XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Derivatives | 3 Months Ended
--- | ---
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | March 31, 2024 |  | December 31, 2023
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,004 |  |  | 1,660 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,002 |  |  | 1,658 |
Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 1,813 |  |  | 554 |
Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 1,462 |  |  | 449 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,281 |  |  | $ | 4,321 |
______________________ (1)Swap was designated as cash flow hedge as of April 1, 2023. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2024, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The table below details the location in the consolidated financial statements of the gains and losses recognized related to derivative financial instruments (in thousands):
|  | Three Months Ended March 31, |  |
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2024 |  | 2023 |  |  |  |
Loss (gain) recognized in other comprehensive income | Unrealized loss (gain) on interest rate derivative instruments | $ | (960) |  |  | $ | 84 |  |  |  |  |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (2,357) |  |  | $ | (147) |  |  |  |  |
Interest (income) expense for derivatives that were not designated as cash flow hedges | Interest expense | $ | — |  |  | $ | 469 |  |  |  |  |
During the next twelve months, the Company estimates that $2.7 million will be reclassified from other comprehensive income as a decrease to interest expense.

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 The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration