Derivative Instruments and Hedging Activity (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activity

Schedule of notional amounts of outstanding derivative positions

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (presented in thousands, except number of instruments):

	Number of Instruments 1		Notional 1
	September 30,	December 31,	September 30,		December 31,
Interest Rate Derivatives	2022	2021	2022		2021
Interest rate swap	—	3	$	—	$	300,000

(1) Number of Instruments and total Notional disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting swaps prior to their effective date.

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the Condensed Consolidated Balance Sheets (presented in thousands).

	Asset Derivatives
	September 30, 2022		December 31, 2021
	Fair Value		Fair Value
Derivatives designated as cash flow hedges:
Other Assets, net	$	—	$	1,868

	Liability Derivatives
	September 30, 2022		December 31, 2021
	Fair Value		Fair Value
Derivatives designated as cash flow hedges:
Accounts Payable, Accrued Expenses, and Other Liabilities	$	—	$	3,335

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The table below presents the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (presented in thousands).

					Location of Income/(Loss)	Amount of Income/(Loss)
	Amount of Income/(Loss) Recognized				Reclassified from Accumulated	Reclassified from
	in OCI on Derivative				OCI into Income	Accumulated OCI into Expense
Three Months Ended September 30,	2022		2021			2022		2021
Interest rate swaps	$	(7,181)	$	3,300	Interest expense	$	(273)	$	82

					Location of Income/(Loss)	Amount of Income/(Loss)
	Amount of Income/(Loss) Recognized				Reclassified from Accumulated	Reclassified from Accumulated
	in OCI on Derivative				OCI into Income	OCI into Expense
Nine Months Ended September 30,	2022		2021			2022		2021
Interest rate swaps	$	29,881	$	15,653	Interest expense	$	(109)	$	2,529
					Loss on extinguishment of debt and settlement of related hedges	$	—	$	13,363

Schedule of offsetting assets and liabilities

The table below presents a gross presentation of the effects of offsetting and a net presentation of the Company’s derivatives as of September 30, 2022 and December 31, 2021. The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets (presented in thousands):

Offsetting of Derivative Assets as of September 30, 2022

Gross Amounts

Net Amounts of

Offset in the

Assets presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Assets

Position

Position

Instruments

Received

Net Amount

Derivatives

$

—

$

—

$

—

$

—

$

—

$

—

Offsetting of Derivative Liabilities as of September 30, 2022

Net Amounts of

Gross Amounts

Liabilities

Offset in the

presented in the

Gross Amounts Not Offset in the

Gross Amounts

Statement of

Statement of

Statement of Financial Position

of Recognized

Financial

Financial

Financial

Cash Collateral

Liabilities

Position

Position

Instruments

Posted

Net Amount

Derivatives

$

—

$

—

$

—

$

—

$

—

$

—

Offsetting of Derivative Assets as of December 31, 2021

Gross Amounts

Net Amounts of

Offset in the

Assets presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Assets

Position

Position

Instruments

Received

Net Amount

Derivatives

$

1,868

$

—

$

1,868

$

(1,679)

$

—

$

189

Offsetting of Derivative Liabilities as of December 31, 2021

Net Amounts of

Gross Amounts

Liabilities

Offset in the

presented in the

Gross Amounts Not Offset in the

Gross Amounts

Statement of

Statement of

Statement of Financial Position

of Recognized

Financial

Financial

Financial

Cash Collateral

Liabilities

Position

Position

Instruments

Posted

Net Amount

Derivatives

$

3,335

$

—

$

3,335

$

(1,679)

$

—

$

1,656