DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate derivatives

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2022 and December 31, 2021 (notional amount in thousands):

	As of
	June 30, 2022					December 31, 2021
Interest Rate Derivatives	Number of Instruments	Notional Amount	Rate(1)	Index	Weighted Average Maturity (Years)	Number of Instruments	Notional Amount	Rate(1)	Index	Weighted Average Maturity (Years)
Interest rate swaps	1	$520,000	0.2075%	LIBOR(2)	0.8	1	$700,000	0.2075%	LIBOR(2)	1.0
Interest rate caps	0(3)	—	—	—	—	1	220,000	0.5000%	LIBOR	1.0

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(1)    Represents fixed rate for interest rate swaps and strike rate for interest rate caps.

(2)    Subject to a 0.00% floor.

(3)    In March 2022, the Company re-calibrated its net exposure to interest rate changes by terminating its interest rate cap derivative, which had a notional amount of $170.0 million on the termination date and a strike rate of 0.50%. For the three months ended March 31, 2022, the Company recognized a $2.0 million realized gain within other comprehensive income in conjunction with the termination of the interest rate cap. In accordance with ASC 815, the realized gain will be recognized within current earnings over the remaining original term of the interest rate cap derivative as it was designated as an effective hedge. For the three and six months ended June 30, 2022, the Company recognized a realized gain of $264 thousand and $268 thousand, respectively, through a reduction in interest expense, on the termination of the interest rate cap within current earnings.

Schedule of derivative assets at fair value

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset Position(1) as of			Fair Value of Derivatives in a Liability Position(2) as of
	June 30, 2022		December 31, 2021	June 30, 2022	December 31, 2021
Derivatives designated as hedging instruments:
Interest rate derivatives	$	10,692	2,979	—	—

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(1)    Included in other assets in the Company’s consolidated balance sheets.

(2)    Included in other liabilities in the Company’s consolidated balance sheets.