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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional amounts and fair values of derivatives outstanding

Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets.

The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2020 and 2019:

			As of December 31,
			2020												2019
			Notional amount (a)						Fair value						Notional amount (a)						Fair value
Derivative assets not designated as accounting hedges:
Interest rate caps			$	3,022,000					$	2,790					$	2,442,000					$	3,727
Derivative assets designated as accounting cash flow hedges:
Interest rate swaps			$	—					$	—					$	488,616					$	1,578
Interest rate caps			475,000						513						400,000						6,359
Total derivative assets									$	3,303											$	11,664

(a)The notional amount is excluded for caps and swaps which are not yet effective.

			As of December 31,
			2020												2019
			Notional amount (a)						Fair value						Notional amount (a)						Fair value
Derivative liabilities not designated as accounting cash flow hedges:
Interest rate swaps			$	400,000					$	14,933					$	—					$	—
Derivative liabilities designated as accounting cash flow hedges:
Interest rate swaps			$	3,331,000					$	152,370					$	3,776,000					$	97,066
Total derivative liabilities									$	167,303											$	97,066

(a)The notional amount is excluded for swaps which are not yet effective.

Schedule of income (loss) recorded in comprehensive income

We recorded the following in other comprehensive loss related to derivative financial instruments for the years ended December 31, 2020, 2019 and 2018:

			Year Ended December 31,
			2020						2019						2018
Gain (Loss)
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
Interest rate swaps			$	(62,967)					$	(102,725)					$	(16,639)
Interest rate caps			(5,846)						(38)						—
Derivative premium and amortization			1,597						—						—
Income tax effect			8,402						12,845						2,080
Net loss on derivatives, net of tax			$	(58,814)					$	(89,918)					$	(14,559)

Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements

The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Consolidated Income Statements for the years ended December 31, 2020, 2019 and 2018.

			Year Ended December 31,
			2020						2019						2018
Gain (Loss)
Derivatives not designated as accounting hedges:
Interest rate caps and swaps			$	(14,369)					$	(29,714)					$	5,158
Reclassification to Consolidated Income Statements:
Reclassification of amounts previously recorded in AOCI			(53,539)						3,381						6,874
Gain (loss) recognized in interest expense			$	(67,908)					$	(26,333)					$	12,032

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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