Derivative Instruments and Hedging Activity (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activity

Schedule of notional amounts of outstanding derivative positions

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of the dates presented (dollars in thousands):

	Number of Instruments 1		Notional Amount1
	March 31,	December 31,	March 31,		December 31,
Interest Rate Derivatives	2025	2024	2025		2024
Interest rate swaps	15	11	$	650,000	$	550,000

(1) Number of Instruments and total Notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheets date, including forward-starting interest rate swaps prior to their effective date.

Schedule of cash flow hedging instruments, as well as their classification in the Condensed Consolidated Balance Sheets

The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the condensed consolidated balance sheets as of the dates presented (in thousands):

	Asset Derivatives
	March 31, 2025		December 31, 2024
Derivatives designated as cash flow hedges:
Other assets, net	$	7,839	$	17,526

	Liability Derivatives
	March 31, 2025		December 31, 2024
Derivatives designated as cash flow hedges:
Accounts payable, accrued expenses, and other liabilities	$	343	$	—

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The table below presents the effect of the Company’s derivative financial instruments in the condensed consolidated statements of operations and other comprehensive income for the periods presented (in thousands):

	Amount of Income/(Loss)				Location of Accumulated OCI	Amount Reclassified from
	Recognized in				Reclassified from Accumulated	Accumulated OCI as a
	OCI on Derivative				OCI into Income	(Reduction)/Increase in Interest Expense
Three Months Ended March 31,	2025		2024			2025		2024
Interest rate swaps	$	(9,356)	$	13,092	Interest expense	$	(1,411)	$	(2,178)

Schedule of offsetting assets and liabilities

Offsetting of Derivative Assets as of March 31, 2025

Gross Amounts

Net Amounts of

Offset in the

Assets presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Assets

Position

Position

Instruments

Received

Net Amount

Derivatives

$

7,839

$

—

$

7,839

$

(169)

$

—

$

7,670

Offsetting of Derivative Liabilities as of March 31, 2025

Gross Amounts

Net Amounts of

Offset in the

Liabilities presented

Gross Amounts Not Offset in the

Gross Amounts

Statement of

in the Statement

Statement of Financial Position

of Recognized

Financial

of Financial

Financial

Cash Collateral

Liabilities

Position

Position

Instruments

Posted

Net Amount

Derivatives

$

343

$

—

$

343

$

(169)

$

—

$

174