DERIVATIVE AND HEDGING INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amount of Derivatives Instruments

The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):

	March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)	$	753,750	$	436,250
Denominated in Canadian Dollars (2)	$	300,000	$	125,000
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	56,300	$	55,991
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars	$	236,000	$	329,500
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars	$	—	$	309

(1) Balance as of March 31, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million.

(2)    Balance as of March 31, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.

Schedule of Derivative and Financial Instruments Designated as Hedging Instruments

The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2023 and December 31, 2022 (dollars in thousands):    

		Count as of March 31, 2023	Fair Value as of				Maturity Dates
Type	Designation		March 31, 2023		December 31, 2022			Balance Sheet Location
Assets:
Interest rate swaps	Cash flow	5	$	8,753	$	11,004	2024 - 2028	Accounts receivable, prepaid expenses and other assets, net
Interest rate collars	Cash flow	2	5,308		6,622		2024	Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swaps	Cash flow	4	1,977		—		2028	Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swaps	Net investment	2	3,785		3,851		2025	Accounts receivable, prepaid expenses and other assets, net
			$	19,823	$	21,477
Liabilities:
CAD borrowings under Revolving Credit Facility	Net investment	1	63,563		150,982		2027	Revolving credit facility
CAD Term Loan	Net investment	1	110,865		92,288		2028	Term loans, net
			$	174,428	$	243,270

Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity

The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of (loss) income and the consolidated statements of equity for the three months ended March 31, 2023 and 2022 (in thousands):

	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended March 31,
	2023		2022
Cash Flow Hedges:
Interest rate products	$	1,565	$	9,652
Net Investment Hedges:
Foreign currency products	(14)		(986)
CAD borrowings under Revolving Credit Facility	(1,026)		—
CAD term loan	(140)		(1,513)
	$	385	$	7,153

		Loss Reclassified from Accumulated Other Comprehensive Income into Income
		Three Months Ended March 31,
	Income Statement Location	2023		2022
Cash Flow Hedges:
Interest rate products	Interest expense	$	1,572	$	(2,704)

Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	19,823	$	—	$	19,823	$	—	$	—	$	19,823
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	As of December 31, 2022
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	21,477	$	—	$	21,477	$	—	$	—	$	21,477
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	19,823	$	—	$	19,823	$	—	$	—	$	19,823
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

	As of December 31, 2022
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	21,477	$	—	$	21,477	$	—	$	—	$	21,477
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—