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Derivative Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 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:

			Nine Months Ended September 30,
			2024						2023
Interest rate caps:
Notional amount (in thousands)			$	2,183,242		(1)			$	2,158,231		(1)
Strike rate low end of range			3.10		%				2.50		%
Strike rate high end of range			7.31		%				6.90		%
Effective date range			February 2024 - June 2024						March 2023 - August 2023
Termination date range			February 2025 - May 2026						February 2024 - June 2025
Total cost (in thousands)			$	15,088					$	22,285

_______________

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

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

			September 30, 2024						December 31, 2023
Interest rate caps:
Notional amount (in thousands)			$	3,474,732		(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			November 2024 - May 2026						February 2024 - June 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	2,521,845					$	2,689,927

_______________

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

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No definition available.

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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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