Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.23.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 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 September 30, 2023 December 31, 2022
Assets (Liabilities)(1):
Interest rate swaps:
July 1, 2019 February 1, 2024 $ 25,000  Daily Adjusted SOFR 1.68  % $ 324  $ 853 
January 1, 2021 February 1, 2024 150,000  Daily Adjusted SOFR 0.53  % 2,534  6,966 
January 1, 2021 February 1, 2024 100,000  Daily Adjusted SOFR 0.15  % 1,817  5,043 
March 1, 2021 February 1, 2024 25,000  Daily Adjusted SOFR 0.18  % 452  1,256 
February 1, 2024 (2)
February 1, 2026 - January 1, 2027 150,000  Daily Adjusted SOFR 3.60  % 3,217  — 
Total $ 8,344  $ 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 the first nine months of 2023, we entered into $150.0 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to January 1, 2027.
In October 2023, we entered into an additional $50 million forward-starting interest rate swaps with an effective date of February 1, 2024 and an adjusted average SOFR rate of 4.61%. In November 2023, we entered into an additional $50 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and an average adjusted SOFR rate of 4.45%. These are not reflected in the tables above or in our consolidated financial statements as of September 30, 2023. The maturity of these swaps is from August 2026 to January 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 September 30, Nine months ended September 30,
2023 2022 2023 2022
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss) $ (1,845) $ 2,957  $ (5,644) $ 12,896