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Derivative Instruments and Hedging (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
| Three Months Ended March 31, |
| 2024 |  | 2023 |  |  |
Interest rate caps: |  |  |  |  |  |
Notional amount (in thousands) | $ | 1,102,027 |  | (1) | $ | 585,000 |  | (1) |  |
Strike rate low end of range | 4.43 | % |  | 4.00 | % |  |  |
Strike rate high end of range | 7.31 | % |  | 6.90 | % |  |  |
Effective date range | February 2024 - March 2024 |  | February 2023 -March 2023 |  |  |
Termination date range | March 2025 - April 2025 |  | February 2024 -March 2024 |  |  |
Total cost (in thousands) | $ | 5,280 |  |  | $ | 4,174 |  |  |  |
_______________ (1)These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below:
| March 31, 2024 |  | December 31, 2023 |
Interest rate caps: |  |  |  |
Notional amount (in thousands) | $ | 3,770,298 |  | (1) | $ | 3,351,271 |  | (1)
Strike rate low end of range | 2.00 | % |  | 2.00 | % |
Strike rate high end of range | 7.31 | % |  | 6.90 | % |
Termination date range | April 2024 - June 2025 |  | February 2024 - June 2025 |
Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 2,246,889 |  |  | $ | 2,689,927 |  |
_______________ (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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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