XML 62 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at December 31, 2024 and 2023 is as follows (dollar amounts in thousands): 
Average
Annual
Notional AmountFair Value
Effective
December 31,
December 31,
Contract Date
Effective DateExpiration Date
Fixed Rate
2024202320242023
Operating Partnership:
June 11, 2018September 28, 2018September 30, 20242.86 %$— $75,000 $— $1,170 
June 11, 2018December 31, 2018December 31, 20252.92 %125,000 125,000 1,582 2,877 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 2,824 3,134 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 5,325 4,273 
Total Operating Partnership325,000 400,000 9,731 11,454 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 754 1,254 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 754 1,250 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 — 334 — 
Total GIC Joint Venture300,000 200,000 1,842 2,504 
 Total3.09 %(1)$625,000 $600,000 $11,573 $13,958 
 (1) Represents the weighted-average effective interest rate of our current interest rate swaps at December 31, 2024.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):
For the Years Ended December 31,
 202420232022
Gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$11,218 $8,677 $29,744 
Gain (loss) reclassified from Accumulated other comprehensive income to Interest Expense$13,602 $11,561 $(2,820)
Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$82,632 $86,798 $65,581