XML 29 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivatives and Hedging
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging 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 rateEffective DateMaturity DateDecember 31, 2024December 31, 2023December 31, 2024December 31, 2023
Swap-cash flow-Daily SOFR2.44%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 SOFR0.86%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 2024— 50,000 — 2,011 
Swap-cash flow-Daily SOFR0.63%June 2020December 2024— 50,000 — 2,081 
Swap-cash flow-Daily SOFR1.16%September 2021September 2025150,000 150,000 3,445 7,969 
Swap-cash flow-Daily SOFR0.56%July 2021January 202650,000 50,000 1,926 3,556 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 3,104 1,769 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 65,000 1,765 1,103 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 60,000 1,768 1,188 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 196 (254)
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 353 (77)
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 191 (259)
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 — 564 — 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 — 421 — 
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 — 632 — 
$600,000 $1,275,000 $14,365 $24,829 

As of December 31, 2024 and 2023, the aggregate fair value of the interest rate swap assets of $14.4 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 December 31, 2024 and 2023, there was approximately $13.8 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 years ended December 31, 2024 and 2023. For the year ended December 31, 2024, approximately $20.0 million of gains included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the year ended December 31, 2023, approximately $29.8 million of gains included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $8.2 million of the unrealized gains included in accumulated other comprehensive income at December 31, 2024 is expected to be reclassified into earnings within the next 12 months.