Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2023:


	Derivative Instruments		Accumulated Other Comprehensive Income of the Operating Partnership		Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company		Accumulated Other Comprehensive Income of the Company
Balance as of December 31, 2022	$	34,186	$	34,186	$	(774)	$	33,412
Other Comprehensive Income Before Reclassifications	27,728		27,728		(398)		27,330
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)		(15,068)		—		(15,068)
Net Current Period Other Comprehensive Income	12,660		12,660		(398)		12,262
Balance as of September 30, 2023	$	46,846	$	46,846	$	(1,172)	$	45,674

The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2023 and 2022:


	Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss
Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022		Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments	$	103	$	103	$	308	$	308	Interest Expense
Net Settlement (Receipts) Payments to our Counterparties	(6,003)		(801)		(15,376)		1,472		Interest Expense

Total	$	(5,900)	$	(698)	$	(15,068)	$	1,780

The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 10) will also be reclassified to net income.