Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022 and December 31, 2021:


($ In thousands)	March 31, 2022
Instrument	Number of Instruments	Fixed Rate	Notional		Index	Maturity
Forward-starting interest rate swap	1	1.3465%	$	500,000	USD SOFR- COMPOUND	May 2, 2032
Forward-starting interest rate swap	1	1.6827%	$	500,000	USD-SOFR-COMPOUND	May 2, 2032
Forward-starting interest rate swap	1	1.6390%	$	500,000	USD-SOFR-COMPOUND	May 2, 2032
Forward-starting interest rate swap	1	1.6900%	$	500,000	USD-SOFR-COMPOUND	May 2, 2027
Forward-starting interest rate swap	1	1.5850%	$	500,000	USD-SOFR-COMPOUND	May 2, 2029

($ In thousands)

December 31, 2021

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

1.3465%

500,000

USD SOFR- COMPOUND

May 2, 2032

The following table presents the effect of our derivative financial instruments on our Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2022		2021
Unrealized gain recorded in other comprehensive income	$	108,611	$	12,378

Interest recorded in interest expense	$	—	$	10,826

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details