v3.26.1
Interest Rate Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreement
The following table sets forth a summary of the terms and fair value of our interest rate swaps at June 30, 2026 and December 31, 2025 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.
    
Notional Value(1)
Fair Value of Interest Rate
Derivative Assets/(Derivative Liabilities)(2)
Derivative InstrumentEffective DateMaturity DateInterest Strike RateJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Interest Rate Swap
4/3/20237/30/20263.71000 %$60,000 $60,000 $(3)$(65)
Interest Rate Swaps
7/27/20225/26/20272.81700 %$150,000 $150,000 $1,487 $1,013 
Interest Rate Swaps
7/27/20225/26/20272.81750 %$150,000 $150,000 $1,486 $1,012 
Interest Rate Swap
7/1/20255/30/20303.41750 %$250,000 $250,000 $3,879 $(522)
Interest Rate Swap
7/1/20255/30/20303.40500 %$125,000 $125,000 $2,007 $(189)
Interest Rate Swap
7/1/20255/30/20303.42000 %$25,000 $25,000 $388 $(53)
(1)Represents the notional value of swaps that are effective as of the balance sheet date presented. 
(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” and the fair value of derivative liabilities is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.
Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements
The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands): 
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Interest Rate Swaps in Cash Flow Hedging Relationships:    
Amount of gain (loss) recognized in AOCI on derivatives
$5,515 $(1,077)$9,770 $(2,846)
Amount of gain reclassified from AOCI into earnings under “Interest expense”(1)
$746 $1,507 $1,567 $3,023 
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)$28,571 $26,701 $55,171 $53,989 
(1)Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms, respectively, of the hedged transactions.