Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Swap Agreements

The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of June 30, 2024 and December 31, 2023. All dollar amounts are in thousands.

						Fair Value Asset (Liability)
Notional Amount at June 30, 2024		Origination Date	Effective Date	Maturity Date	Swap Fixed Interest Rate	June 30, 2024			December 31, 2023
Active interest rate swaps designated as cash flow hedges at June 30, 2024:
$	50,000	7/2/2019	7/5/2019	7/18/2024	1.64%	$	89		$	956
	50,000	8/21/2019	8/23/2019	8/18/2024	1.31%		279			1,193
	50,000	8/21/2019	8/23/2019	8/30/2024	1.32%		342			1,239
	75,000	8/21/2019	5/18/2020	5/18/2025	1.26%		2,529			3,273
	50,000	6/1/2018	1/31/2019	6/30/2025	2.88%		1,075			1,117
	25,000	12/6/2018	1/31/2020	6/30/2025	2.74%		571			608
	75,000	8/21/2019	5/18/2021	5/18/2026	1.29%		4,586			4,580
	125,000	11/3/2023	11/3/2023	11/18/2026	4.51%		(14	)		(2,333	)
	50,000	3/17/2023	3/20/2023	3/18/2028	3.50%		1,281			268
	50,000	3/17/2023	3/20/2023	3/20/2028	3.49%		1,252			242
	85,000	12/31/2019	12/31/2019	12/31/2029	1.87%		9,390			7,788
	685,000						21,380			18,931
Matured interest rate swaps at June 30, 2024:
	50,000	12/7/2018	5/18/2020	1/31/2024	2.71%		-			114
	75,000	5/31/2017	7/31/2017	6/30/2024	1.95%		-			1,202
	10,000	8/10/2017	8/10/2017	6/30/2024	2.02%		-			157
	135,000						-			1,473
$	820,000					$	21,380		$	20,404

Derivative Instruments, Gain (Loss) Recognized

The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2024 and 2023 (in thousands):
 

	Net Unrealized Gain Recognized in Other Comprehensive Income (Loss)				Net Unrealized Gain Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net
	Three Months Ended June 30,				Three Months Ended June 30,
	2024		2023		2024		2023
Interest rate derivatives in cash flow    hedging relationships	$	3,126	$	12,509	$	5,858	$	5,285
	Net Unrealized Gain Recognized in Other Comprehensive Income				Net Unrealized Gain Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net
	Six Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest rate derivatives in cash flow    hedging relationships	$	12,835	$	9,418	$	11,859	$	10,300