Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 19 — Subsequent Events

On October 10, 13 and 26, 2023, the Company entered into forward starting interest rate swaps with notional amounts of $15.0 million, $14.0 million and $15.0 million, respectively, (the "Forward Starting Swaps"), which were designated as a cash flow hedges. These Forward Starting Swaps are one type of derivative instrument available to hedge the exposure to the risk of variability in the interest payment cash flows of the Company’s fixed rate debt attributable to changes in the benchmark overnight SOFR between the time the fixed rate mortgages are originated and the fixed rate debt is issued. These Forward Starting Swaps are designated to hedge forecasted fixed rate debt.

The Company has evaluated events that have occurred subsequent to September 30, 2023 through the issuance of the accompanying consolidated financial statements and has concluded there are no other subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.