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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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:

			Six Months Ended June 30,
Interest rate caps:(1)			2023						2022
Notional amount (in thousands)			$	496,180					$	556,500
Strike rate low end of range			3.50		%				3.50		%
Strike rate high end of range			5.25		%				4.00		%
Effective date range			January 2023 - June 2023						February 2022-May 2022
Termination date range			October 2023 - June 2024						May 2023- February 2024
Total cost of interest rate caps (in thousands)			$	3,400					$	1,145

_______________

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

Interest rate derivatives consisted of the following:

Interest rate caps: (1)			June 30, 2023						December 31, 2022
Notional amount (in thousands)			$	816,680					$	960,500
Strike rate low end of range			2.00		%				2.00		%
Strike rate high end of range			5.25		%				4.50		%
Termination date range			August 2023 - January 2025						January 2023- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	816,680					$	959,000

_______________

(1)No instruments were 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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