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Derivatives and Hedging Activities

6 Months Ended

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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- References

No definition available.

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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

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