Interest Rate Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of key terms and fair values of interest rate swap derivatives

The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands):

							Fair Value at
Notional Amount			Fixed Rate	Floating Rate Index	Effective Date	Expiration Date	March 31, 2022		December 31, 2021
$	100,000		1.901%	One-Month LIBOR	9/1/2016	12/1/2022	$	(331)	$	(1,361)
$	100,000		1.905%	One-Month LIBOR	9/1/2016	12/1/2022	(334)		(1,365)
$	11,060	(1)	1.678%	One-Month LIBOR	8/1/2019	8/1/2026	307		(234)
$	23,000	(2)	0.573%	One-Month LIBOR	4/1/2020	3/26/2025	1,231		355
$	50,000	(3)	1.908%	One-Month LIBOR	9/1/2016	N/A	—		(684)
							$	873	$	(3,289)

(1)The notional amount of this instrument is scheduled to amortize to $10.0 million.

(2)The notional amount of this instrument is scheduled to amortize to $22.1 million.

(3)We cash settled this swap and accrued interest thereon for $625,000 on January 28, 2022.

Schedule of fair value and balance sheet classification of interest rate derivatives

The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):

		Fair Value at
Derivatives	Balance Sheet Location	March 31, 2022		December 31, 2021
Interest rate swaps designated as cash flow hedges	Prepaid expenses and other assets, net	$	1,538	$	355
Interest rate swaps designated as cash flow hedges	Other liabilities	$	(665)	$	(2,960)
Interest rate swap not designated	Other liabilities	$	—	$	(684)

Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income

The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):

	Amount of Income Recognized in AOCL on Derivatives					Amount of Loss Reclassified from AOCL into Interest Expense on Statement of Operations
Derivatives in Hedging Relationships		For the Three Months Ended March 31,					For the Three Months Ended March 31,
		2022		2021			2022		2021
Interest rate derivatives		$	2,537	$	784		$	(1,003)	$	(1,175)