XML 70 R55.htm IDEA: XBRL DOCUMENT v3.24.3
Financial Instruments: Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Fair Value of Derivative Financial Instruments and Foreign Currency Hedges
The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments as of September 30, 2024 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		Balance Sheet LocationFair
Value
Interest Rate Cap$205,000 4.000 %February 2024February 2025Other Assets$395 
Interest Rate Cap370,000 3.250 %June 2024June 2025Other Assets2,287 
Interest Rate Cap370,000 3.250 %June 2024June 2025Other Liabilities(2,275)
Interest Rate Cap68,678 4.000 %August 2024July 2025Other Liabilities(161)
Interest Rate Swap150,000 2.621 %December 2021January 2026Other Assets1,870 
Interest Rate Swap200,000 2.662 %December 2021January 2026Other Assets2,393 
Interest Rate Swap125,000 3.667 %August 2024December 2026Other Liabilities(826)
Interest Rate Swap125,000 3.670 %August 2024December 2026Other Liabilities(841)
Interest Rate Swap100,000 2.903 %February 2023February 2027Other Assets991 
Interest Rate Swap100,000 2.733 %February 2023February 2027Other Assets1,374 
Interest Rate Swap50,000 2.463 %February 2023February 2027Other Assets992 
Interest Rate Swap200,000 2.591 %February 2023February 2027Other Assets3,391 
Interest Rate Swap300,000 2.866 %July 2023May 2027Other Assets3,333 
Interest Rate Swap150,000 3.524 %January 2024May 2027Other Liabilities(792)
Interest Rate Swap370,000 3.888 %November 2022June 2027Other Liabilities(5,513)
Interest Rate Swap68,678 4.466 %August 2024June 2027Other Liabilities(2,076)
Interest Rate Swap300,000 4.487 %November 2024November 2027Other Liabilities(10,723)
Interest Rate Swap100,000 3.756 %January 2023January 2028Other Liabilities(1,482)
Interest Rate Swap204,963 3.915 %February 2025May 2028Other Liabilities(4,683)
$(12,346)
The following table summarizes the notional value at inception and fair value of our joint ventures' derivative financial instruments as of September 30, 2024 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		ClassificationFair
Value
Interest Rate Cap$312,783 4.000 %May 2024November 2024Asset$294 
Interest Rate Cap312,783 4.000 %May 2024November 2024Asset294 
Interest Rate Cap285,000 4.000 %August 2024July 2025Asset671 
Interest Rate Swap250,000 3.608 %April 2023February 2026Liability(67)
Interest Rate Swap250,000 3.608 %April 2023February 2026Liability(67)
Interest Rate Swap177,000 1.555 %December 2022February 2026Asset4,836 
Interest Rate Swap268,750 4.039 %July 2024September 2028Liability(7,984)
Interest Rate Swap268,750 4.058 %July 2024September 2028Liability(8,176)
Interest Rate Swap537,500 4.065 %July 2024September 2028Liability(16,710)
$(26,909)
Schedule of Effect of Derivative Financial Instruments on Consolidated Statements of Income
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended September 30, 2024 and 2023, respectively (in thousands):
 Amount of Gain Recognized in
Other Comprehensive (Loss) Income		Location of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into IncomeAmount of Gain Reclassified from
Accumulated Other
Comprehensive (Loss) Income into Income
Three Months Ended September 30,Three Months Ended September 30,
Derivative2024202320242023
Interest Rate Swaps/Caps$(38,205)$24,910 Interest expense$10,248 $11,422 
Share of unconsolidated joint ventures' derivative instruments(19,493)3,927 Equity in net (loss) income from unconsolidated joint ventures4,222 4,616 
$(57,698)$28,837 $14,470 $16,038 
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the nine months ended September 30, 2024 and 2023, respectively (in thousands):
 Amount of Gain Recognized in
Other Comprehensive (Loss) Income		Location of Gain Reclassified from Accumulated Other Comprehensive (Loss) Income into IncomeAmount of Gain Reclassified from
Accumulated Other
Comprehensive (Loss) Income into Income
Nine Months Ended September 30,Nine Months Ended September 30,
Derivative2024202320242023
Interest Rate Swaps/Caps$4,143 $52,624 Interest expense$29,746 $31,043 
Share of unconsolidated joint ventures' derivative instruments(11,951)13,467 Equity in net (loss) income from unconsolidated joint ventures11,498 11,986 
$(7,808)$66,091 $41,244 $43,029