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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at June 30, 2023 and December 31, 2022 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract dateEffective DateExpiration DateAverage Annual Effective Fixed RateJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
October 2, 2017January 29, 2018January 31, 20231.96 %$— $100,000 $— $208 
October 2, 2017January 29, 2018January 31, 20231.98 %— 100,000 — 210 
June 11, 2018September 28, 2018September 30, 20242.86 %75,000 75,000 2,163 2,219 
June 11, 2018December 31, 2018December 31, 20252.92 %125,000 125,000 4,907 4,211 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 (1)4,999 4,366 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 (1)6,066 5,627 
March 24, 2023July 1, 2023(2)January 13, 20263.35 %100,000 — 2,654 — 
March 24, 2023July 1, 2023(2)January 13, 20263.35 %100,000 — 2,637 — 
$600,000 $600,000 $23,426 $16,841 


(1) At December 31, 2022, we had interest rate swaps that were in effect with a notional amount totaling $400 million. On July 26, 2022, we executed two additional interest rate swaps with a notional amount totaling $200 million that become effective on January 31, 2023 upon the expiration of two interest rate swaps entered into on October 2, 2017 with a notional amount totaling $200 million.

(2)    At July 21, 2023, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 74% of our total pro rata indebtedness when taking into consideration interest rate swaps, including those which became effective on July 1, 2023.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands):
 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Gain recognized in Accumulated other comprehensive loss on derivative financial instruments $13,286 $3,211 $10,846 $13,024 
Gain (loss) reclassified from Accumulated other comprehensive loss to Interest expense$2,313 $(1,685)$4,261 $(3,985)
Total interest expense and other finance expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$22,248 $15,118 $43,157 $28,557