Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.23.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
Fair Value
Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate June 30, 2023 December 31, 2022
Assets (Liabilities)(1):
Interest rate swaps:
July 1, 2019 February 1, 2024 $ 25,000  Daily Adjusted SOFR 1.68  % $ 546  $ 853 
January 1, 2021 February 1, 2024 150,000  Daily Adjusted SOFR 0.53  % 4,289  6,966 
January 1, 2021 February 1, 2024 100,000  Daily Adjusted SOFR 0.15  % 3,079  5,043 
March 1, 2021 February 1, 2024 25,000  Daily Adjusted SOFR 0.18  % 765  1,256 
February 1, 2024 (2)
February 1, 2026 - August 1, 2026 100,000  Daily Adjusted SOFR 3.33  % 1,615  — 
Total $ 10,294  $ 14,118 
(1)    Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.
(2)    During March and April 2023, we entered into $100.0 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to August 1, 2026.
In July 2023, we entered into an additional $25 million forward-starting interest rate swap with an effective date of February 1, 2024 and an adjusted SOFR rate of 3.79%, which is not reflected in the tables above or in our consolidated financial statements as of June 30, 2023. The maturity of this swap is January 1, 2027.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
Three months ended June 30, Six months ended June 30,
2023 2022 2023 2022
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss) $ (373) $ 2,265  $ (3,799) $ 9,939