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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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)			2024						2023
Notional amount (in thousands)			$	124,500					$	54,000
Strike rate low end of range			3.50		%				3.50		%
Strike rate high end of range			5.25		%				3.50		%
Effective date range			January 2024						January 2023
Termination date range			January 2025 - February 2025						January 2024
Total cost of interest rate caps (in thousands)			$	991					$	755

_______________

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

Interest rate derivatives consisted of the following:

Interest rate caps: (1)			March 31, 2024						December 31, 2023
Notional amount (in thousands)			$	778,280					$	778,280
Strike rate low end of range			2.00		%				2.00		%
Strike rate high end of range			5.25		%				5.25		%
Termination date range			June 2024 - January 2026						January 2024- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	777,693					$	777,693

_______________

(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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