XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Derivative Instruments and Hedging Activities | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities Prior to August 2024, we had interest rate swap agreements with an aggregate notional amount of $500,000,000 to fix SOFR at 0.49% through August 2024. We also had interest rate cap agreements with an aggregate notional amount of $360,000,000 to cap SOFR at 4.50% through August 2024. In August 2024, upon the expiration of these agreements, we entered into new interest rate cap agreements with an aggregate notional amount of $860,000,000 to cap SOFR at 3.50% through August 2025. These interest rate swaps and interest rate caps are designated as cash flow hedges and therefore changes in their fair values are recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive losses of $12,433,000 and $25,444,000 for the years ended December 31, 2024 and 2023, respectively, and other comprehensive income of $31,839,000 for the year ended December 31, 2022, from the changes in the fair value of these derivative financial instruments, which are recorded as a component of other comprehensive income (loss) in our consolidated financial statements. See Note 10, Accumulated Other Comprehensive Income. During the next twelve months, we estimate that $665,000 of the amounts to be recognized in accumulated other comprehensive (loss) income will be reclassified as a decrease to interest expense. The tables below provide additional details on our interest rate swaps and interest rate caps that are designated as cash flow hedges.
|  | Notional |  |  | Effective |  | Maturity |  | Benchmark |  | Strike |  |  | Fair Value as of |
Property |  | Amount |  |  | Date |  | Date |  | Rate |  | Rate |  |  | December 31, 2024 |  |  | December 31, 2023 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1301 Avenue of the Americas |  | $ | 500,000 |  |  | Jul-2021 |  | Aug-2024 |  | SOFR |  |  | 0.49 | % |  | $ | - |  |  | $ | 13,726 |
Total interest rate swap assets designated as cash flow hedges (included in "other assets") | $ | - |  |  | $ | 13,726 |
|  | Notional |  |  | Effective |  | Maturity |  | Benchmark |  | Strike |  |  | Fair Value as of |
Property |  | Amount |  |  | Date |  | Date |  | Rate |  | Rate |  |  | December 31, 2024 |  |  | December 31, 2023 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1301 Avenue of the Americas |  | $ | 860,000 |  |  | Aug-2024 |  | Aug-2025 |  | SOFR |  |  | 3.50 | % |  | $ | 3,650 |  |  | $ | - |
1301 Avenue of the Americas |  |  | 360,000 |  |  | Aug-2023 |  | Aug-2024 |  | SOFR |  |  | 4.50 | % |  |  | - |  |  |  | 1,263 |
Total interest rate cap assets designated as cash flow hedges (included in "other assets") | $ | 3,650 |  |  | $ | 1,263 |

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