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Derivatives and Hedging Activities

9 Months Ended

Sep. 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 at												Fair value at
Hedge type						Swap rate						Effective Date						Maturity Date						September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024
Swap-cash flow-Daily SOFR						1.16%						September 2021						September 2025						$	—					$	150,000					$	—					$	3,445
Swap-cash flow-Daily SOFR						0.56%						July 2021						January 2026						50,000						50,000						590						1,926
Swap-cash flow-Daily SOFR						2.95%						April 2024						April 2027						125,000						125,000						1,037						3,104
Swap-cash flow-Daily SOFR						2.85%						April 2024						April 2027						65,000						65,000						645						1,765
Swap-cash flow-Daily SOFR						2.75%						April 2024						April 2027						60,000						60,000						693						1,768
Swap-cash flow-Daily SOFR						3.70%						July 2024						July 2027						25,000						25,000						(124)						196
Swap-cash flow-Daily SOFR						3.45%						July 2024						July 2027						25,000						25,000						(11)						353
Swap-cash flow-Daily SOFR						3.71%						July 2024						July 2027						25,000						25,000						(127)						191
Swap-cash flow-Daily SOFR						3.10%						July 2025						July 2027						25,000						—						145						—
Swap-cash flow-Daily SOFR						3.20%						January 2025						January 2028						25,000						25,000						88						564
Swap-cash flow-Daily SOFR						3.40%						January 2025						January 2028						25,000						25,000						(26)						421
Swap-cash flow-Daily SOFR						3.30%						October 2025						October 2028						25,000						—						(17)						—
Swap-cash flow-Daily SOFR						3.30%						January 2025						January 2029						25,000						25,000						11						632
Swap-cash flow-Daily SOFR						3.19%						January 2026						January 2029						25,000						—						26						—
Swap-cash flow-Daily SOFR						3.25%						January 2026						January 2029						50,000						—						(36)						—
Swap-cash flow-Daily SOFR						3.29%						January 2026						January 2029						50,000						—						(96)						—
Swap-cash flow-Daily SOFR						3.00%						April 2026						April 2029						25,000						—						137						—
Swap-cash flow-Daily SOFR						3.05%						April 2026						April 2029						25,000						—						101						—
																								$	675,000					$	600,000					$	3,036					$	14,365

 

As of September 30, 2025 and December 31, 2024, the aggregate fair value of the interest rate swap assets of $3.5 million and $14.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2025, the aggregate fair value of the interest rate swap liabilities of $0.4 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

As of September 30, 2025 and December 31, 2024, there was approximately $2.9 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 nine month periods ended September 30, 2025 or 2024. For the three and nine months ended September 30, 2025, gains of approximately $2.5 million and $8.1 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, 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. Approximately $2.7 million of the unrealized gains included in accumulated other comprehensive income at September 30, 2025 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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