v3.26.3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at September 30, 2026 and December 31, 2025 is as follows (dollars in thousands): 
Average Annual Effective Fixed RateNotional AmountFair Value
Contract DateEffective DateExpiration DateSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Operating Partnership:
July 26, 2022January 31, 2023January 31, 20272.60 %$100,000 $100,000 $486 $816 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 4,670 2,161 
June 5, 2025June 2, 2025May 15, 20283.57 %58,000 58,000 929 (404)
November 17, 2025December 31, 2025December 31, 20273.31 %125,000 125,000 1,841 (109)
Total Operating Partnership383,000 383,000 7,926 2,464 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %— 100,000 — 12 
March 24, 2023July 1, 2023January 13, 20263.35 %— 100,000 — 12 
January 19, 2024October 1, 2024January 13, 20263.77 %— 100,000 — (2)
August 25, 2025January 13, 2026(2)January 13, 20283.26 %150,000 150,000 2,389 (4)
August 25, 2025January 13, 2026(2)January 13, 20283.27 %150,000 150,000 2,381 (17)
Total GIC Joint Venture
300,000 600,000 4,770 1 
Total
3.10 %(1)$683,000 $983,000 $12,696 $2,465 
(1)    Represents the weighted-average effective interest rate of our current interest rate swaps at September 30, 2026.
(2)    In August 2025, the GIC Joint Venture entered into two $150 million forward starting interest rate swaps to fix 1-month term SOFR to replace $300 million of existing GIC Joint Venture interest rate swaps that matured in January 2026. The forward starting interest rate swaps were outstanding at December 31, 2025 but did not become effective until January 13, 2026.
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 September 30,Nine Months Ended September 30,
2026202520262025
Unrealized gain (loss) recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$5,013 $213 $13,158 $(1,880)
Gain reclassified from Accumulated other comprehensive income to Interest expense$1,015 $2,120 $2,927 $6,112 
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
$21,926 $20,676 $64,444 $61,260