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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the Notional and Fair Value of Derivative Financial Instruments
The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities.
     Fair Value Asset (Liability)
thousands Notional AmountFixed Interest Rate (a)Effective DateMaturity DateMarch 31, 2024December 31, 2023
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap75,000 2.50 %10/12/20219/29/2025$2,404 $2,274 
Interest rate cap59,500 2.50 %10/12/20219/29/20251,907 1,804 
Interest rate collar55,615 
2.00% - 4.50%
6/1/20236/1/2025770 417 
Interest rate collar63,031 
2.00% - 4.50%
6/1/20236/1/2025903 440 
Derivative instruments designated as hedging instruments:
Interest rate swap (c)175,000 3.69 %1/3/20231/1/20272,500 117 
Interest rate cap127,000 5.50 %11/10/202211/7/202414 28 
Interest rate cap73,900 5.00 %12/22/202212/21/2025242 223 
Interest rate swap40,800 1.68 %3/1/20222/18/20272,878 2,496 
Interest rate swap34,744 4.89 %11/1/20191/1/20323,238 2,519 
Total fair value derivative assets$14,856 $10,318 
(a)These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars.
(b)Interest income related to these contracts was $2.2 million for the three months ended March 31, 2024, and $4.2 million for the three months ended March 31, 2023.
(c)In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million.
Summary of Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations
The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended March 31,
thousands20242023
Interest rate derivatives$3,830 $(2,651)
 
Location of Gain (Loss) Reclassified from AOCI into Statements of OperationsAmount of Gain (Loss) Reclassified from AOCI into
Statements of Operations
Three Months Ended March 31,
thousands20242023
Interest expense$1,205 $2,679