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Derivative Instruments and Hedging | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging | Derivative Instruments and Hedging Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows, which include interest rate caps. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. Payments from counterparties on in-the money interest rate caps are recognized as realized gains on our consolidated statements of operations. The following table presents a summary of our interest rate derivatives entered into over each applicable period:
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Interest rate caps: |  |  |  |  |  |
Notional amount (in thousands) | $ | 3,365,941 |  | (1) | $ | 3,415,301 |  | (1) | $ | 457,000 |  | (1)
Strike rate low end of range | 2.90 | % |  | 2.00 | % |  | 3.00 | % |
Strike rate high end of range | 5.50 | % |  | 4.00 | % |  | 4.00 | % |
Effective date range | January 2022 - December 2022 |  | January 2021 - October 2021 |  | January 2020 - September 2020 |
Termination date range | January 2023 - January 2025 |  | February 2022 - November 2024 |  | February 2021 - February 2022 |
Total cost (in thousands) | $ | 40,119 |  |  | $ | 1,158 |  |  | $ | 83 |  |
_______________ (1)These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below:
| December 31, 2022 |  | December 31, 2021 |
Interest rate caps: |  |  |  |
Notional amount (in thousands) | $ | 3,549,941 |  | (1) | $ | 3,597,301 |  | (1)
Strike rate low end of range | 2.00 | % |  | 2.00 | % |
Strike rate high end of range | 5.50 | % |  | 4.00 | % |
Termination date range | January 2023 - January 2025 |  | February 2022 - November 2024 |
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 3,505,242 |  |  | $ | 3,438,714 |  |
_______________ (1)These instruments were not designated as cash flow hedges. Compound Embedded Debt Derivative—Based on certain provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee. Under the applicable accounting guidance, the exit fee is considered an embedded derivative liability that meets the criteria for bifurcation from the debt host. There were other features that were bifurcated, but did not have a material value. The embedded debt derivative was initially measured at fair value and the fair value of the embedded debt derivative is estimated at each reporting period. See note 10.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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