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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the interest rate derivatives we entered into over the applicable periods:

			Year Ended December 31,
Interest rate caps:(1)			2021						2020						2019
Notional amount (in thousands)			$	882,500					$	602,500					$	391,000
Strike rate low end of range			0.75		%				3.00		%				3.00		%
Strike rate high end of range			4.00		%				4.00		%				7.80		%
Effective date range			January 2021- September 2021						March 2020 - June 2020						January 2019 - December 2019
Termination date range			February 2022- August 2024						April 2021 - June 2021						March 2020 -October 2021
Total cost of interest rate caps (in thousands)			$	200					$	92					$	115
Interest rate floors:
Notional amount (in thousands)			$	—					$	—					$	2,000,000
Strike rate low end of range															1.63		%
Strike rate high end of range															1.63		%
Effective date															January 2019
Termination date															March 2020
Total cost of interest rate floors (in thousands)			$	—					$	—					$	75

_______________

(1)    No instruments were designated as cash flow hedges.

Interest rate derivatives consisted of the following:

Interest rate caps: (1)			December 31, 2021						December 31, 2020
Notional amount (in thousands)			$	882,500					$	779,000
Strike rate low end of range			0.75		%				3.00		%
Strike rate high end of range			4.00		%				4.00		%
Termination date range			February 2022 - August 2024						February 2021 - October 2021
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	857,000					$	779,000

_______________

(1)No instruments were designated as cash flow hedges.

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- References

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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