v3.26.1
Interest Rate Contracts (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps
The following table sets forth a summary of the Interest Rate Swaps at March 31, 2026 and December 31, 2025:
Fair Value (1)
Current Notional Amounts
Derivative InstrumentEffective DateMaturity Date
Interest Strike Rate (2)
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Interest Rate Swap (3)
7/1/20257/1/20293.57%$(120)$(696)$85,000 $85,000 
Interest Rate Swap (3)
7/1/20257/1/20293.60%(220)(901)100,000 100,000 
Interest Rate Swap (3)
7/1/20257/1/20293.58%(169)(847)100,000 100,000 
Total$(509)$(2,444)$285,000 $285,000 
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of March 31, 2026, derivatives in an asset or liability position are included in the line item “Interest rate swap asset” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
(2)In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps. These swaps became effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
(3)Subsequent to March 31, 2026, the Company terminated all remaining Interest Rate Swaps with an aggregate notional amount of $285.0 million.
Schedule of Impact of Derivatives on Consolidated Statements of Operations
The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
Three Months Ended March 31,
20262025
Interest Rate Swaps in Cash Flow Hedging Relationship:
Amount of (loss) gain recognized in AOCI on derivatives
$(2,005)$(7,453)
Amount reclassified from AOCI into earnings
$39 $(4,632)
Total “Interest expense” reported on the consolidated statements of operations
$7,697 $14,306