XML 42 R31.htm IDEA: XBRL DOCUMENT v3.25.3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at September 30, 2025 and December 31, 2024 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract DateEffective DateExpiration DateAverage Annual Effective Fixed RateSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024
Operating Partnership:
June 11, 2018December 31, 2018December 31, 20252.92 %$125,000 $125,000 $361 $1,582 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 1,135 2,824 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 2,312 5,325 
June 5, 2025June 2, 2025May 15, 20283.57 %58,000 — (396)— 
Total Operating Partnership383,000 325,000 3,412 9,731 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 166 754 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 166 754 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 100,000 48 334 
August 25, 2025January 13, 2026January 13, 20283.26 %150,000 — (99)— 
August 25, 2025January 13, 2026January 13, 20283.27 %150,000 — (112)— 
Total GIC Joint Venture
600,000 300,000 169 1,842 
Total
3.17 %(1)$983,000 $625,000 $3,581 $11,573 
 (1)    Represents the weighted-average effective interest rate of our current interest rate swaps at September 30, 2025.
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,
 2025202420252024
Unrealized gain (loss) recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$213 $(9,380)$(1,880)$3,093 
Gain reclassified from Accumulated other comprehensive income to Interest expense$2,120 $3,660 $6,112 $11,000 
Total interest expense and other finance expense presented on the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$20,676 $20,428 $61,260 $62,840