v3.25.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at March 31, 2025 and December 31, 2024 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract dateEffective DateExpiration DateAverage Annual Effective Fixed RateMarch 31, 2025December 31, 2024March 31, 2025December 31, 2024
Operating Partnership:
June 11, 2018December 31, 2018December 31, 20252.92 %$125,000 $125,000 $1,117 $1,582 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 1,941 2,824 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 3,669 5,325 
Total Operating Partnership325,000 325,000 6,727 9,731 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 500 754 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 500 754 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 100,000 179 334 
Total GIC Joint Venture
300,000 300,000 1,179 1,842 
Total
3.09 %(1)$625,000 $625,000 $7,906 $11,573 
 (1) Represents the weighted-average effective interest rate of our current interest rate swaps at March 31, 2025.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands):
 Three Months Ended
March 31,
 20252024
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$(1,698)$9,375 
Gain reclassified from Accumulated other comprehensive income to Interest expense$1,969 $3,679 
Total interest expense and other finance expense presented on the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$19,956 $21,582