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Derivatives and Hedging Activities
 6 Months Ended
Jun. 30, 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 DateJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Swap-cash flow-Daily SOFR1.16%September 2021September 2025$150,000 $150,000 $1,206 $3,445 
Swap-cash flow-Daily SOFR0.56%July 2021January 202650,000 50,000 1,054 1,926 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 1,326 3,104 
Swap-cash flow-Daily SOFR2.85%April 2024April 202765,000 65,000 811 1,765 
Swap-cash flow-Daily SOFR2.75%April 2024April 202760,000 60,000 860 1,768 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 (112)196 
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 16 353 
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 (116)191 
Swap-cash flow-Daily SOFR3.10%July 2025July 202725,000 — 168 — 
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 25,000 130 564 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 25,000 4 421 
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 25,000 54 632 
$625,000 $600,000 $5,401 $14,365 
 
As of June 30, 2025 and December 31, 2024, the aggregate fair value of the interest rate swap assets of $5.6 million and $14.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of June 30, 2025, the aggregate fair value of the interest rate swap liabilities of $0.2 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

As of June 30, 2025 and December 31, 2024, there was approximately $5.1 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 or six month periods ended June 30, 2025 or 2024. For the three and six months ended June 30, 2025, gains of approximately $2.8 million and $5.5 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, 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. Approximately $4.5 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2025 is expected to be reclassified into earnings within the next 12 months.