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Derivative Instruments and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | 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.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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