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Interest Rate Contracts (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps
The following table sets forth a summary of the Interest Rate Swaps at September 30, 2025 and December 31, 2024:
Fair Value (1)
Current Notional Amounts
Derivative InstrumentEffective DateMaturity DateInterest Strike RateSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024
Assets
Current Interest Rate Swaps(2)
Interest Rate Swap7/1/20257/1/20293.57%$(930)$1,346 $100,000 $100,000 
Interest Rate Swap7/1/20257/1/20293.57%(935)1,341 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.60%(1,022)1,255 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.58%(964)1,310 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.57%(931)1,338 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.62%(551)585 50,000 50,000 
Total$(5,333)$7,175 $550,000 $550,000 
Previous Interest Rate Swaps
Interest Rate Swap3/10/20207/1/20250.83%$— $2,605 $— $150,000 
Interest Rate Swap3/10/20207/1/20250.84%— 1,732 — 100,000 
Interest Rate Swap3/10/20207/1/20250.86%— 1,291 — 75,000 
Interest Rate Swap7/1/20207/1/20252.82%— 938 — 125,000 
Interest Rate Swap7/1/20207/1/20252.82%— 748 — 100,000 
Interest Rate Swap7/1/20207/1/20252.83%— 747 — 100,000 
Interest Rate Swap7/1/20207/1/20252.84%— 738 — 100,000 
Total$— $8,799 $— $750,000 
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of September 30, 2025, derivatives in an asset or liability position are included in the line item “Interest rate swap asset” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
(2)In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps with a notional amount of $550.0 million. These swaps became effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
Schedule of Impact of Derivatives on Consolidated Statements of Operations
The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
Nine Months Ended September 30,
20252024
Interest Rate Swaps in Cash Flow Hedging Relationship:
Amount of gain (loss) recognized in AOCI on derivatives$10,911 $5,347 
Amount reclassified from AOCI into earnings under “Interest expense”$10,301 $19,714 
Total interest expense
$44,584 $41,589