Derivative Instruments and Hedging Activity (Tables)

12 Months Ended

Dec. 31, 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
	December 31,	December 31,	December 31,		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 Consolidated Balance Sheets (presented in thousands).

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

	Liability Derivatives
	December 31, 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 Consolidated Statements of Operations and Other Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 (presented in thousands).

							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
Year Ended December 31,	2022		2021		2020			2022		2021		2020
Interest rate swaps	$	29,881	$	14,958	$	(34,558)	Interest expense	$	(684)	$	15,973	$	4,562
							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 December 31, 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 Consolidated Balance Sheets (presented in thousands):

Offsetting of Derivative Assets

As of December 31, 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 December 31, 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