Derivative Instruments and Hedging Activity (Tables)

3 Months Ended

Mar. 31, 2024

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 Amount1
	March 31,	December 31,	March 31,		December 31,
Interest Rate Derivatives	2024	2023	2024		2023
Interest rate swaps	6	6	$	500,000	$	500,000

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

Schedule of cash flow hedging instruments, as well as their classification in the Condensed Consolidated Balance Sheets

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
	March 31, 2024		December 31, 2023
Derivatives designated as cash flow hedges:
Other Assets, net	$	7,095	$	—

	Liability Derivatives
	March 31, 2024		December 31, 2023
Derivatives designated as cash flow hedges:
Accounts Payable, Accrued Expenses, and Other Liabilities	$	53	$	4,501

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 other comprehensive income for the three months ended March 31, 2024 and 2023 (presented in thousands).

	Amount of Income/(Loss)				Location of Accumulated OCI	Amount Reclassified from
	Recognized in				Reclassified from Accumulated	Accumulated OCI as a
	OCI on Derivative				OCI into Income	(Reduction)/Increase in Interest Expense
Three Months Ended March 31,	2024		2023			2024		2023
Interest rate swaps	$	13,092	$	—	Interest expense	$	(2,178)	$	(629)