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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
In April 2021, the Company executed two interest rate cap agreements on its mortgage debt issued in conjunction with the acquisition of the MOB Portfolio (see Note 3).
The following table summarizes the Company’s outstanding interest rate cap agreements as of March 31, 2022 (in thousands):
Date EnteredMaturity DateHedge DesignationNotionalStrike RateIndex
Fair Value(1)
April 2021(2)
May 2024Non-designated$142,100 2.00 %1 mo. USD-LIBOR-BBA$2,391 
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(1)Derivative assets are recorded in other assets, net in the Consolidated Balance Sheets.
(2)Represents two interest rate cap agreements that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates.