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Derivative Contracts (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swap Derivatives | The table below summarizes our derivative contracts as of September 30, 2025:
| Number of Interest Rate Contracts |  | Notional (In thousands)
Derivatives Designated as Cash Flow Hedges: |  |  |
Consolidated derivatives - swaps(1)(2)(3) | 18 |  | $ | 1,955,000 |
Consolidated derivatives - caps(2)(3) | 2 |  | $ | 350,000 |
Derivatives Not Designated as Cash Flow Hedges: |  |  |
Consolidated derivatives - caps(1)(2)(3) | 4 |  | $ | 852,000 |
___________________________________________________ (1)The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 8 for more information about our hedged consolidated debt. (2)Our derivative contracts do not provide for right of offset between derivative contracts. (3)See Note 13 for our derivative fair value disclosures.
Schedule of Derivative Assets at Fair Value | The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands) | September 30, 2025 |  | December 31, 2024
Consolidated derivatives(1) | $ | 34,084 |  |  | $ | 85,420 |
Unconsolidated Fund's derivatives(2) | $ | — |  |  | $ | 6,839 |
________________________________________________________ (1)The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2)We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. The amounts in the comparable period reflect 100%, not our pro-rata share, of Partnership X's derivatives. For more information about Partnership X, including our equity interest percentage, see Note 6.
Schedule of Derivative Liabilities at Fair Value | The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands) | September 30, 2025 |  | December 31, 2024
Consolidated derivatives(1)(2) | $ | 6,142 |  |  | $ | — |
___________________________________________________ (1)The amounts include 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2)We did not have any consolidated swaps in a liability position as of December 31, 2024.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations | The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations:
(In thousands) | Nine Months Ended September 30,
| 2025 |  | 2024
Derivatives Designated as Cash Flow Hedges: |  |  |
Consolidated derivatives: |  |  |
(Losses) gains recorded in AOCI before reclassifications(1) | $ | (8,304) |  |  | $ | 22,399 |
Gains reclassified from AOCI to Interest Expense(1) | $ | (47,985) |  |  | $ | (115,961) |
Interest expense presented on the consolidated statements of operations | $ | (198,222) |  |  | $ | (167,111) |
Unconsolidated Fund's derivatives (our share)(2): |  |  |
Gains recorded in AOCI before reclassifications(1) | $ | — |  |  | $ | 4,216 |
Gains reclassified from AOCI to Income from unconsolidated Fund(1) | $ | — |  |  | $ | (2,798) |
Income from unconsolidated Fund presented on the consolidated statements of operations | $ | — |  |  | $ | 1,785 |
Gain reclassified from AOCI to Gain from consolidation of JV(3) | $ | (4,762) |  |  | $ | — |
Gain from consolidation of JV presented on the consolidated statements of operations(3) | $ | 47,212 |  |  | $ | — |
Derivatives Not Designated as Cash Flow Hedges: |  |  |
Consolidated derivatives: |  |  |
Loss recorded as interest expense | $ | 3 |  |  | $ | — |
________________________________________________________________ (1)See Note 11 for our AOCI reconciliation. (2)We did not have any unconsolidated entities during the nine months ended September 30, 2025. For the comparable period, we calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about the Fund, including our equity interest percentage, see Note 6. (3)We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.

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