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Derivative Instruments and Hedging Activities
3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
As of March 31, 2025, the Company had two interest rate swap contracts with an aggregate notional amount of $347.5 million. The Company has $300.0 million in notional amount that effectively fixed the interest rate on the Company’s $300.0 million unsecured term loan at 4.2%. The remaining $47.5 million in notional amount effectively converts $47.5 million of variable rate mortgage notes payable to an all-in fixed rate of 2.83%. These derivatives qualify for hedge accounting.

As of March 31, 2025 and December 31, 2024, the aggregate carrying value of the interest rate swap contracts was an asset of $3.4 million and $5.5 million, respectively, within prepaid expenses and other assets in the condensed consolidated balance sheets.