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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Assets (Liabilities) (1)

 

Effective
Date

 

Maturity
Date

 

Notional
Amount

 

 

Receive
Variable Rate of

 

Pay
Fixed Rate of

 

September 30, 2022

 

 

December 31, 2021

 

4/7/16

 

4/1/23

 

$

18,736

 

 

1 Month LIBOR

 

1.303%

 

$

261

 

 

 

(175

)

12/1/16

 

11/1/23

 

 

31,291

 

 

1 Month LIBOR (2)

 

1.490%

 

 

948

 

 

 

(412

)

9/17/19

 

3/17/25

 

 

24,000

 

 

1 Month LIBOR

 

1.542%

 

 

1,495

 

 

 

(364

)

6/2/17

 

6/2/27

 

 

35,589

 

 

1 Month LIBOR with Floor

 

2.366%

 

 

2,362

 

 

 

(1,907

)

12/20/19 (3)

 

12/19/26

 

 

24,365

 

 

1 Month LIBOR

 

1.750%

 

 

2,080

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

$

7,146

 

 

 

(2,858

)
(1)
Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.
(2)
In October 2022, the Company amended this LIBOR-based interest rate swap and related variable rate mortgage loan to transition to SOFR.
(3)
The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022.
Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

 

Location and Amount of Gain (Loss) Recognized in OCI on Derivative

 

 

Location and Amount of Gain (Loss) Reclassified from AOCI into Income

 

 

Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded

 

 

 

Three months ended September 30,

 

 

 

 

Three months ended September 30,

 

 

 

 

Three months ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

 

 

2022

 

 

2021

 

 

 

 

2022

 

 

2021

 

Interest rate swaps

 

$

7,069

 

 

 

138

 

 

Interest expense

 

$

72

 

 

 

1,040

 

 

Interest expense, net

 

$

36,361

 

 

 

35,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

 

Nine months ended September 30,

 

 

 

 

Nine months ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

 

 

2022

 

 

2021

 

 

 

 

2022

 

 

2021

 

Interest rate swaps

 

$

20,473

 

 

 

3,646

 

 

Interest expense

 

$

1,563

 

 

 

3,109

 

 

Interest expense, net

 

$

109,798

 

 

 

108,741