Annual report pursuant to Section 13 and 15(d)

Interest Rate Derivatives (Tables)

v3.22.0.1
Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of key terms and fair values of interest rate swap derivatives
The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands):
Notional Amount Effective Date Expiration Date Fair Value at December 31,
  Fixed Rate Floating Rate Index 2021 2020
$ 100,000  1.901  % One-Month LIBOR 9/1/2016 12/1/2022 $ (1,361) $ (3,394)
$ 100,000  1.905  % One-Month LIBOR 9/1/2016 12/1/2022 (1,365) (3,401)
$ 50,000  (1) 1.908  % One-Month LIBOR 9/1/2016 12/1/2022 (684) (1,704)
$ 11,120  (2) 1.678  % One-Month LIBOR 8/1/2019 8/1/2026 (234) (733)
$ 23,000  (3) 0.573  % One-Month LIBOR 4/1/2020 3/26/2025 355  (290)
            $ (3,289) $ (9,522)
(1)Refer to additional disclosure below.
(2)The notional amount of this instrument is scheduled to amortize to $10.0 million.
(3)The notional amount of this instrument is scheduled to amortize to $22.1 million.
Schedule of fair value and balance sheet classification of interest rate derivatives
The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
Fair Value at December 31,
Derivatives Balance Sheet Location 2021 2020
Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 355  $ — 
Interest rate swaps designated as cash flow hedges Interest rate derivatives (liabilities) $ (2,960) $ (9,522)
Interest rate swap not designated Interest rate derivatives (liabilities) $ (684) $ — 
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The tables below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
Amount of Income (Loss) Recognized in AOCL on Derivatives Amount of (Loss) Gain Reclassified from AOCL into Interest Expense on Statement of Operations
For the Years Ended December 31, For the Years Ended December 31,
Derivatives in Hedging Relationships 2021 2020 2019 2021 2020 2019
Interest rate derivatives $ 1,379  $ (39,454) $ (24,321) $ (5,048) $ (3,725) $ 1,415 
Amount of Loss Reclassified from AOCL into Loss on Interest Rate Derivatives on Statement of Operations Amount of Loss Recognized on Undesignated Swaps in Loss on Interest Rate Derivatives on Statement of Operations
For the Years Ended December 31, For the Years Ended December 31,
Derivatives in Hedging Relationships 2021 2020 2019 2021 2020 2019
Interest rate derivatives $ —  $ (51,865) $ —  $ —  $ (1,265) $ —