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Risk Management and Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of September 30, 2023 and December 31, 2022 ($ in thousands):⁽¹⁾

​

​	​	​	​	​	​	​	​	​
​	​	September 30, 2023			December 31, 2022			​
​	​	Fair		​	Fair		​	Balance Sheet
Derivative Type		Value(2)		​	Value(2)			Location
Assets		​			​
Interest rate swaps	​	$	92,616	​	$	29,346		Deferred expenses and other assets, net
Total	​	$	92,616	​	$	29,346	​	​

(1) Over the next 12 months, the Company expects that $5.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to interest expense.

(2) The fair value of the Company’s derivatives is estimated using valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy.

Derivative Instruments, Gain (Loss)

The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and months ended September 30, 2023 and 2022 ($ in thousands):

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Amount of Gain
​	​	​	​	Amount of Gain		​	(Loss) Reclassified
​	​	​	​	(Loss) Recognized		​	from Accumulated
​	​	​	​	in Accumulated		​	Other
​	​	Location of Gain (Loss)	​	Other		​	Comprehensive
​	​	When Recognized in	​	Comprehensive		​	Income into
Derivatives Designated in Hedging Relationships	​	Income		Income			Earnings
For the Three Months Ended September 30, 2023				​			​
Interest rate swaps		Interest expense	​	$	53,834	​	$	1,494
For the Three Months Ended September 30, 2022	​			​			​
Interest rate swaps		Interest expense	​	$	18,587	​	$	(943)
For the Nine Months Ended September 30, 2023	​			​			​
Interest rate swaps		Interest expense	​	$	59,632		$	1,454
For the Nine Months Ended September 30, 2022	​			​			​
Interest rate swaps		Interest expense	​	$	29,615	​	$	(2,945)

​

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- Definition

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 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.

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