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Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands):^(1)(2)(3)

​	​	​	​	​	​	​	​	​
​	​	December 31, 2023			December 31, 2022			​
​	​	Fair		​	Fair		​	Balance Sheet
Derivative Type		Value		​	Value			Location
Assets		​			​
Interest rate swaps	​	$	34,864	​	$	29,346		Deferred expenses and other assets, net
Total	​	$	34,864	​	$	29,346	​	​
Liabilities	​			​
Interest rate swaps	​	$	2,546	​	$	—		Accounts payable, accrued expenses and other liabilities
Total	​	$	2,546	​	$	—	​	​

(1) As of December 31, 2023, the Company has two interest rate swap derivatives outstanding that mature in April 2028 and have an aggregate $500.0 million notional amount, which hedge in-place floating-rate debt. The Company also has three designated derivatives outstanding that protect the Company against interest rate volatility with respect to long-term debt to be placed in the future, which have an aggregate $400.0 million notional amount, one of which matures in December 2024 and two that mature in December 2025. These designated hedges protect the Company against interest rate volatility with respect to future debt with a tenor of approximately 30 years. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $13.6 million, $40.4 million and $13.3 million, respectively, of unrealized gains in accumulated other comprehensive income (loss).

(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. Over the next 12 months, the Company expects that $2.6 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a decrease to interest expense.

(3) During the years ended December 31, 2023 and 2022, the Company received $11.4 million and $11.0 million, respectively, in settlement of certain interest rate hedges. During the year ended December 31, 2021, the Company paid $19.9 million to terminate certain interest rate hedges.

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 for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):

​	​	​	​	​	​	​	​	​
​	​	​	​	Amount of Gain		​	Amount of Gain
​	​	​	​	(Loss) Recognized in		​	(Loss) Reclassified
​	​	Location of Gain (Loss)	​	Accumulated Other		​	from Accumulated
​	​	When Recognized	​	Comprehensive		​	Other Comprehensive
Derivatives Designated in Hedging Relationships		in Income		Income			Income into Earnings
For the Year Ended December 31, 2023				​			​
Interest rate swaps		Interest expense	​	$	13,621	​	$	3,048
Interest rate swaps(1)	​	Other income	​	​	—	​	​	15,191
​	​	​	​	​	​	​	​	​
For the Year Ended December 31, 2022			​			​
Interest rate swaps		Interest expense	​	$	40,373	​	$	(3,888)
​	​	​	​	​	​	​	​	​
For the Year Ended December 31, 2021			​			​
Interest rate swaps		Interest expense	​	$	13,290	​	$	(3,191)

(1) For the year ended December 31, 2023, $15.2 million was reclassified to “Other income” in the Company’s consolidated statements of operations due to a hedge forecasted for permanent debt that did not occur.

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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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-Name Accounting Standards Codification
-Topic 815
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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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