The tables below summarize our derivative instruments, which are used to hedge the corresponding variable rate debt, as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | As of September 30, 2024 | Hedged Instrument | | Fair Value | | Notional Amount | | Spread | | Interest Rate | | Effective Interest Rate | | Expiration | Plaza at Woodbridge interest rate cap | | $ | 517 | | | $ | 51,253 | | | SOFR + 2.26% | | 7.35% | | 5.26% | | 7/1/2025 | Montclair interest rate swap | | 1,045 | | | 7,250 | | | SOFR + 2.57% | | 7.69% | | 3.15% | | 8/15/2030 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | Hedged Instrument | | Fair Value | | Notional Amount | | Spread | | Interest Rate | | Effective Interest Rate | | Expiration | Plaza at Woodbridge interest rate cap | | $ | 1,259 | | | $ | 52,278 | | | SOFR + 2.26% | | 7.49% | | 5.26% | | 7/1/2025 | Montclair interest rate swap | | 1,256 | | | 7,250 | | | SOFR + 2.57% | | 7.76% | | 3.15% | | 8/15/2030 |
The table below summarizes the effect of our derivative instruments on our consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized (Loss) Gain Recognized in OCI on Derivatives | (Amounts in thousands) | | Three Months Ended September 30, | | Nine Months Ended September 30, | Hedged Instrument | | 2024 | | 2023 | | 2024 | | 2023 | Plaza at Woodbridge interest rate cap | | $ | (461) | | | $ | 875 | | | $ | (312) | | | $ | 607 | | Montclair interest rate swap | | (302) | | | 183 | | | (211) | | | 130 | | Total | | $ | (763) | | | $ | 1,058 | | | $ | (523) | | | $ | 737 | |
|