XML 63 R33.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Interest Rate Contracts (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swaps | The following table sets forth a summary of the Interest Rate Swaps at December 31, 2023 and 2022:
|  |  |  |  |  |  |  | Fair Value (1) |  | Current Notional Amounts
|  |  |  |  |  |  |  | December 31, |  | December 31,
Derivative Instrument |  | Effective Date |  | Maturity Date |  | Interest Strike Rate |  | 2023 |  | 2022 |  | 2023 |  | 2022
Assets/(Liabilities) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap |  | 3/10/2020 |  | 7/1/2025 |  | 0.83% |  | $ | 7,891 |  |  | $ | 12,391 |  |  | $ | 150,000 |  |  | $ | 150,000 |
Interest Rate Swap |  | 3/10/2020 |  | 7/1/2025 |  | 0.84% |  | 5,250 |  |  | 8,244 |  |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 3/10/2020 |  | 7/1/2025 |  | 0.86% |  | 3,915 |  |  | 6,145 |  |  | 75,000 |  |  | 75,000 |
Interest Rate Swap |  | 7/1/2020 |  | 7/1/2025 |  | 2.82% |  | 2,924 |  |  | 4,331 |  |  | 125,000 |  |  | 125,000 |
Interest Rate Swap |  | 7/1/2020 |  | 7/1/2025 |  | 2.82% |  | 2,331 |  |  | 3,444 |  |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 7/1/2020 |  | 7/1/2025 |  | 2.83% |  | 2,327 |  |  | 3,441 |  |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 7/1/2020 |  | 7/1/2025 |  | 2.84% |  | 2,304 |  |  | 3,408 |  |  | 100,000 |  |  | 100,000 |
Total |  |  |  |  |  |  |  | $ | 26,942 |  |  | $ | 41,404 |  |  | $ | 750,000 |  |  | $ | 750,000 |
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of December 31, 2023, derivatives in a liability position are included in an asset or liability position are included in the line item “Other assets or Interest rate swap liability,” respectively, in the consolidated balance sheets at fair value. The SOFR rate as of December 31, 2023 (effective date) was 5.46%.
Schedule of Derivative Instruments, Gain (Loss) | The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest Rate Swaps in Cash Flow Hedging Relationship: |  |  |  |  |
Amount of (loss) gain recognized in AOCI on derivatives | $ | (9,295) |  |  | $ | 61,126 |  |  | $ | (18,165) |
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” | $ | 23,630 |  |  | $ | (2,056) |  |  | $ | (14,284) |
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded | $ | 65,623 |  |  | $ | 84,816 |  |  | $ | 85,087 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration