Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v3.22.2.2
Interest Rate Derivatives (Tables)
 9 Months Ended
Sep. 30, 2022
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):
          Fair Value at
Notional Amount   Fixed Rate Floating Rate Index Effective Date Expiration Date September 30,
2022		 December 31, 2021
$ 100,000    1.901% One-Month LIBOR 9/1/2016 12/1/2022 $ 251  $ (1,361)
$ 100,000  1.905% One-Month LIBOR 9/1/2016 12/1/2022 251  (1,365)
$ 10,940  (1) 1.678% One-Month LIBOR 8/1/2019 8/1/2026 865  (234)
$ 22,850  (2) 0.573% One-Month LIBOR 4/1/2020 3/26/2025 1,929  355 
$ 50,000  (3) 1.908% One-Month LIBOR 9/1/2016 N/A —  (684)
            $ 3,296  $ (3,289)
(1)The notional amount of this instrument is scheduled to amortize to $10.0 million.
(2)The notional amount of this instrument is scheduled to amortize to $22.1 million.
(3)We cash settled this swap and accrued interest thereon for $625,000 on January 28, 2022.
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
Derivatives Balance Sheet Location September 30,
2022		 December 31, 2021
Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 3,296  $ 355 
Interest rate swaps designated as cash flow hedges Other liabilities $ —  $ (2,960)
Interest rate swap not designated Other liabilities $ —  $ (684)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The table 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
AOCI on Derivatives		 Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations
Derivatives in Hedging Relationships For the Three Months Ended September 30, For the Nine Months Ended September 30, For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021 2022 2021 2022 2021
Interest rate derivatives $ 1,101  $ (118) $ 4,646  $ 426  $ 77  $ (1,226) $ (1,680) $ (3,604)