Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate swap instruments as of June 30, 2022 (in thousands):

							Fair Value(1)
Date Entered	Maturity Date	Hedge Designation	Notional Amount		Pay Rate	Receive Rate	June 30, 2022		December 31, 2021
April 2022(2)	May 2026	Cash flow	$	51,100	5.08 %	1 mo. USD-LIBOR-BBA + 2.50%	$	586	$	—
April 2022(2)	May 2026	Cash flow	91,000		4.63 %	1 mo. USD-LIBOR-BBA + 2.05%	1,043		—

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(1)At June 30, 2022, the interest rate swap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets.

(2)Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate secured debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.

The following table summarizes the Company’s interest rate cap instruments as of June 30, 2022 (in thousands):

							Fair Value(1)
Date Entered	Maturity Date	Hedge Designation	Notional Amount		Strike Rate	Index	June 30, 2022		December 31, 2021
April 2021(2)	May 2024	Non-designated	$	142,100	2.00 %	1 mo. USD-LIBOR-BBA	$	—	$	397

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(1)At December 31, 2021, the interest rate cap instruments were in an asset position. Derivative assets are recorded in other assets, net on the Consolidated Balance Sheets.

(2)Represents two interest rate cap instruments that manage the Company’s exposure to variable cash flows on certain mortgage debt borrowings by limiting interest rates. These interest rate cap instruments were terminated in April 2022.