Derivative Instruments and Hedging (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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.

- 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

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+ Details