2023 |  | 2022 |  | 2023 |  | 2022
Gain recognized in other comprehensive income | Unrealized loss on interest rate derivative instruments | $ | 150 |  |  | $ | — |  |  | $ | 3,533 |  |  | $ | — |
Interest income for derivatives that were designated as cash flow hedges | Interest expense | $ | (2,694) |  |  | $ | — |  |  | $ | (5,235) |  |  | $ | — |
Interest (income) expense for derivatives that were not designated as cash flow hedges | Interest expense | $ | — |  |  | $ | (3,972) |  |  | $ | 469 |  |  | $ | (12,615) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration