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Derivatives and Hedging Activities
 9 Months Ended
Sep. 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 atFair value at
Hedge typeSwap
rate		Effective DateMaturity DateSeptember 30, 2024December 31, 2023September 30, 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 2024— 50,000 — 827 
Swap-cash flow-Daily SOFR1.13%April 2021April 2024— 50,000 — 819 
Swap-cash flow-Daily SOFR1.08%April 2021April 2024— 50,000 — 829 
Swap-cash flow-Daily SOFR0.97%April 2021April 2024— 50,000 — 849 
Swap-cash flow-Daily SOFR0.85%April 2021April 2024— 25,000 — 436 
Swap-cash flow-Daily SOFR0.88%April 2021April 2024— 25,000 — 434 
Swap-cash flow-Daily SOFR 0.86%April 2021April 2024— 25,000 — 436 
Swap-cash flow-Daily SOFR0.83%April 2021April 2024— 25,000 — 439 
Swap-cash flow-Term SOFR4.37%April 2023April 2024— 200,000 — 673 
Swap-cash flow-Daily SOFR0.77%June 2020December 202450,000 50,000 516 2,011 
Swap-cash flow-Daily SOFR0.63%June 2020December 202450,000 50,000 533 2,081 
Swap-cash flow-Daily SOFR1.16%September 2021September 2025150,000 150,000 4,228 7,969 
Swap-cash flow-Daily SOFR0.56%July 2021January 202650,000 50,000 2,108 3,556 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 1,383 1,769 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 65,000 885 1,103 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 60,000 971 1,188 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 (231)(254)
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 (59)(77)
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 (236)(259)
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 — (40)— 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 — (184)— 
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 — (157)— 
$700,000 $1,275,000 $9,717 $24,829 
 
As of September 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $10.6 million and $25.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.9 million and $0.6 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of September 30, 2024 and December 31, 2023, there was approximately $8.8 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 nine month periods ended September 30, 2024 or 2023. For the three and nine
months ended September 30, 2024, gains of approximately $4.9 million and $16.3 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and nine months ended September 30, 2023, gains of approximately $8.3 million and $21.8 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $8.0 million of the unrealized gains included in accumulated other comprehensive income at September 30, 2024 is expected to be reclassified into earnings within the next 12 months