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v3.25.3

Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Offsetting Assets | As of September 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount (1) (2)
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 71,370 |  |  | $ | — |  |  | $ | 71,370 |  |  | $ | 995,618 |
Derivatives not designated as hedging instruments |  | 9,516 |  |  | (5,781) |  |  | 3,735 |  |  | 769,320 |
Total derivative assets |  | $ | 80,886 |  |  | $ | (5,781) |  |  | $ | 75,105 |  |  | $ | 1,764,938 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  | (25,128) |  |  | 5,781 |  |  | (19,347) |  |  | 1,617,185 |
Total derivative liabilities |  | $ | (25,128) |  |  | $ | 5,781 |  |  | $ | (19,347) |  |  | $ | 1,617,185 |
Total |  | $ | 55,758 |  |  | $ | — |  |  | $ | 55,758 |  |  | $ | 3,382,123 |
(1) Comprised of 54 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044. (2) Comprised of 14 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.78% to 4.18% per annum. These swaptions expire from October 1, 2025 to December 3, 2025 with potential underlying swaps maturing from January 31, 2043 to April 30, 2043. As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 117,793 |  |  | $ | — |  |  | $ | 117,793 |  |  | $ | 1,382,188 |
Derivatives not designated as hedging instruments |  | 53,965 |  |  | (7,252) |  |  | 46,713 |  |  | 2,118,393 |
Total derivative assets |  | $ | 171,758 |  |  | $ | (7,252) |  |  | $ | 164,506 |  |  | $ | 3,500,581 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  | (7,385) |  |  | 7,252 |  |  | (133) |  |  | 653,365 |
Total derivative liabilities |  | $ | (7,385) |  |  | $ | 7,252 |  |  | $ | (133) |  |  | $ | 653,365 |
Total |  | $ | 164,373 |  |  | $ | — |  |  | $ | 164,373 |  |  | $ | 4,153,946 |
Schedule of Offsetting Liabilities | As of September 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount (1) (2)
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 71,370 |  |  | $ | — |  |  | $ | 71,370 |  |  | $ | 995,618 |
Derivatives not designated as hedging instruments |  | 9,516 |  |  | (5,781) |  |  | 3,735 |  |  | 769,320 |
Total derivative assets |  | $ | 80,886 |  |  | $ | (5,781) |  |  | $ | 75,105 |  |  | $ | 1,764,938 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  | (25,128) |  |  | 5,781 |  |  | (19,347) |  |  | 1,617,185 |
Total derivative liabilities |  | $ | (25,128) |  |  | $ | 5,781 |  |  | $ | (19,347) |  |  | $ | 1,617,185 |
Total |  | $ | 55,758 |  |  | $ | — |  |  | $ | 55,758 |  |  | $ | 3,382,123 |
(1) Comprised of 54 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044. (2) Comprised of 14 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.78% to 4.18% per annum. These swaptions expire from October 1, 2025 to December 3, 2025 with potential underlying swaps maturing from January 31, 2043 to April 30, 2043. As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 117,793 |  |  | $ | — |  |  | $ | 117,793 |  |  | $ | 1,382,188 |
Derivatives not designated as hedging instruments |  | 53,965 |  |  | (7,252) |  |  | 46,713 |  |  | 2,118,393 |
Total derivative assets |  | $ | 171,758 |  |  | $ | (7,252) |  |  | $ | 164,506 |  |  | $ | 3,500,581 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | — |  |  | — |  |  | — |  |  | — |
Derivatives not designated as hedging instruments |  | (7,385) |  |  | 7,252 |  |  | (133) |  |  | 653,365 |
Total derivative liabilities |  | $ | (7,385) |  |  | $ | 7,252 |  |  | $ | (133) |  |  | $ | 653,365 |
Total |  | $ | 164,373 |  |  | $ | — |  |  | $ | 164,373 |  |  | $ | 4,153,946 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
|  | Three months ended September 30,
|  | 2025 |  | 2024
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps |  | $ | (1,668) |  |  | $ | 48,297 |
|  | Nine months ended September 30,
|  | 2025 |  | 2024
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps |  | $ | 22,463 |  |  | $ | (11,160) |
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
|  | Three months ended September 30,
|  | 2025 |  | 2024
|  | Interest expense, net |  | Other expense, net |  | Interest expense, net |  | Other income, net
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income |  | $ | (4,312) |  |  | $ | — |  |  | $ | (9,098) |  |  | $ | — |
Derivatives not designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Losses recognized into income |  | — |  |  | 14,430 |  |  | — |  |  | 86,596 |
Total (gains) losses |  | $ | (4,312) |  |  | $ | 14,430 |  |  | $ | (9,098) |  |  | $ | 86,596 |
|  | Nine months ended September 30,
|  | 2025 |  | 2024
|  | Interest expense, net |  | Other expense, net |  | Interest expense, net |  | Other income, net
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income |  | $ | (14,102) |  |  | $ | — |  |  | $ | (28,647) |  |  | $ | — |
Derivatives not designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Losses recognized into income |  | — |  |  | 74,461 |  |  | — |  |  | 9,790 |
Total (gains) losses |  | $ | (14,102) |  |  | $ | 74,461 |  |  | $ | (28,647) |  |  | $ | 9,790 |

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