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Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

We have the following derivatives (dollars in thousands):

																																										Fair Value of Assets (Liabilities)
Hedged Debt						Type						Fixed Rate						Index						Effective Date						Maturity Date						Notional Amount						March 31, 2025						December 31, 2024
$500M Senior unsecured term loans						Swap						3.36		%				SOFR						March 1, 2023						January 1, 2028						$	75,000					487						1,328
$500M Senior unsecured term loans						Swap						3.50		%				SOFR						March 1, 2023						January 1, 2027						$	75,000					271						747
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					330						757
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					331						758
$500M Senior unsecured term loans						Swap						3.07		%				SOFR						January 2, 2025						January 1, 2027						$	25,000					274						456
$500M Senior unsecured term loans						Swap						3.25		%				SOFR						January 2, 2025						January 1, 2026						$	75,000					434						628
																																										$	2,127					$	4,674

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 March 31,
Effect of derivative instruments			Location in Statements of Operations and Comprehensive Income			2025						2024
Loss (gain) recognized in other comprehensive income			Unrealized loss (gain) on interest rate derivative instruments			$	2,548					$	(960)
Interest (income) for derivatives that were designated as cash flow hedges			Interest expense			$	(821)					$	(2,357)

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- References

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- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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- 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

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