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Derivatives and Hedging (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Key Terms of Interest-rate Swap and Interest-rate Cap Agreements | The tables below summarize the key terms of the interest-rate swap and interest-rate cap agreements: Interest-rate swap agreements:
Aggregate Notional Amount |  |  | Effective Date |  | Maturity Date |  | Interest - Rate
(In thousands) |  |  |  |  |  |  |
$ | 500,000 |  | (1) | June 28, 2019 |  | March 27, 2024 |  | Average fixed SOFR rate of 2.41% (2)
$ | 400,000 |  |  | March 31, 2023 |  | December 31, 2025 |  | Fixed SOFR rate of 3.71%
Interest-rate cap agreements:
Aggregate Notional Amount |  |  | Effective Date |  | Maturity Date |  | Interest - Rate
(In thousands) |  |  |  |  |  |  |
$ | 1,500,000 |  | (3) | March 31, 2023 |  | September 30, 2025 |  | Capped SOFR rate of 4.45% (4)
$ | 1,500,000 |  |  | September 30, 2025 |  | December 31, 2026 |  | Capped SOFR rate of 5.00%
(1) The original interest-rate swap agreement, dated November 30, 2022, has an initial notional amount of $1,000.0 million, decreasing to $750.0 million on March 31, 2022, and to $500.0 million on March 31, 2023. (2) The interest rate was amended on June 29, 2023 from LIBOR (2.47%) to SOFR (2.41%). (3) The original interest-rate cap agreement, dated November 30, 2022, has an initial notional amount of $500.0 million, increasing to $1,000.0 million on March 31, 2023, and increasing to $1,500.0 million on March 28, 2024. (4) The interest rate was amended on June 29, 2023 from LIBOR (4.50%) to SOFR (4.45%).
Schedule of Recognized Assets and Liabilities Offset in Consolidated Balance Sheets | The amounts shown in the table below represent the gross amounts of recognized assets and liabilities, the amounts offset in the Consolidated Balance Sheets and the net amounts of assets and liabilities presented therein:
|  | As of March 31, 2025 |  |  | As of December 31, 2024 |
|  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
|  | (in thousands) |
Interest-rate swap agreements |  | $ | 908 |  |  | $ | — |  |  | $ | 1,539 |  |  | $ | — |
Interest-rate cap agreements |  |  | — |  |  |  | 12,553 |  |  |  | — |  |  |  | 12,676 |
Net derivatives as classified in the consolidated balance sheets |  | $ | 908 |  |  | $ | 12,553 |  |  | $ | 1,539 |  |  | $ | 12,676 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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