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Derivatives and Hedging Activities | 6 Months Ended
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Jun. 30, 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 at |  | Fair value at
Hedge type |  | Swap rate |  | Effective Date |  | Maturity Date |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Swap-cash flow-Daily SOFR |  | 2.44% |  | January 2021 |  | December 2023 |  | $ | — |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | — |
Swap-cash flow-Daily SOFR |  | 2.31% |  | January 2021 |  | December 2023 |  | — |  |  | 75,000 |  |  | — |  |  | — |
Swap-cash flow-Daily SOFR |  | 1.08% |  | April 2021 |  | April 2024 |  | — |  |  | 50,000 |  |  | — |  |  | 827 |
Swap-cash flow-Daily SOFR |  | 1.13% |  | April 2021 |  | April 2024 |  | — |  |  | 50,000 |  |  | — |  |  | 819 |
Swap-cash flow-Daily SOFR |  | 1.08% |  | April 2021 |  | April 2024 |  | — |  |  | 50,000 |  |  | — |  |  | 829 |
Swap-cash flow-Daily SOFR |  | 0.97% |  | April 2021 |  | April 2024 |  | — |  |  | 50,000 |  |  | — |  |  | 849 |
Swap-cash flow-Daily SOFR |  | 0.85% |  | April 2021 |  | April 2024 |  | — |  |  | 25,000 |  |  | — |  |  | 436 |
Swap-cash flow-Daily SOFR |  | 0.88% |  | April 2021 |  | April 2024 |  | — |  |  | 25,000 |  |  | — |  |  | 434 |
Swap-cash flow-Daily SOFR |  | 0.86% |  | April 2021 |  | April 2024 |  | — |  |  | 25,000 |  |  | — |  |  | 436 |
Swap-cash flow-Daily SOFR |  | 0.83% |  | April 2021 |  | April 2024 |  | — |  |  | 25,000 |  |  | — |  |  | 439 |
Swap-cash flow-Term SOFR |  | 4.37% |  | April 2023 |  | April 2024 |  | — |  |  | 200,000 |  |  | — |  |  | 673 |
Swap-cash flow-Daily SOFR |  | 0.77% |  | June 2020 |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,119 |  |  | 2,011 |
Swap-cash flow-Daily SOFR |  | 0.63% |  | June 2020 |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,154 |  |  | 2,081 |
Swap-cash flow-Daily SOFR |  | 1.16% |  | September 2021 |  | September 2025 |  | 150,000 |  |  | 150,000 |  |  | 6,859 |  |  | 7,969 |
Swap-cash flow-Daily SOFR |  | 0.56% |  | July 2021 |  | January 2026 |  | 50,000 |  |  | 50,000 |  |  | 3,212 |  |  | 3,556 |
Swap-cash flow-Daily SOFR |  | 2.95% |  | April 2024 |  | April 2027 |  | 125,000 |  |  | 125,000 |  |  | 4,641 |  |  | 1,769 |
Swap-cash flow-Daily SOFR |  | 2.85% |  | April 2024 |  | April 2027 |  | 65,000 |  |  | 65,000 |  |  | 2,592 |  |  | 1,103 |
Swap-cash flow-Daily SOFR |  | 2.75% |  | April 2024 |  | April 2027 |  | 60,000 |  |  | 60,000 |  |  | 2,558 |  |  | 1,188 |
Swap-cash flow-Daily SOFR |  | 3.70% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | 377 |  |  | (254) |
Swap-cash flow-Daily SOFR |  | 3.45% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | 557 |  |  | (77) |
Swap-cash flow-Daily SOFR |  | 3.71% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | 372 |  |  | (259) |
|  |  |  |  |  |  |  | $ | 625,000 |  |  | $ | 1,275,000 |  |  | $ | 23,441 |  |  | $ | 24,829 |
As of June 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $23.4 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 June 30, 2024 and December 31, 2023, there was approximately $22.2 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 or six month periods ended June 30, 2024 or 2023. For the three and six months ended June 30, 2024, gains of approximately $4.8 million and $11.5 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, 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. Approximately $14.7 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2024 is expected to be reclassified into earnings within the next 12 months

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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