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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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:
Three Months Ended March 31,
Interest rate caps:(1)
20232022
Notional amount (in thousands)$54,000 $70,500 
Strike rate low end of range3.50 %3.50 %
Strike rate high end of range3.50 %3.50 %
Effective date rangeJanuary 2023February 2022
Termination date rangeJanuary 2024February 2024
Total cost of interest rate caps (in thousands)$755 $76 
_______________
(1)    No instruments were designated as cash flow hedges.
Interest rate derivatives consisted of the following:
Interest rate caps: (1)
March 31, 2023December 31, 2022
Notional amount (in thousands)$960,500 $960,500 
Strike rate low end of range2.00 %2.00 %
Strike rate high end of range4.50 %4.50 %
Termination date rangeApril 2023 - January 2025January 2023- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)$958,750 $959,000 
_______________
(1)No instruments were designated as cash flow hedges.