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Derivatives and Hedging Activities
 6 Months Ended
Jun. 30, 2023
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 typeSwap
rate		Effective DateMaturity DateJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
Swap-cash flow-LIBOR2.29%March 2019December 2022$— $200,000 $— $— 
Swap-cash flow-LIBOR2.29%March 2019December 2022— 125,000 — — 
Swap-cash flow-Term SOFR 2.64%November 2022November 2023100,000 100,000 1,102 1,935 
Swap-cash flow-Daily SOFR (1)2.44%May 2023December 202375,000 75,000 1,219 1,852 
Swap-cash flow-Daily SOFR (1)2.31%May 2023December 202375,000 75,000 1,275 1,948 
Swap-cash flow-Daily SOFR (1)1.08%May 2023April 202450,000 50,000 1,850 2,464 
Swap-cash flow-Daily SOFR (1)1.13%May 2023April 202450,000 50,000 1,832 2,436 
Swap-cash flow-Daily SOFR (1)1.08%May 2023April 202450,000 50,000 1,854 2,470 
Swap-cash flow-Daily SOFR (2)1.10%April 2021April 202450,000 50,000 1,900 2,504 
Swap-cash flow-Daily SOFR (2)0.98%April 2021April 202425,000 25,000 976 1,293 
Swap-cash flow-Daily SOFR (1)0.88%May 2023April 202425,000 25,000 971 1,304 
Swap-cash flow-Daily SOFR (1)(3)0.86%May 2023April 202425,000 25,000 975 1,310 
Swap-cash flow-Daily SOFR (1)(3)0.83%May 2023April 202425,000 25,000 982 1,321 
Swap-cash flow-Term SOFR4.37%April 2023April 2024200,000 — 1,589 — 
Swap-cash flow-Daily SOFR (1)(3)0.77%May 2023December 202450,000 50,000 3,141 3,538 
Swap-cash flow-Daily SOFR (2)(3)0.75%June 2020December 202450,000 50,000 3,247 3,636 
Swap-cash flow-Daily SOFR (1)1.16%May 2023September 2025150,000 150,000 11,346 11,636 
Swap-cash flow-Daily SOFR (1)(3)0.56%May 2023January 202650,000 50,000 4,864 5,041 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 — 2,619 — 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 — 1,540 — 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 — 1,586 — 
$1,300,000 $1,175,000 $44,868 $44,688 
 
(1)In May 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR.
(2)In July 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR.
(3)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 to other income, net, in the consolidated statements of operations and comprehensive income. 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 during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.

As of June 30, 2023 and December 31, 2022, the aggregate fair value of the interest rate swap assets of $44.9 million and $44.7 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets.

As of June 30, 2023 and December 31, 2022, there was approximately $41.7 million and $40.6 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three or six month periods ended June 30, 2023 or 2022. For the three and six months ended June 30, 2023, gains of approximately $7.5 million and $13.5 million, respectively, included in accumulated other
comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and six months ended June 30, 2022, losses of approximately $3.1 million and $8.1 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $26.5 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2023 is expected to be reclassified into earnings within the next 12 months