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Derivatives and Hedging (Tables)

3 Months Ended

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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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.

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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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