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DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars$430,000 $753,750 
Denominated in Canadian Dollars$150,000 $300,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$47,358 $55,335 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$191,300 $194,300 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$8,942 $965 
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 September 30, 2024 and December 31, 2023 (dollars in thousands):    
Count as of September 30, 2024
Fair Value as of
Maturity Dates as of September 30, 2024
TypeDesignationSeptember 30, 2024December 31, 2023Balance Sheet Location
Assets:
Interest rate swapsCash flow4 $5,884 $6,002 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow— — 3,216 —Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow— — 6,736 —Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 3,824 2,964 2025Accounts receivable, prepaid expenses and other assets, net
$9,708 $18,918 
Liabilities:
Interest rate swapsCash flow1 $292 $— 2028Accounts payable and accrued liabilities
CAD borrowings under Revolving Credit FacilityNet investment1 30,558 33,429 2027Revolving credit facility
CAD Term LoanNet investment1 110,985 113,190 2028Term loans, net
$141,835 $146,619 
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income (loss) and the consolidated statements of equity for the three and nine months ended September 30, 2024 and 2023 (in thousands):
(Loss) Gain Recognized in Other Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cash Flow Hedges:
Interest rate products$(12,932)$11,373 $1,609 $28,462 
Net Investment Hedges:
Foreign currency products(312)1,140 982 349 
CAD borrowings under Revolving Credit Facility(699)42 (1,156)(2,650)
CAD Term Loan(1,320)2,760 2,205 265 
$(15,263)$15,315 $3,640 $26,426 
Gain Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Location2024202320242023
Cash Flow Hedges:
Interest rate productsInterest expense$2,531 $2,369 $7,369 $5,848 
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 September 30, 2024 and December 31, 2023 (in thousands):
As of September 30, 2024
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$9,708 $— $9,708 $— $— $9,708 
Offsetting Liabilities:
Derivatives$292 $— $292 $— $— $292 
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 September 30, 2024 and December 31, 2023 (in thousands):
As of September 30, 2024
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$9,708 $— $9,708 $— $— $9,708 
Offsetting Liabilities:
Derivatives$292 $— $292 $— $— $292 
As of December 31, 2023
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$18,918 $— $18,918 $— $— $18,918 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $—