Interest Rate Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
$	10,580	(1)	1.678%	SOFR + 0.10%	8/1/2019	8/1/2026	$	639	$	571
$	22,400	(2)	0.573%	SOFR + 0.10%	4/1/2020	3/26/2025	963		1,084
$	150,000		3.742%	One-Month SOFR	2/1/2023	2/2/2026	2,071		681
$	50,000		3.747%	One-Month SOFR	2/1/2023	2/2/2026	686		222
							$	4,359	$	2,558

(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.

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, 2024		December 31, 2023
Interest rate swaps designated as cash flow hedges	Prepaid expenses and other assets, net	$	4,359	$	2,558

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 (Loss) Recognized in AOCI on Derivatives				Amount of Income Reclassified from AOCI 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,
	2024		2023		2024		2023
Interest rate derivatives	$	2,981	$	(215)	$	1,180	$	591