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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Instruments
The table below summarizes our interest rate swap instruments as of December 31, 2022:
Agreement Date
Forward
Effective Date
Maturity
Date
Strike
Rate
IndexNotional
Amount
April 19, 2018January 31, 2019January 31, 20252.86%One month LIBOR$400,000 
April 19, 2018March 15, 2019November 30, 20242.85%One month LIBOR400,000 
April 19, 2018March 15, 2019February 28, 20252.86%One month LIBOR400,000 
May 8, 2018March 9, 2020June 9, 20252.99%One month LIBOR325,000 
May 8, 2018June 9, 2020June 9, 20252.99%One month LIBOR595,000 
June 28, 2018August 7, 2020July 9, 20252.90%One month LIBOR1,100,000 
December 9, 2019July 15, 2021November 30, 20242.90%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.14%One month LIBOR200,000 
Summary of Derivative Financial Instruments, Fair Value and Location in Consolidated Balance Sheets
The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location
December 31, 2022December 31, 2021Balance
Sheet Location
December 31, 2022December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$119,157 $— Other liabilities$— $271,156 
Derivatives not designated as hedging instruments:
Interest rate capsOther assets36 Other liabilities— — 
Total$119,193 $$— $271,156 
Summary of Offsetting Derivative Assets The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2022 and 2021:
December 31, 2022
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$119,193 $— $119,193 $— $— $119,193 
Offsetting liabilities:
Derivatives$— $— $— $— $— $— 

December 31, 2021
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$271,156 $— $271,156 $— $— $271,156 
Summary of Offsetting Derivative Liabilities The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2022 and 2021:
December 31, 2022
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$119,193 $— $119,193 $— $— $119,193 
Offsetting liabilities:
Derivatives$— $— $— $— $— $— 

December 31, 2021
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$271,156 $— $271,156 $— $— $271,156 
Derivative Instruments, Gain (Loss)
The tables below present the effect of our derivative financial instruments in the consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020:

Amount of Gain (Loss) Recognized
in OCI on Derivative
Location of Loss Reclassified from Accumulated OCI into Net IncomeAmount of Loss Reclassified from Accumulated OCI into Net Income
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations
For the Years Ended December 31,For the Years Ended December 31,For the Years Ended December 31,
202220212020202220212020202220212020
Derivatives in cash flow hedging relationships:
Interest rate swaps$327,323 $113,394 $(388,466)Interest expense$(59,103)$(148,742)$(116,549)$304,092 $322,661 $353,923 

Location of
Loss
Recognized in
Net Income on Derivative
Amount of Loss Recognized in Net Income on Derivative
For the Years Ended December 31,
202220212020
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$81 $129 $273