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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of LIBOR interest rate caps
As of December 31, 2022, the Company had the following interest rate caps ($ in thousands):
Effective DateMaturity DateNotional AmountStrike RatePremium Paid
2/2/20212/1/2023$100,000 
0.50% (LIBOR)
$45 
3/4/20214/1/202314,479 
2.50% (LIBOR)
4 
11/1/202011/1/202384,375 
(a)
1.84% (SOFR)
91 
7/1/20221/1/202450,000 
(a)
1.00%-3.00% (SOFR)
(b)
143 
(c)
7/5/20221/1/202435,100 
(a)
1.00%-3.00% (SOFR)
(b)
120 
(c)
1/11/20222/1/2024175,000 
4.00% (BSBY)
154 
4/7/20222/1/2024175,000 
(a)
1.00%-3.00% (BSBY)
(b)
3,595 
7/6/20223/1/2024200,000 
(a)
1.00%-3.00% (SOFR)
(b)
352 
(c)
9/1/20229/1/202473,562 
(a)(d)
1.00%-3.00% (SOFR)
(b)
1,370 
$907,516 $5,874 
________________________________________
(a) Designated as a cash flow hedge.
(b) The Company purchased interest rate caps at 1.00% and sold interest rate caps at 3.00%, resulting in interest rate cap corridors of 1.00% and 3.00%. The intended goal of these corridors is to provide a level of protection from the effect of rising interest rates and reduce the all-in cost of the derivative instrument.
(c) This amount represents the sum of the premiums paid on the original instruments. The caps were blended and extended during the year ended December 31, 2022.
(d) The notional amount represents the maximum notional amount that will eventually be in effect. The notional amount is scheduled to increase over the term of the corridor in accordance with projected borrowings on the associated loan.

As of December 31, 2022, the Company held the following floating-to-fixed interest rate swaps ($ in thousands):
Related DebtNotional AmountIndexSwap Fixed RateDebt effective rateEffective DateExpiration Date
Senior unsecured term loan$50,000 1-month LIBOR2.78 %4.08 %5/1/20185/1/2023
Senior unsecured term loan32,842 
(a)
1-month LIBOR2.25 %3.55 %4/1/20198/10/2023
Senior unsecured term loan10,500 
(a)
1-month LIBOR3.02 %4.32 %10/12/201810/12/2023
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.80 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.50 %1.80 %4/1/20204/1/2024
Senior unsecured term loan25,000 
(a)
1-month LIBOR0.55 %1.85 %4/1/20204/1/2024
Thames Street Wharf69,328 
(a)
1-month BSBY1.05 %2.35 %9/30/20219/30/2026
M&T unsecured term loan100,000 1-month SOFR3.50 %4.80 %12/6/202212/6/2027
Senior unsecured term loan100,000 1-month SOFR3.43 %4.73 %12/13/20221/21/2028
Total$437,670 
________________________________________
(a) Designated as a cash flow hedge.
Schedule of derivatives
The Company’s derivatives comprised the following as of December 31, 2022 and 2021 (in thousands):
 
 December 31, 2022December 31, 2021
 Fair ValueFair Value
Notional AmountAssetLiabilityNotional AmountAssetLiability
Derivatives not designated as accounting hedges
Interest rate swaps$250,000 $2,201 $— $50,000 $— $(1,454)
Interest rate caps289,479 2,102 — 399,579 1,019 — 
Total derivatives not designated as accounting hedges539,479 4,303 — 449,579 1,019 (1,454)
Derivatives designated as accounting hedges
Interest rate swaps187,670 11,247 — 239,633 1,317 (2,013)
Interest rate caps561,200 13,565 — 384,375 590 — 
Total derivatives$1,288,349 $29,115 $— $1,073,587 $2,926 $(3,467)
Schedule of changes in fair value of derivatives
The changes in the fair value of the Company’s derivatives during the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands):
 Years Ended December 31, 
 202220212020
Interest rate swaps$16,210 $4,775 $(10,318)
Interest rate caps12,841 1,222 (518)
Total change in fair value of interest rate derivatives$29,051 $5,997 $(10,836)
Comprehensive income statement presentation:   
Change in fair value of derivatives and other$8,886 $2,319 $(1,085)
Unrealized cash flow hedge gains (losses)20,165 3,678 (9,751)
Total change in fair value of interest rate derivatives$29,051 $5,997 $(10,836)