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Derivative Instruments (Tables)
 9 Months Ended
Sep. 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:
Nine Months Ended September 30,
Interest rate caps:(1)
20232022
Notional amount (in thousands)$576,180 $676,500 
Strike rate low end of range3.50 %3.50 %
Strike rate high end of range5.25 %4.00 %
Effective date range
January 2023 - September 2023
February 2022-September 2022
Termination date range
October 2023 - October 2024
May 2023- February 2024
Total cost of interest rate caps (in thousands)$3,981 $2,092 
_______________
(1)    No instruments were designated as cash flow hedges.
Interest rate derivatives consisted of the following:
Interest rate caps: (1)
September 30, 2023December 31, 2022
Notional amount (in thousands)$856,680 $960,500 
Strike rate low end of range2.00 %2.00 %
Strike rate high end of range5.25 %4.50 %
Termination date range
October 2023 - January 2025
January 2023- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)$863,680 $959,000 
_______________
(1)No instruments were designated as cash flow hedges.