Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	Year Ended December 31,
Interest rate caps:(1)	2022			2021			2020
Notional amount (in thousands)	$	776,500		$	882,500		$	602,500
Strike rate low end of range	3.50		%	0.75		%	3.00		%
Strike rate high end of range	4.50		%	4.00		%	4.00		%
Effective date range	February 2022 - December 2022			January 2021 - September 2021			March 2020 - June 2020
Termination date range	May 2023 -January 2025			February 2022 - August 2024			April 2021 - June 2021
Total cost of interest rate caps (in thousands)	$	3,030		$	200		$	92

_______________

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

Interest rate derivatives consisted of the following:


Interest rate caps: (1)	December 31, 2022			December 31, 2021
Notional amount (in thousands)	$	960,500		$	882,500
Strike rate low end of range	2.00		%	0.75		%
Strike rate high end of range	4.50		%	4.00		%

Termination date range	January 2023 - January 2025			February 2022 - August 2024
Aggregate principal balance on corresponding mortgage loans (in thousands)	$	959,000		$	857,000

_______________

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

- 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

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+ Details