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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Fair Value of Derivative Instruments
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands):
Derivatives
Designated as
Hedging
Instruments
Balance
Sheet
Location
Effective
Dates (2), (3)
Maturity
Dates (2)
September 30, 2022December 31, 2021
Outstanding
Notional
Amount (2)
Fair Value ofOutstanding
Notional
Amount
Fair Value of
Assets(Liabilities)Assets(Liabilities)
Interest rate swaps(1)05/01/2022 to
05/01/2023
04/27/2023 to
01/31/2028
$485,000 $29,724 $— $400,000 $2,171 $(5,618)
(1)     Derivative assets and liabilities are reported in the condensed consolidated balance sheets as other assets, net, and accounts payable and other liabilities, respectively.
(2)    During the three months ended June 30, 2022, the Company entered into three interest rate swap agreements with an aggregate notional amount of $150,000,000, that have an effective date of May 1, 2023, to replace two interest rate swaps with an aggregate notional amount of $150,000,000 that have a maturity date of April 27, 2023.
(3)    In May 2022, the Company entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. As of June 30, 2022, all of the Company's interest rate swap agreements were indexed to SOFR.
Schedule of Income and Losses Recognized on Derivative Instruments
The table below summarizes the amount of income and losses recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
Derivatives in Cash Flow
Hedging Relationships
Amount of Income (Loss) Recognized
in Other Comprehensive Income on Derivatives
Location of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income (Loss) to
Net Income
Amount of Income (Loss)
Reclassified From
Accumulated Other
Comprehensive Income (Loss) to
Net Income
Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2022
Interest rate swaps - continuing operations$16,724 Interest and other expense, net$379 $5,498 
Three Months Ended September 30, 2021
Interest rate swaps - continuing operations$(253)Interest and other expense, net$(1,952)$11,737 
Interest rate swaps - discontinued operations— Income from discontinued operations(542)377,191 
Total$(253)$(2,494)
Nine Months Ended September 30, 2022
Interest rate swaps - continuing operations$31,545 Interest and other expense, net$(2,912)$17,942 
Nine Months Ended September 30, 2021
Interest rate swaps - continuing operations$2,555 Interest and other expense, net$(5,643)$30,035 
Interest rate swaps - discontinued operations(37)Income from discontinued operations(1,647)401,444 
Total$2,518 $(7,290)
Schedule of Offsetting of Derivative Assets The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of September 30, 2022 and December 31, 2021 (amounts in thousands):
Offsetting of Derivative Assets    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Assets
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Assets Presented in
the Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
September 30, 2022$29,724 $— $29,724 $— $— $29,724 
December 31, 2021$2,171 $— $2,171 $(1,023)$— $1,148 
Schedule of Offsetting of Derivative Liabilities
Offsetting of Derivative Liabilities    
    Gross Amounts Not Offset in the Balance Sheet 
 Gross
Amounts of
Recognized
Liabilities
Gross Amounts
Offset in the
Balance Sheet
Net Amounts of
Liabilities
Presented in the
Balance Sheet
Financial Instruments
Collateral
Cash CollateralNet
Amount
September 30, 2022$— $— $— $— $— $— 
December 31, 2021$5,618 $— $5,618 $(1,023)$— $4,595