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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at September 30, 2024 and December 31, 2023 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract dateEffective DateExpiration DateAverage Annual Effective Fixed RateSeptember 30, 2024December 31, 2023September 30, 2024December 31, 2023
Operating Partnership:
June 11, 2018September 28, 2018September 30, 20242.86 %$75,000 $75,000 $— $1,170 
June 11, 2018December 31, 2018December 31, 20252.92 %125,000 125,000 1,256 2,877 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 1,671 3,134 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 2,655 4,273 
Total Operating Partnership400,000 400,000 5,582 11,454 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 329 1,250 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 330 1,254 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 (1)— (190)— 
Total GIC Joint Venture
300,000 200,000 469 2,504 
Total
$700,000 $600,000 $6,051 $13,958 
(1)     At December 31, 2023, we had interest rate swaps that were in effect with a notional amount totaling $600.0 million. In January, 2024, we executed one additional interest rate swap with a notional amount totaling $100.0 million that became effective on October 1, 2024.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$(9,380)$7,229 $3,093 $18,074 
Gain reclassified from Accumulated other comprehensive income to Interest expense$3,660 $3,589 $11,000 $7,849 
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$20,428 $22,020 $62,840 $65,177