Annual report pursuant to Section 13 and 15(d)

Interest Rate Derivatives (Tables)

v3.22.4
Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 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):
Notional Amount Effective Date Expiration Date Fair Value at December 31,
  Fixed Rate Floating Rate Index 2022 2021
$ 10,880  (1) 1.678  %
SOFR plus 0.10%
 8/1/2019 8/1/2026 $ 806  $ (234)
$ 22,775  (2) 0.573  %
SOFR plus 0.10%
 4/1/2020 3/26/2025 1,825  355 
$ 100,000  1.901  % One-Month LIBOR 9/1/2016 12/1/2022 —  (1,361)
$ 100,000  1.905  % One-Month LIBOR 9/1/2016 12/1/2022 —  (1,365)
$ 50,000  (3) 1.908  % One-Month LIBOR 9/1/2016 N/A —  (684)
            $ 2,631  $ (3,289)
(1)The notional amount of this instrument is scheduled to amortize to $10.0 million. Effective December 1, 2022, we amended this swap to change the floating rate index from one-month LIBOR to SOFR plus 0.10%. We made elections under reference rate reform related accounting guidance to not result in a dedesignation of this hedging relationship.
(2)The notional amount of this instrument is scheduled to amortize to $22.1 million. Effective December 1, 2022, we amended this swap to change the floating rate index from one-month LIBOR to SOFR plus 0.10%. We made elections under reference rate reform related accounting guidance to not result in a dedesignation of this hedging relationship.
(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 December 31,
Derivatives Balance Sheet Location 2022 2021
Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 2,631  $ 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 tables below present 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/AOCL on Derivatives Amount of Loss Reclassified from AOCI/AOCL into Interest Expense on Statement of Operations
For the Years Ended December 31, For the Years Ended December 31,
Derivatives in Hedging Relationships 2022 2021 2020 2022 2021 2020
Interest rate derivatives $ 4,730  $ 1,379  $ (39,454) $ (996) $ (5,048) $ (3,725)
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 2022 2021 2020 2022 2021 2020
Interest rate derivatives $ —  $ —  $ (51,865) $ —  $ —  $ (1,265)