Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 ($ in thousands):⁽¹⁾


	December 31, 2021		December 31, 2020
	Fair		Fair		Balance Sheet
Derivative Type	Value⁽²⁾		Value⁽²⁾		Location
Liabilities
Interest rate swaps⁽³⁾	$	—	$	33,215	Accounts payable, accrued expenses and other liabilities
Total	$	—	$	33,215

(1)	During the years ended December 31, 2021, 2020 and 2019, the Company recorded $13.3 million, ($20.0) million and ($32.5) million, respectively, of unrealized gains (losses) in accumulated other comprehensive income (loss).

(2)

The fair value of the Company’s derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy. Over the next 12 months, the Company expects that $4.1 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense.

(3)	During the year ended December 31, 2021, the Company terminated its remaining interest rate hedges for $19.9 million.

Derivative Instruments, Gain (Loss)

The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 ($ in thousands):


		Amount of Gain		Amount of Gain
		(Loss) Recognized in		(Loss) Reclassified
	Location of Gain (Loss)	Accumulated Other		from Accumulated
	When Recognized	Comprehensive		Other Comprehensive
Derivatives Designated in Hedging Relationships	in Income	Income		Income into Earnings
For the Year Ended December 31, 2021
Interest rate swaps	Interest expense	$	13,290	$	(3,191)

For the Year Ended December 31, 2020
Interest rate swaps	Interest expense	$	(20,018)	$	(1,680)

For the Year Ended December 31, 2019
Interest rate swaps	Interest expense	$	(32,518)	$	(271)


		Amount of Gain
	Location of Gain or	or (Loss)
	(Loss) Recognized in	Recognized in
Derivatives not Designated in Hedging Relationships	Income	Income
For the Year Ended December 31, 2019
Interest rate cap	Interest expense	$	(4)