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Derivative Instruments (Tables)

12 Months Ended

Dec. 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:

			Year Ended December 31,
Interest rate caps:(1)			2024						2023						2022
Notional amount (in thousands)			$	935,280					$	537,780					$	776,500
Strike rate low end of range			3.50		%				3.50		%				3.50		%
Strike rate high end of range			8.00		%				5.25		%				4.50		%
Effective date range			January 2024 - December 2024						January 2023 - December 2023						February 2022 - December 2022
Termination date range			January 2025 - August 2026						January 2024 - January 2026						May 2023 - January 2025
Total cost of interest rate caps (in thousands)			$	1,592					$	5,051					$	3,030

_______________

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

Interest rate derivatives consisted of the following:

Interest rate caps: (1)			December 31, 2024						December 31, 2023
Notional amount (in thousands)			$	1,185,880					$	778,280
Strike rate low end of range			3.50		%				2.00		%
Strike rate high end of range			8.00		%				5.25		%
Termination date range			January 2025 - August 2026						June 2024- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)			$	1,074,693					$	777,693

_______________

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

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- References

No definition available.

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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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