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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 DateJune 30, 2024December 31, 2023
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap75,000 2.50 %10/12/20219/29/2025$2,111 $2,274 
Interest rate cap59,500 2.50 %10/12/20219/29/20251,675 1,804 
Interest rate collar57,732 
2.00% - 4.50%
6/1/20236/1/2025844 417 
Interest rate collar106,903 
2.00% - 4.50%
6/1/20236/1/2025936 440 
Interest rate cap40,500 6.00 %6/20/20247/15/202680 — 
Interest rate cap4,500 6.00 %6/20/20247/15/202610 — 
Derivative instruments designated as hedging instruments:
Interest rate swap (c)175,000 3.69 %1/3/20231/1/20272,735 117 
Interest rate cap127,000 5.50 %11/10/202211/7/20247 28 
Interest rate cap73,680 5.00 %12/22/202212/21/2025201 223 
Interest rate swap40,800 1.68 %3/1/20222/18/20272,754 2,496 
Interest rate swap34,632 4.89 %11/1/20191/1/20323,357 2,519 
Total fair value derivative assets$14,710 $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 $0.9 million for the three months ended June 30, 2024, $3.1 million for the six months ended June 30, 2024, $3.3 million for the three months ended June 30, 2023, and $2.1 million for the six months ended June 30, 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 and six months ended June 30, 2024 and 2023:
Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Six Months Ended June 30,
thousands2024202320242023
Interest rate derivatives$1,236 $6,286 $5,066 $3,635 
 
Location of Gain (Loss) Reclassified from AOCI into Statements of OperationsAmount of Gain (Loss) Reclassified from AOCI into
Statements of Operations
Three Months Ended June 30,Six Months Ended June 30,
thousands2024202320242023
Interest expense$1,198 $3,538 $2,403 $6,217