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DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

DERIVATIVE INSTRUMENTS

Schedule of interest cap agreements

​

​	​	​	​	​	​	​	​	​	​	​
Interest Rate Cap Detail								​	​	Notional Amount Outstanding
​	​	​	​	​	​	​	​	​	​	March 31,
Trade date	​	Cap Rate		​	Start Date	​	End Date		​	2023
​	​	​	​	​	​	​	​	​	​	​
March 25, 2021	​	0.75	%	​	April 29, 2021	​	March 28, 2024	​	$	50,000
July 29, 2020	​	0.75	%	​	July 31, 2020	​	December 29, 2023	​	​	100,000
​	​	​	​	​	​	​	​	​	$	150,000

​

Schedule of the effect of fair value and cash flow hedge accounting on the statement of operations

​

​	​	​	​	​	​	​	​
The Effect of Fair Value and Cash Flow Hedge Accounting on the Statements of Operations
​	​	​	​	​	​	​	​
​	​	For the Three Months Ended March 31,					​
​	​	2023			2022
​	​	Interest Expense		​	Interest Expense		​
Total amounts of income and expense line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded	​	$	2,029	​	$	2,242	​
​	​	​	​	​	​	​	​
The effects of fair value and cash flow hedging	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:	​	​	​	​	​	​	​
Interest contracts:	​	​	​	​	​	​	​
Amount of gain or (loss) reclassified from AOCI to income	​	$	(1,724)	​	$	—	​
Premium excluded and recognized on an amortized basis	​	​	39	​	​	43	​
Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring	​	​	—	​	​	—	​

​

Schedule of interest rate cap assets

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	March 31,	​	​	December 31,	​
​	​	Balance Sheet Location	​	​	2023	​	​	2022	​
Derivatives designated as hedging instruments									​
Interest rate caps	​	Fair value of derivative instruments - current	​	$	4,855	​	$	6,112	​
​	​	​	​	​	​	​	​	​	​
Interest rate caps	​	Fair value of derivative instruments - noncurrent	​	$	—	​	$	381	​
​	​	​	​	​	​	​	​	​	​
Derivatives not designated as hedging instruments									​
Interest rate caps	​	Fair value of derivative instruments - current	​	$	193	​	$	200	​
​	​	​	​	​	​	​	​	​	​
Interest rate caps	​	Fair value of derivative instruments - noncurrent	​	$	—	​	$	42	​

Components of AOCI included in the accompanying condensed consolidated balance sheet

​

​	​	​	​	​
AOCI — January 1, 2023	​	$	6,480	​
​	​	​	​	​
Amount recognized in OCI on derivative, intrinsic	​		(1,822)	​
Amount recognized in OCI on derivative, excluded	​		194	​
Amount reclassified from OCI into income	​		—	​
​	​	​	​	​
AOCI — March 31, 2023	​	$	4,852	​

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

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