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Derivatives and Hedging Activities
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
 
The following interest rate swaps have been designated as cash flow hedges (in thousands):
Notional value atFair value at
Hedge typeInterest
rate		MaturitySeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Swap-cash flow (1)2.29%December 2022$200,000 $200,000 $717 $(4,077)
Swap-cash flow (1)2.29%December 2022125,000 125,000 449 (2,545)
Swap-cash flow (2) 2.38%December 2022— 87,780 — (1,879)
Swap-cash flow (2) 2.38%December 2022— 36,875 — (789)
Swap-cash flow (3)1.28%September 2022— 100,000 — (759)
Swap-cash flow 2.39%December 202375,000 75,000 1,789 (2,504)
Swap-cash flow 2.51%December 202375,000 75,000 1,671 (2,692)
Swap-cash flow 2.75%November 2023100,000 100,000 1,658 (3,893)
Swap-cash flow 1.24%September 2025150,000 150,000 12,033 (860)
Swap-cash flow 1.16%April 202450,000 50,000 2,463 (338)
Swap-cash flow 1.20%April 202450,000 50,000 2,430 (387)
Swap-cash flow 1.15%April 202450,000 50,000 2,471 (327)
Swap-cash flow 1.10%April 202450,000 50,000 2,511 (267)
Swap-cash flow 0.98%April 202425,000 25,000 1,304 (61)
Swap-cash flow 0.95%April 202425,000 25,000 1,316 (43)
Swap-cash flow (4)0.93%April 202425,000 25,000 1,324 (31)
Swap-cash flow (4)0.90%April 202425,000 25,000 1,336 (13)
Swap-cash flow (4)0.85%December 202450,000 50,000 3,607 221 
Swap-cash flow (4)0.75%December 202450,000 50,000 3,716 372 
Swap-cash flow (4)0.65%January 202650,000 50,000 5,294 955 
$1,175,000 $1,399,655 $46,089 $(19,917)
     
(1)In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.
(2)In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps.
(3)In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap.
(4)In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.

As of September 30, 2022 and December 31, 2021, the aggregate fair value of the interest rate swap assets of $46.1 million and $1.5 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2021, the aggregate fair value of the interest rate swap liabilities of $21.5 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.
As of September 30, 2022, there was approximately $41.8 million of unrealized gains included in accumulated other comprehensive income (loss) related to interest rate swaps. As of December 31, 2021, there was approximately $17.1 million of unrealized losses included in accumulated other comprehensive income (loss) related to interest rate swaps. There was no ineffectiveness recorded during the three or nine month periods ended September 30, 2022 or 2021. For the three and nine months ended September 30, 2022, approximately $1.3 million and $6.8 million, respectively, of the amounts included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. For the three and nine months ended September 30, 2021, approximately $5.0 million and $18.9 million, respectively, of the amounts included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. Approximately $24.1 million of the unrealized gains included in accumulated other comprehensive income (loss) at September 30, 2022 is expected to be reclassified into earnings within the next 12 months