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Derivatives and Hedging Activities
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024March 31, 2025December 31, 2024
Swap-cash flow-Daily SOFR1.16%September 2021September 2025$150,000 $150,000 $2,312 $3,445 
Swap-cash flow-Daily SOFR0.56%July 2021January 202650,000 50,000 1,457 1,926 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 1,957 3,104 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 65,000 1,154 1,765 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 60,000 1,190 1,768 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 (12)196 
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 131 353 
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 (16)191 
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 25,000 301 564 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 25,000 165 421 
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 25,000 287 632 
$600,000 $600,000 $8,926 $14,365 
 
As of March 31, 2025 and December 31, 2024, the aggregate net fair value of the interest rate swaps of $8.9 million and $14.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets.
As of March 31, 2025 and December 31, 2024, there was approximately $8.5 million and $13.8 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, 2025 or 2024. For the three months ended March 31, 2025 and 2024, gains of approximately $2.8 million and $6.6 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $6.1 million of the unrealized gains included in accumulated other comprehensive income at March 31, 2025 is expected to be reclassified into earnings within the next 12 months