Interest Rate Contracts (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swaps

The following table sets forth a summary of the interest rate swaps at March 31, 2022 and December 31, 2021:

				Fair Value (1)				Current Notional Amounts
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Assets/(Liabilities):
Interest Rate Swap	3/10/2020	7/1/2025	0.83%	$	7,953	$	1,648	$	150,000	$	150,000
Interest Rate Swap	3/10/2020	7/1/2025	0.84%	5,270		1,059		100,000		100,000
Interest Rate Swap	3/10/2020	7/1/2025	0.86%	3,910		749		75,000		75,000
Interest Rate Swap	7/1/2020	7/1/2025	2.82%	(1,407)		(7,342)		125,000		125,000
Interest Rate Swap	7/1/2020	7/1/2025	2.82%	(1,160)		(5,909)		100,000		100,000
Interest Rate Swap	7/1/2020	7/1/2025	2.83%	(1,154)		(5,899)		100,000		100,000
Interest Rate Swap	7/1/2020	7/1/2025	2.84%	(1,205)		(5,958)		100,000		100,000
Total				$	12,207	$	(21,652)	$	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 March 31, 2022, derivatives in an asset or liability position are included in the line item "Interest rate swap asset” or “Interest rate swap liability" in the consolidated balance sheets at fair value. The LIBO rate as of March 31, 2022 (effective date) was 0.24%.

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:

	Three Months Ended March 31,
	2022		2021
Interest Rate Swap in Cash Flow Hedging Relationship:
Amount of loss recognized in AOCI on derivatives	$	(30,450)	$	(16,447)
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense”	$	(3,409)	$	16,416
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$	21,666	$	20,685