v3.26.1
Derivatives and Hedging Activities
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
 
The following interest rate swaps have been designated as cash flow hedges (in thousands):
Notional value atFair value at
Hedge typeSwap
rate		Effective DateMaturity DateJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Swap-cash flow-Daily SOFR0.56%July 2021January 2026$— $50,000 $— $146 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 1,031 697 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 53 (147)
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 121 (48)
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 51 (150)
Swap-cash flow-Daily SOFR3.10%July 2025July 202725,000 25,000 215 87 
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 25,000 283 43 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 25,000 205 (60)
Swap-cash flow-Daily SOFR3.30%October 2025October 202825,000 25,000 336 (9)
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 25,000 358 (5)
Swap-cash flow-Daily SOFR3.19%January 2026January 202925,000 25,000 427 64 
Swap-cash flow-Daily SOFR3.25%January 2026January 202950,000 50,000 778 39 
Swap-cash flow-Daily SOFR3.29%January 2026January 202950,000 50,000 726 (22)
Swap-cash flow-Daily SOFR3.00%April 2026April 202925,000 25,000 585 183 
Swap-cash flow-Daily SOFR3.05%April 2026April 202925,000 25,000 551 147 
Swap-cash flow-Daily SOFR (1)3.55%June 2026April 202965,000 65,000 553 453 
Swap-cash flow-Daily SOFR (2)3.52%June 2026April 202960,000 60,000 559 501 
$625,000 $675,000 $6,832 $1,919 
 

(1)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.85% to 3.55%. The Company dedesignated the original cash flow hedge, and $0.5 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.
(2)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.75% to 3.52%. The Company dedesignated the original cash flow hedge, and $0.6 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.

As of June 30, 2026 and December 31, 2025, the aggregate fair value of the interest rate swap assets of $6.8 million and $2.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2025, the aggregate fair value of the interest rate swap liabilities of $0.4 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

As of June 30, 2026 and December 31, 2025, there was approximately $6.7 million and $1.9 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no
ineffectiveness recorded during the three or six month periods ended June 30, 2026 or 2025. For the three and six months ended June 30, 2026, gains of approximately $0.8 million and $1.5 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and six months ended June 30, 2025, gains of approximately $2.8 million and $5.5 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $4.4 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2026 is expected to be reclassified into earnings within the next 12 months.