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Derivatives and Hedging Activities
 3 Months Ended
Mar. 31, 2024
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 DateMarch 31, 2024December 31, 2023March 31, 2024December 31, 2023
Swap-cash flow-Daily SOFR 2.44%January 2021December 2023$— $75,000 $— $— 
Swap-cash flow-Daily SOFR2.31%January 2021December 2023— 75,000 — — 
Swap-cash flow-Daily SOFR1.08%April 2021April 202450,000 50,000 305 827 
Swap-cash flow-Daily SOFR1.13%April 2021April 202450,000 50,000 302 819 
Swap-cash flow-Daily SOFR1.08%April 2021April 202450,000 50,000 306 829 
Swap-cash flow-Daily SOFR0.97%April 2021April 202450,000 50,000 313 849 
Swap-cash flow-Daily SOFR0.85%April 2021April 202425,000 25,000 161 436 
Swap-cash flow-Daily SOFR0.88%April 2021April 202425,000 25,000 160 434 
Swap-cash flow-Daily SOFR 0.86%April 2021April 202425,000 25,000 161 436 
Swap-cash flow-Daily SOFR0.83%April 2021April 202425,000 25,000 162 439 
Swap-cash flow-Term SOFR4.37%April 2023April 2024200,000 200,000 207 673 
Swap-cash flow-Daily SOFR0.77%June 2020December 202450,000 50,000 1,640 2,011 
Swap-cash flow-Daily SOFR0.63%June 2020December 202450,000 50,000 1,693 2,081 
Swap-cash flow-Daily SOFR1.16%September 2021September 2025150,000 150,000 7,941 7,969 
Swap-cash flow-Daily SOFR0.56%July 2021January 202650,000 50,000 3,601 3,556 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 4,160 1,769 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 65,000 2,347 1,103 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 60,000 2,336 1,188 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 222 (254)
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 399 (77)
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 217 (259)
$1,125,000 $1,275,000 $26,633 $24,829 
 
As of March 31, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $26.6 million and $25.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.6 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.
As of March 31, 2024 and December 31, 2023, there was approximately $24.9 million and $22.7 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three month periods ended March 31, 2024 or 2023. For the three months ended March 31, 2024 and 2023, gains of approximately $6.6 million and $6.0 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $15.5 million of the unrealized gains included in accumulated other comprehensive income at March 31, 2024 is expected to be reclassified into earnings within the next 12 months