| Schedule of the Terms of Agreements and Fair Values of Derivative Financial Instruments |
The table below summarizes the terms of agreement and the fair value of our derivative financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (amounts in thousands, except percentages) | | December 31, 2025 | | December 31, 2024 | | Derivative | | Notional Amount | Receive Rate | Pay Rate | Effective Date | Expiration Date | | Asset(1) | Liability(2) | | Asset(1) | Liability(2) | | Interest rate swap | | $ | 36,820 | | 70% of 1 Month SOFR | 2.5000 | % | December 1, 2021 | November 1, 2030 | | $ | — | | $ | (9) | | | $ | 759 | | $ | — | | | Interest rate swap | | 103,790 | | 70% of 1 Month SOFR | 2.5000 | % | December 1, 2021 | November 1, 2033 | | 698 | | — | | | 2,825 | | — | | | Interest rate swap | | 10,710 | | 70% of 1 Month SOFR | 1.7570 | % | December 1, 2021 | November 1, 2033 | | 472 | | — | | | 743 | | — | | | Interest rate swap | | 12,272 | | 1 Month SOFR | 2.2540 | % | December 1, 2021 | November 1, 2030 | | 354 | | — | | | 754 | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate swap | | — | | SOFR Compound | 2.6260 | % | August 19, 2022 | March 19, 2025 | | — | | — | | | 383 | | — | | | Interest rate swap | | — | | SOFR OIS Compound | 2.6280 | % | August 19, 2022 | March 19, 2025 | | — | | — | | | 382 | | — | | | Interest rate swap | | 175,000 | | SOFR Compound | 2.5620 | % | August 31, 2022 | December 31, 2026 | | 1,421 | | — | | | 4,895 | | — | | | Interest rate cap | | 6,780 | | 70% of 1 Month SOFR | 4.5000 | % | October 1, 2024 | November 1, 2030 | | 11 | | — | | | 35 | | — | | | Interest rate cap | | 6,676 | | 1 Month SOFR | 5.5000 | % | October 1, 2024 | November 1, 2030 | | 27 | | — | | | 81 | | — | | | Interest rate swap | | 47,500 | | 1 Month SOFR | 3.3090 | % | March 19, 2025 | March 8, 2029 | | — | | (13) | | | 1,117 | | — | | | Interest rate swap | | 47,500 | | 1 Month SOFR | 3.3030 | % | March 19, 2025 | March 8, 2029 | | — | | (5) | | | 1,124 | | — | | | Interest rate swap | | 35,000 | | SOFR | 3.2265 | % | November 14, 2025 | February 1, 2029 | | 68 | | — | | | — | | — | | | Interest rate swap | | 35,000 | | SOFR | 3.2530 | % | December 3, 2025 | February 1, 2029 | | 40 | | — | | | — | | — | | | Interest rate swap | | 50,000 | | SOFR | 3.3975 | % | December 18, 2025 | December 31, 2026 | | — | | (4) | | | — | | — | | Interest rate swap(3) | | — | | SOFR | 3.0110 | % | December 31, 2026 | February 1, 2029 | | 398 | | — | | | — | | — | | Interest rate swap(3) | | — | | SOFR | 3.0140 | % | December 31, 2026 | February 1, 2029 | | 393 | | — | | | — | | — | | | | $ | 567,048 | | | | | | | $ | 3,882 | | $ | (31) | | | $ | 13,098 | | $ | — | |
(1) Included as a component of prepaid expenses and other assets on the consolidated balance sheets. (2) Included as a component of accounts payable and accrued expenses on the consolidated balance sheets. (3) The notional amount of each interest rate swap effective December 31, 2026 is $87.5 million.
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| 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): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (amounts in thousands) | | 2025 | | 2024 | | 2023 | | Amount of (loss) gain recognized in other comprehensive income (loss) | | $ | (3,416) | | | $ | 13,769 | | | $ | 5,581 | | | Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense | | (2,288) | | | (7,111) | | | (7,819) | |
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the consolidated statements of operations: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (amounts in thousands) | | 2025 | | 2024 | | 2023 | | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded | | $ | (103,133) | | | $ | (105,239) | | | $ | (101,484) | | | Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense | | 2,288 | | | 7,111 | | | 7,819 | |
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| Schedule of Carrying and Estimated Fair Values of Financial Instruments |
The following tables summarize the carrying and estimated fair values of our financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Carrying Value | | Estimated Fair Value | | (amounts in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | Interest rate swaps included in prepaid expenses and other assets | | $ | 3,882 | | | $ | 3,882 | | | $ | — | | | $ | 3,882 | | | $ | — | | | Interest rate swaps included in accounts payable and accrued expenses | | 31 | | | 31 | | | — | | | 31 | | | — | | | Mortgage notes payable | | 619,269 | | | 586,773 | | | — | | | — | | | 586,773 | | | Senior unsecured notes - Series B-L | | 1,270,668 | | | 1,244,255 | | | — | | | — | | | 1,244,255 | | | Unsecured revolving credit facility | | 145,000 | | | 145,000 | | | — | | | — | | | 145,000 | | | Unsecured term loan facilities | | 336,794 | | | 340,000 | | | — | | | — | | | 340,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Carrying Value | | Estimated Fair Value | | (amounts in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | Interest rate swaps included in prepaid expenses and other assets | | $ | 13,098 | | | $ | 13,098 | | | $ | — | | | $ | 13,098 | | | $ | — | | | | | | | | | | | | | | Mortgage notes payable | | 692,176 | | | 618,378 | | | — | | | — | | | 618,378 | | | Senior unsecured notes - Series A-K | | 1,197,061 | | | 1,116,149 | | | — | | | — | | | 1,116,149 | | | Unsecured revolving credit facility | | 120,000 | | | 120,000 | | | — | | | — | | | 120,000 | | | Unsecured term loan facilities | | 268,731 | | | 270,000 | | | — | | | — | | | 270,000 | |
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