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Risk Management and Use of Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth certain information regarding our derivative instruments (in thousands):

												Asset Derivatives Fair Value at
Derivatives Designated as Hedging Instruments						Balance Sheet Location						March 31, 2024						December 31, 2023
Interest rate cap						Other assets, net						$	428					$	433
												428						433
Total derivatives												$	428					$	433

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

						Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income
						Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships						2024						2023
Interest rate cap						$	212					$	—
Total						$	212					$	—

												Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income
						Location of Gain (Loss) Recognized in Income						Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships												2024						2023
Interest rate cap						Interest expense						$	(215)					$	—
Total												$	(215)					$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

												Amount of Gain (Loss) on Derivatives Recognized in Income
						Location of Gain (Loss) Recognized in Income						Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships												2024						2023
Interest rate cap						Interest expense						$	(2)					$	—
Total												$	(2)					$	—

Schedule of Derivative Instruments

The interest rate caps that our consolidated subsidiaries had outstanding at March 31, 2024 are summarized as follows (currency in thousands):

Interest Rate Derivatives						Number of Instruments						Notional Amount									Fair Value at March 31, 2024
Designated as Cash Flow Hedging Instruments
Interest rate cap						1						335,000			USD						$	428
																					$	428

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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