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Derivative Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2023

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:

			Nine Months Ended September 30,
			2023						2022
Interest rate caps:
Notional amount (in thousands)			$	2,158,231		(1)			$	2,873,651		(1)
Strike rate low end of range			2.50		%				3.00		%
Strike rate high end of range			6.90		%				4.00		%
Effective date range			March 2023 - August 2023						January 2022 - June 2022
Termination date range			February 2024 - June 2025						January 2023 - July 2023
Total cost (in thousands)			$	22,285					$	5,255

_______________

(1)These instruments were not designated as cash flow hedges.

We held interest rate instruments as summarized in the table below:

			September 30, 2023						December 31, 2022
Interest rate caps:
Notional amount (in thousands)			$	4,081,521		(1)			$	3,549,941		(1)
Strike rate low end of range			2.00		%				2.00		%
Strike rate high end of range			6.90		%				5.50		%
Termination date range			November 2023 - June 2025						January 2023 - January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	2,706,155					$	3,505,242

_______________

(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.

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