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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets (Liabilities)
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | September 30, 2024 |  | December 31, 2023
$300M Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | $ | — |  |  | $ | 1,660 |
$300M Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | — |  |  | 1,658 |
$500M Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | (231) |  |  | 554 |
$500M Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | (217) |  |  | 449 |
$500M Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | (13) |  |  | — |
$500M Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | (13) |  |  | — |
$500M Senior unsecured term loans |  | Swap |  | 3.07 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2027 |  | $ | 25,000 |  |  | 60 |  |  | — |
$500M Senior unsecured term loans |  | Swap |  | 3.25 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2026 |  | $ | 75,000 |  |  | 104 |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (310) |  |  | $ | 4,321 |
______________________ (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 related to derivative financial instruments (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2024 |  | 2023 |  | 2024 |  | 2023
Loss (gain) recognized in other comprehensive income | Unrealized loss (gain) on interest rate derivative instruments | $ | 4,237 |  |  | $ | 150 |  |  | $ | 4,631 |  |  | $ | 3,533 |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (1,155) |  |  | $ | (2,694) |  |  | $ | (5,863) |  |  | $ | (5,235) |
Interest (income) expense for derivatives that were not designated as cash flow hedges | Interest expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 469 |

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