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Financial Instruments: Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 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 Cap | $ | 205,000 |  |  | 4.000 | % |  | February 2024 |  | February 2025 |  | Other Assets |  | $ | 395 |
Interest Rate Cap | 370,000 |  |  | 3.250 | % |  | June 2024 |  | June 2025 |  | Other Assets |  | 2,287 |
Interest Rate Cap | 370,000 |  |  | 3.250 | % |  | June 2024 |  | June 2025 |  | Other Liabilities |  | (2,275) |
Interest Rate Cap | 68,678 |  |  | 4.000 | % |  | August 2024 |  | July 2025 |  | Other Liabilities |  | (161) |
Interest Rate Swap | 150,000 |  |  | 2.621 | % |  | December 2021 |  | January 2026 |  | Other Assets |  | 1,870 |
Interest Rate Swap | 200,000 |  |  | 2.662 | % |  | December 2021 |  | January 2026 |  | Other Assets |  | 2,393 |
Interest Rate Swap | 125,000 |  |  | 3.667 | % |  | August 2024 |  | December 2026 |  | Other Liabilities |  | (826) |
Interest Rate Swap | 125,000 |  |  | 3.670 | % |  | August 2024 |  | December 2026 |  | Other Liabilities |  | (841) |
Interest Rate Swap | 100,000 |  |  | 2.903 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 991 |
Interest Rate Swap | 100,000 |  |  | 2.733 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 1,374 |
Interest Rate Swap | 50,000 |  |  | 2.463 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 992 |
Interest Rate Swap | 200,000 |  |  | 2.591 | % |  | February 2023 |  | February 2027 |  | Other Assets |  | 3,391 |
Interest Rate Swap | 300,000 |  |  | 2.866 | % |  | July 2023 |  | May 2027 |  | Other Assets |  | 3,333 |
Interest Rate Swap | 150,000 |  |  | 3.524 | % |  | January 2024 |  | May 2027 |  | Other Liabilities |  | (792) |
Interest Rate Swap | 370,000 |  |  | 3.888 | % |  | November 2022 |  | June 2027 |  | Other Liabilities |  | (5,513) |
Interest Rate Swap | 68,678 |  |  | 4.466 | % |  | August 2024 |  | June 2027 |  | Other Liabilities |  | (2,076) |
Interest Rate Swap | 300,000 |  |  | 4.487 | % |  | November 2024 |  | November 2027 |  | Other Liabilities |  | (10,723) |
Interest Rate Swap | 100,000 |  |  | 3.756 | % |  | January 2023 |  | January 2028 |  | Other Liabilities |  | (1,482) |
Interest Rate Swap | 204,963 |  |  | 3.915 | % |  | February 2025 |  | May 2028 |  | Other Liabilities |  | (4,683) |
|  |  |  |  |  |  |  |  |  |  | $ | (12,346) |
The following table summarizes the notional value at inception and fair value of our joint ventures' derivative financial instruments as of September 30, 2024 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 | $ | 312,783 |  |  | 4.000 | % |  | May 2024 |  | November 2024 |  | Asset |  | $ | 294 |
Interest Rate Cap | 312,783 |  |  | 4.000 | % |  | May 2024 |  | November 2024 |  | Asset |  | 294 |
Interest Rate Cap | 285,000 |  |  | 4.000 | % |  | August 2024 |  | July 2025 |  | Asset |  | 671 |
Interest Rate Swap | 250,000 |  |  | 3.608 | % |  | April 2023 |  | February 2026 |  | Liability |  | (67) |
Interest Rate Swap | 250,000 |  |  | 3.608 | % |  | April 2023 |  | February 2026 |  | Liability |  | (67) |
Interest Rate Swap | 177,000 |  |  | 1.555 | % |  | December 2022 |  | February 2026 |  | Asset |  | 4,836 |
Interest Rate Swap | 268,750 |  |  | 4.039 | % |  | July 2024 |  | September 2028 |  | Liability |  | (7,984) |
Interest Rate Swap | 268,750 |  |  | 4.058 | % |  | July 2024 |  | September 2028 |  | Liability |  | (8,176) |
Interest Rate Swap | 537,500 |  |  | 4.065 | % |  | July 2024 |  | September 2028 |  | Liability |  | (16,710) |
|  |  |  |  |  |  |  |  |  |  | $ | (26,909) |
Schedule of Effect of Derivative Financial Instruments on Consolidated Statements of Income | The following table presents the effect of 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 three months ended September 30, 2024 and 2023, respectively (in thousands):
|  | Amount of Gain Recognized in Other Comprehensive (Loss) Income |  | Location of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into Income |  | Amount of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into Income
|  | Three Months Ended September 30, |  |  | Three Months Ended September 30,
Derivative |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest Rate Swaps/Caps |  | $ | (38,205) |  |  | $ | 24,910 |  |  | Interest expense |  | $ | 10,248 |  |  | $ | 11,422 |
Share of unconsolidated joint ventures' derivative instruments |  | (19,493) |  |  | 3,927 |  |  | Equity in net (loss) income from unconsolidated joint ventures |  | 4,222 |  |  | 4,616 |
|  | $ | (57,698) |  |  | $ | 28,837 |  |  |  |  | $ | 14,470 |  |  | $ | 16,038 |
The following table presents the effect of 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 nine months ended September 30, 2024 and 2023, respectively (in thousands):
|  | Amount of Gain Recognized in Other Comprehensive (Loss) Income |  | Location of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into Income |  | Amount of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into Income
|  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30,
Derivative |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest Rate Swaps/Caps |  | $ | 4,143 |  |  | $ | 52,624 |  |  | Interest expense |  | $ | 29,746 |  |  | $ | 31,043 |
Share of unconsolidated joint ventures' derivative instruments |  | (11,951) |  |  | 13,467 |  |  | Equity in net (loss) income from unconsolidated joint ventures |  | 11,498 |  |  | 11,986 |
|  | $ | (7,808) |  |  | $ | 66,091 |  |  |  |  | $ | 41,244 |  |  | $ | 43,029 |

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