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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

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

Maturity Dates

September 30, 2023

December 31, 2022

Outstanding Notional Amount

Fair Value of

Outstanding Notional Amount

Fair Value of

Assets

Assets

Interest rate swaps

(1)

05/01/2022 to 05/01/2023

12/31/2024 to 01/31/2028

$

525,000

$

29,423

$

485,000

$

27,990

(1)     Derivative assets are reported in the condensed consolidated balance sheets as other assets.

Schedule of Income and Losses Recognized on Derivative Instruments

The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):

Derivatives in Cash Flow Hedging Relationships						Amount of Income Recognized in Other Comprehensive Income on Derivatives						Location of Income Reclassified From Accumulated Other Comprehensive Income to Net Income						Amount of Income (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income						Total Amount of Line Item in Condensed Consolidated Statements of Comprehensive Income
Three Months Ended September 30, 2023
Interest rate swaps						$	6,780					Interest and other expenses, net						$	4,465					$	5,630
Three Months Ended September 30, 2022
Interest rate swaps						$	16,724					Interest and other expenses, net						$	379					$	5,498
Nine Months Ended September 30, 2023
Interest rate swaps						$	13,550					Interest and other expenses, net						$	12,117					$	16,769
Nine Months Ended September 30, 2022
Interest rate swaps						$	31,545					Interest and other expenses, net						$	(2,912)					$	17,942

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, 2023 and December 31, 2022 (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 Collateral						Net Amount
September 30, 2023						$	29,423					$	—					$	29,423					$	—					$	—					$	29,423
December 31, 2022						$	27,990					$	—					$	27,990					$	—					$	—					$	27,990

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-4

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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