v3.26.1
Financial Instruments and Fair Values (Tables)
 3 Months Ended
Mar. 31, 2026
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)March 31, 2026December 31, 2025
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$156 $— $— $(9)
Interest rate swap103,790 
70% of 1 Month SOFR
2.5000%December 1, 2021November 1, 20331,085 — 698 — 
Interest rate swap10,710 
70% of 1 Month SOFR
1.7570%December 1, 2021November 1, 2033497 — 472 — 
Interest rate swap11,765 1 Month SOFR2.2540%December 1, 2021November 1, 2030377 — 354 — 
Interest rate swap175,000 SOFR Compound2.5620%August 31, 2022December 31, 20261,429 — 1,421 — 
Interest rate cap6,780 
70% of 1 Month SOFR
4.5000%October 1, 2024November 1, 203017 — 11 — 
Interest rate cap6,676 1 Month SOFR5.5000%October 1, 2024November 1, 203040 — 27 — 
Interest rate swap47,500 1 Month SOFR3.3090%March 19, 2025March 8, 2029283 — — (13)
Interest rate swap47,500 1 Month SOFR3.3030%March 19, 2025March 8, 2029290 — — (5)
Interest rate swap35,000 SOFR3.2265%November 14, 2025February 1, 2029279 — 68 — 
Interest rate swap35,000 SOFR3.2530%December 3, 2025February 1, 2029254 — 40 — 
Interest rate swap50,000 SOFR3.3975%December 18, 2025December 31, 202694 — — (4)
Interest rate swap(3)
— SOFR3.0110%December 31, 2026February 1, 2029792 — 398 — 
Interest rate swap(3)
— SOFR3.0140%December 31, 2026February 1, 2029785 — 393 — 
$566,541 $6,378 $— $3,882 $(31)
(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.
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 March 31,
(amounts in thousands)20262025
Amount of gain (loss) recognized in other comprehensive income (loss)$4,403 $(4,116)
Amount of (gain) loss reclassified from accumulated other comprehensive income (loss) into interest expense78 (1,049)
The table below shows the effect of our derivative financial instruments designated as cash flow hedges on the consolidated statements of operations:
Three Months Ended March 31,
(amounts in thousands)20262025
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded$(28,137)$(26,938)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense(78)1,049 
Schedule of Carrying and Estimated Fair Values of Financial Instruments
The following tables summarize the carrying and estimated fair values of our financial instruments:
March 31, 2026
Estimated Fair Value
(amounts in thousands)Carrying
Value		TotalLevel 1Level 2Level 3
Interest rate swaps and caps included in prepaid expenses and other assets$6,378 $6,378 $— $6,378 $— 
Mortgage notes payable621,392 593,328 — — 593,328 
Senior unsecured notes - Series B-L1,270,909 1,225,287 — — 1,225,287 
Unsecured term loan facilities336,972 340,000 — — 340,000 
Unsecured revolving credit facility90,000 90,000 — — 90,000 
December 31, 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$3,882 $3,882 $— $3,882 $— 
Interest rate swaps included in accounts payable and accrued expenses31 31 — 31 — 
Mortgage notes payable619,269 586,773 — — 586,773 
Senior unsecured notes - Series B-L1,270,668 1,244,255 — — 1,244,255 
Unsecured term loan facilities336,794 340,000 — — 340,000 
Unsecured revolving credit facility145,000 145,000 — — 145,000