Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		June 30, 2023		December 31, 2022
Assets (Liabilities)(1):
Interest rate swaps:
July 1, 2019	February 1, 2024	$	25,000	Daily Adjusted SOFR	1.68	%	$	546	$	853
January 1, 2021	February 1, 2024	150,000		Daily Adjusted SOFR	0.53	%	4,289		6,966
January 1, 2021	February 1, 2024	100,000		Daily Adjusted SOFR	0.15	%	3,079		5,043
March 1, 2021	February 1, 2024	25,000		Daily Adjusted SOFR	0.18	%	765		1,256
February 1, 2024 (2)	February 1, 2026 - August 1, 2026	100,000		Daily Adjusted SOFR	3.33	%	1,615		—
Total							$	10,294	$	14,118

(1)    Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

(2)    During March and April 2023, we entered into $100.0 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to August 1, 2026.

In July 2023, we entered into an additional $25 million forward-starting interest rate swap with an effective date of February 1, 2024 and an adjusted SOFR rate of 3.79%, which is not reflected in the tables above or in our consolidated financial statements as of June 30, 2023. The maturity of this swap is January 1, 2027.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(373)	$	2,265	$	(3,799)	$	9,939