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Derivative Instruments and Hedging (Tables)

12 Months Ended

Dec. 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:

			Year Ended December 31,
			2024						2023						2022
Interest rate caps:
Notional amount (in thousands)			$	2,341,742		(1)			$	2,583,271		(1)			$	3,365,941		(1)
Strike rate low end of range			3.10		%				2.50		%				2.90		%
Strike rate high end of range			7.31		%				6.90		%				5.50		%
Effective date range			February 2024 - December 2024						March 2023 - December 2023						January 2022 - December 2022
Termination date range			February 2025 - November 2027						February 2024 - June 2025						January 2023 - January 2025
Total cost (in thousands)			$	15,532					$	28,256					$	40,119
Interest rate floors:
Notional amount (in thousands)			$	121,500		(1)			$	—					$	—
Strike rate low end of range			2.75		%
Strike rate high end of range			2.75		%
Effective date range			November 2024
Termination date range			November 2027
Total cost (in thousands)			$	754					$	—					$	—

_______________

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

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

			December 31, 2024						December 31, 2023
Interest rate caps:
Notional amount (in thousands)			$	2,477,192		(1)			$	3,351,271		(1)
Strike rate low end of range			3.10		%				2.00		%
Strike rate high end of range			7.31		%				6.90		%
Termination date range			January 2025 - November 2027						February 2024 - June 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	2,123,951					$	2,689,927
Interest rate floors: (2)
Notional amount (in thousands)			$	121,500		(1)			$	—
Strike rate low end of range			2.75		%
Strike rate high end of range			2.75		%
Termination date range			November 2027

_______________

(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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