v3.25.3
Financial Instruments and Fair Values (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Terms of Agreements and Fair Value of Derivative Financial Instruments
The table below summarizes the terms of agreements and the fair values of our derivative financial instruments:
(amounts in thousands, except percentages)September 30, 2025December 31, 2024
DerivativeNotional AmountReceive RatePay RateEffective DateExpiration Date
Asset(1)
Liability(2)
Asset(1)
Liability(2)
Interest rate swap$36,820 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2030$— $(76)$759 $— 
Interest rate swap103,790 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 2033193 — 2,825 — 
Interest rate swap10,710 
70% of 1 Month SOFR
1.7570%December 1, 2021November 1, 2033450 — 743 — 
Interest rate swap12,768 1 Month SOFR2.2540%December 1, 2021November 1, 2030389 — 754 — 
Interest rate swap175,000 SOFR Compound2.5620%August 31, 2022December 31, 20262,004 — 4,895 — 
Interest rate swap— SOFR Compound2.6260%August 19, 2022March 19, 2025— — 383 — 
Interest rate swap— SOFR OIS Compound2.6280%August 19, 2022March 19, 2025— — 382 — 
Interest rate cap6,780 
70% of 1 Month SOFR
4.5000%October 1, 2024November 1, 203013 — 35 — 
Interest rate cap6,676 1 Month SOFR5.5000%October 1, 2024November 1, 203030 — 81 — 
Interest rate swap47,500 1 Month SOFR3.3090%March 19, 2025March 8, 2029— (25)1,117 — 
Interest rate swap47,500 1 Month SOFR3.3030%March 19, 2025March 8, 2029— (16)1,124 — 
$447,544 $3,079 $(117)$13,098 $— 
(1) Included as a component of prepaid expenses and other assets on the condensed consolidated balance sheets.
(2) Included as a component of accounts payable and accrued expenses on the condensed consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments Designated as Cash Flow Hedges
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on accumulated other comprehensive income (loss):
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Amount of (loss) gain recognized in other comprehensive income (loss)$169 $(9,341)$(5,419)$1,710 
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense(514)(2,457)(2,047)(5,448)
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded$(25,189)$(27,408)$(77,253)$(77,859)
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense514 2,457 2,047 5,448 
Schedule of Carrying and Estimated Fair Values of Financial Instruments
The following tables summarize the carrying and estimated fair values of our financial instruments:
September 30, 2025
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$3,079 $3,079 $— $3,079 $— 
Interest rate swaps included in accounts payable and accrued expenses117 117 — 117 — 
Mortgage notes payable691,046 648,159 — — 648,159 
Senior unsecured notes - Series B-K1,097,498 1,051,122 — — 1,051,122 
Unsecured term loan facilities268,959 270,000 — — 270,000 
December 31, 2024
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$13,098 $13,098 $— $13,098 $— 
Mortgage notes payable692,176 618,378 — — 618,378 
Senior unsecured notes - Series A-K1,197,061 1,116,149 — — 1,116,149 
Unsecured term loan facilities268,731 270,000 — — 270,000 
Unsecured revolving credit facility120,000 120,000 — — 120,000