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Financial Instruments: Derivatives and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments as of December 31, 2023 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
| Notional Value |  | Strike Rate |  | Effective Date |  | Expiration Date |  | Balance Sheet Location |  | Fair Value
Interest Rate Swap | 150,000 |  |  | 2.600 | % |  | December 2021 |  | January 2024 |  | Other Assets |  | $ | 11 |
Interest Rate Swap | 200,000 |  |  | 4.490 | % |  | November 2022 |  | January 2024 |  | Other Assets |  | 5 |
Interest Rate Swap | 200,000 |  |  | 4.411 | % |  | November 2022 |  | January 2024 |  | Other Assets |  | 5 |
Interest Rate Cap | 370,000 |  |  | 3.250 | % |  | June 2023 |  | June 2024 |  | Other Assets |  | 3,158 |
Interest Rate Cap | 370,000 |  |  | 3.250 | % |  | June 2023 |  | June 2024 |  | Other Liabilities |  | (3,145) |
Interest Rate Swap | 150,000 |  |  | 2.621 | % |  | December 2021 |  | January 2026 |  | Other Assets |  | 4,011 |
Interest Rate Swap | 200,000 |  |  | 2.662 | % |  | December 2021 |  | January 2026 |  | Other Assets |  | 5,196 |
Interest Rate Swap | 100,000 |  |  | 2.903 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 2,281 |
Interest Rate Swap | 100,000 |  |  | 2.733 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 2,775 |
Interest Rate Swap | 50,000 |  |  | 2.463 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 1,781 |
Interest Rate Swap | 200,000 |  |  | 2.591 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 6,378 |
Interest Rate Swap | 300,000 |  |  | 2.866 | % |  | July 2023 |  | May 2027 |  | Other Assets |  | 7,306 |
Interest Rate Swap | 150,000 |  |  | 3.524 | % |  | January 2024 |  | May 2027 |  | Other Assets |  | 549 |
Interest Rate Swap | 370,000 |  |  | 3.888 | % |  | November 2022 |  | June 2027 |  | Other Liabilities |  | (3,044) |
Interest Rate Swap | 300,000 |  |  | 4.487 | % |  | November 2024 |  | November 2027 |  | Other Liabilities |  | (10,273) |
Interest Rate Swap | 100,000 |  |  | 3.756 | % |  | January 2023 |  | January 2028 |  | Other Liabilities |  | (646) |
|  |  |  |  |  |  |  |  |  |  | $ | 16,348 |
The following table summarizes the notional value at inception and fair value of our joint ventures' derivative financial instruments as of December 31, 2023 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
| Notional Value |  | Strike Rate |  | Effective Date |  | Expiration Date |  | Classification |  | Fair Value
Interest Rate Cap | $ | 220,000 |  |  | 4.000 | % |  | February 2023 |  | February 2024 |  | Asset |  | $ | 318 |
Interest Rate Cap | 484,069 |  |  | 0.490 | % |  | February 2022 |  | May 2024 |  | Asset |  | 8,331 |
Interest Rate Cap | 484,069 |  |  | 0.490 | % |  | February 2022 |  | May 2024 |  | Asset |  | 8,330 |
Interest Rate Cap | 505,412 |  |  | 3.000 | % |  | June 2023 |  | June 2024 |  | Asset |  | 4,948 |
Interest Rate Cap | 272,000 |  |  | 4.000 | % |  | August 2023 |  | August 2024 |  | Asset |  | 1,675 |
Interest Rate Cap | 477,783 |  |  | 3.500 | % |  | September 2023 |  | September 2024 |  | Asset |  | 5,213 |
Interest Rate Cap | 278,161 |  |  | 4.000 | % |  | May 2024 |  | November 2024 |  | Asset |  | 948 |
Interest Rate Cap | 278,161 |  |  | 4.000 | % |  | May 2024 |  | November 2024 |  | Asset |  | 948 |
Interest Rate Swap | 250,000 |  |  | 3.608 | % |  | April 2023 |  | February 2026 |  | Asset |  | 1,819 |
Interest Rate Swap | 250,000 |  |  | 3.608 | % |  | April 2023 |  | February 2026 |  | Asset |  | 1,818 |
Interest Rate Swap | 177,000 |  |  | 1.555 | % |  | December 2022 |  | February 2026 |  | Asset |  | 8,686 |
|  |  |  |  |  |  |  |  |  |  | $ | 43,034 |
Schedule of effect of derivative financial instruments on consolidated statements of income | The following table presents our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, respectively (in thousands):
|  | Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
|  | Year Ended December 31, |  |  | Year Ended December 31,
Derivative |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021
Interest Rate Swaps/Caps |  | $ | 18,484 |  |  | $ | 83,162 |  |  | $ | 15,643 |  |  | Interest expense |  | $ | 42,270 |  |  | $ | 4,989 |  |  | $ | (17,602) |
Share of unconsolidated joint ventures' derivative instruments |  | 7,399 |  |  | 24,783 |  |  | (19,400) |  |  | Equity in net loss from unconsolidated joint ventures |  | 16,050 |  |  | (673) |  |  | (7,582) |
|  | $ | 25,883 |  |  | $ | 107,945 |  |  | $ | (3,757) |  |  |  |  | $ | 58,320 |  |  | $ | 4,316 |  |  | $ | (25,184) |

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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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