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Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 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:
Year Ended December 31,
202320222021
Interest rate caps:
Notional amount (in thousands)$2,583,271 
(1)
$3,365,941 
(1)
$3,415,301 
(1)
Strike rate low end of range2.50 %2.90 %2.00 %
Strike rate high end of range6.90 %5.50 %4.00 %
Effective date range
March 2023 - December 2023
January 2022 - December 2022January 2021 - October 2021
Termination date range
February 2024 - June 2025
January 2023 - January 2025February 2022 - November 2024
Total cost (in thousands)$28,256 $40,119 $1,158 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
December 31, 2023December 31, 2022
Interest rate caps:
Notional amount (in thousands)$3,351,271 
(1)
$3,549,941 
(1)
Strike rate low end of range2.00 %2.00 %
Strike rate high end of range6.90 %5.50 %
Termination date range
February 2024 - June 2025
January 2023 - January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)$2,689,927 $3,505,242 
_______________
(1)These instruments were not designated as cash flow hedges.