Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of March 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional
Interest Rate Swaps	4	$300,000

Fair Value of the Company's Derivative Financial Instruments and Classification on the Balance Sheets

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets:

	As of March 31, 2023			As of December 31, 2022
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest Rate Swaps	Other Assets	$	13,128	Other Assets	$	16,318

Effect of the Company's Derivative Financial Instruments on the Statements of Operation

The table below presents the effect of the Company's derivative financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022.

Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivatives March 31,				Amount of (Income) Loss Reclassified from Accumulated OCI into Income(1) March 31,
Hedging Relationships	2023		2022		2023		2022
Interest Rate Swaps	$	(1,019)	$	11,078	$	(2,171)	$	1,188
The Company's share of non-consolidated entity's interest rate cap	(45)		—		(285)		—
Total	$	(1,064)	$	11,078	$	(2,456)	$	1,188

(1)    Amounts reclassified from accumulated other comprehensive income (loss) to interest expense within the unaudited condensed consolidated statements of operations.