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Derivatives and Hedging
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
The Company's interest rate swaps consisted of the following (in thousands):

Notional value atFair value at
Hedge typeInterest rateEffective DateMaturity DateDecember 31, 2022December 31, 2021December 31, 2022December 31, 2021
Swap-cash flow (3)1.28%September 2019September 2022$— $100,000 $— $(759)
Swap-cash flow (1)2.29%March 2019December 2022200,000 200,000 — (4,077)
Swap-cash flow (1)2.29%March 2019December 2022125,000 125,000 — (2,545)
Swap-cash flow (2)2.38%June 2021December 2022— 87,780 — (1,879)
Swap-cash flow (2)2.38%June 2021December 2022— 36,875 — (789)
Swap-cash flow (5)2.64%November 2022November 2023100,000 100,000 1,935 (3,893)
Swap-cash flow 2.51%January 2021December 202375,000 75,000 1,852 (2,692)
Swap-cash flow 2.39%January 2021December 202375,000 75,000 1,948 (2,504)
Swap-cash flow 1.16%April 2021April 202450,000 50,000 2,464 (338)
Swap-cash flow 1.20%April 2021April 202450,000 50,000 2,436 (387)
Swap-cash flow 1.15%April 2021April 202450,000 50,000 2,470 (327)
Swap-cash flow 1.10%April 2021April 202450,000 50,000 2,504 (267)
Swap-cash flow 0.98%April 2021April 202425,000 25,000 1,293 (61)
Swap-cash flow 0.95%April 2021April 202425,000 25,000 1,304 (43)
Swap-cash flow (4)0.93%April 2021April 202425,000 25,000 1,310 (31)
Swap-cash flow (4)0.90%April 2021April 202425,000 25,000 1,321 (13)
Swap-cash flow (4)0.85%June 2020December 202450,000 50,000 3,538 221 
Swap-cash flow (4)0.75%June 2020December 202450,000 50,000 3,636 372 
Swap-cash flow 1.24%September 2021September 2025150,000 150,000 11,636 (860)
Swap-cash flow (4)0.65%July 2021January 202650,000 50,000 5,041 955 
$1,175,000 $1,399,655 $44,688 $(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 accumulated other comprehensive income (loss) to other income (expense), 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 were 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 addition, the Company redesignated the remaining portions of these swaps resulting in the reclassification of approximately $6.2 million of the unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and reclassified 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 reclassified 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 accumulated other comprehensive income (loss) to other income (expense), 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.
(5)     In November 2022, the Company modified the benchmark rate on this interest rate swap from LIBOR to Term SOFR. The fixed interest rates paid by the Company were 2.64% and 2.75% at December 2022 and December 2021, respectively.
As of December 31, 2022 and 2021, the aggregate fair value of the interest rate swap assets of $44.7 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 December 31, 2022, there was approximately $40.6 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 years ended December 31, 2022 and 2021. For the year ended December 31, 2022, approximately $1.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. For the year ended December 31, 2021, approximately $24.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. Approximately $26.2 million of the unrealized gains included in accumulated other comprehensive income (loss) at December 31, 2022 is expected to be reclassified into earnings within the next 12 months.