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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swap Instruments | The table below summarizes our interest rate swap instruments as of March 31, 2024:
Agreement Date |  | Forward Effective Date |  | Maturity Date |  | Strike Rate |  | Index |  | Notional Amount
April 18, 2023 |  | March 31, 2023 |  | January 31, 2025 |  | 2.80% |  | One month Term SOFR |  | $ | 400,000 |
April 18, 2023 |  | March 31, 2023 |  | November 30, 2024 |  | 2.83% |  | One month Term SOFR |  | 400,000 |
April 18, 2023 |  | April 15, 2023 |  | November 30, 2024 |  | 2.78% |  | One month Term SOFR |  | 400,000 |
April 18, 2023 |  | April 15, 2023 |  | February 28, 2025 |  | 2.79% |  | One month Term SOFR |  | 400,000 |
April 18, 2023 |  | April 15, 2023 |  | June 9, 2025 |  | 2.94% |  | One month Term SOFR |  | 325,000 |
April 18, 2023 |  | April 15, 2023 |  | June 9, 2025 |  | 2.95% |  | One month Term SOFR |  | 595,000 |
April 18, 2023 |  | April 15, 2023 |  | July 9, 2025 |  | 2.83% |  | One month Term SOFR |  | 1,100,000 |
April 18, 2023 |  | April 15, 2023 |  | July 31, 2025 |  | 3.08% |  | One month Term SOFR |  | 200,000 |
March 22, 2023 |  | July 9, 2025 |  | May 31, 2029 |  | 2.99% |  | One month Term SOFR |  | 300,000 |
Schedule of Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets | The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:
|  | Asset Derivatives |  | Liability Derivatives
|  |  |  | Fair Value as of |  |  |  | Fair Value as of
|  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023 |  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Other assets |  | $ | 84,339 |  |  | $ | 75,487 |  |  | Other liabilities |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate caps |  | Other assets |  | — |  |  | 1 |  |  | Other liabilities |  | — |  |  | — |
Total |  |  |  | $ | 84,339 |  |  | $ | 75,488 |  |  |  |  | $ | — |  |  | $ | — |
Schedule of Offsetting Derivative Assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 84,339 |  |  | $ | — |  |  | $ | 84,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,339 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | December 31, 2023
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 75,488 |  |  | $ | — |  |  | $ | 75,488 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,488 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Offsetting Derivative Liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 84,339 |  |  | $ | — |  |  | $ | 84,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,339 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | December 31, 2023
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Position |  |
|  | Gross Amounts of Recognized Assets/ Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 75,488 |  |  | $ | — |  |  | $ | 75,488 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,488 |
Offsetting liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations | The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023:
|  | Amount of Gain (Loss) Recognized in OCI on Derivative |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income |  | Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations |  |
|  | For the Three Months Ended March 31, |  |  | For the Three Months Ended March 31, |  | For the Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023 |  |  |  |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 32,737 |  |  | $ | (18,755) |  |  |  |  | Interest expense |  | $ | 21,564 |  |  | $ | 12,981 |  |  |  |  | $ | 89,845 |  |  | $ | 78,047 |  |  |  |  |
|  | Location of Gain (Loss) Recognized in Net Income on Derivative |  | Amount of Gain (Loss) Recognized in Net Income on Derivative
|  |  | For the Three Months Ended March 31,
|  |  | 2024 |  | 2023 |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate caps |  | Interest expense |  | $ | (1) |  |  | $ | 15 |  |  |

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