Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the Company and the Operating Partnership for the years ended December 31, 2023 and 2022:

	Derivative Instruments		Total for Operating Partnership		Comprehensive Income (Loss) Attributable to Noncontrolling Interest		Total for Company
Balance as of December 31, 2021	$	(4,331)	$	(4,331)	$	93	$	(4,238)
Other Comprehensive Income Before Reclassifications	39,021		39,021		(867)		38,154
Amounts Reclassified from Accumulated Other Comprehensive Income	(504)		(504)		—		(504)
Net Current Period Other Comprehensive Income	38,517		38,517		(867)		37,650
Balance as of December 31, 2022	$	34,186	$	34,186	$	(774)	$	33,412
Other Comprehensive Income Before Reclassifications	9,829		9,829		204		10,033
Amounts Reclassified from Accumulated Other Comprehensive Income	(21,173)		(21,173)		—		(21,173)
Net Current Period Other Comprehensive Loss	(11,344)		(11,344)		204		(11,140)
Balance as of December 31, 2023	$	22,842	$	22,842	$	(570)	$	22,272

The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for both the Company and the Operating Partnership for the years ended December 31, 2023, 2022 and 2021:

	Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss
Accumulated Other Comprehensive (Income) Loss Components	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021		Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments	410		410		410		Interest Expense
Net Settlement (Receipts) Payments to our Counterparties	(21,583)		(914)		6,421		Interest Expense
	$	(21,173)	$	(504)	$	6,831	Total

The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 12) will also be reclassified to net income.