Derivative Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents a summary of our interest rate derivatives entered into over each applicable period:

	Three Months Ended March 31,
	2021				2020
Interest rate caps:
Notional amount (in thousands)	$	1,976,000		(1)	$	432,000		(1)
Strike rate low end of range	3.15		%		3.00		%
Strike rate high end of range	4.00		%		4.00		%
Effective date range	January 2021 - March 2021				January 2020
Termination date range	November 2021 - April 2022				February 2021 - February 2022
Total cost (in thousands)	$	291			$	63

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(1)These instruments were not designated as cash flow hedges.

We held interest rate instruments as summarized in the table below:

	March 31, 2021				December 31, 2020
Interest rate caps:
Notional amount (in thousands)	$	2,183,281		(1)	$	842,000		(1)
Strike rate low end of range	3.00		%		3.00		%
Strike rate high end of range	4.00		%		4.00		%
Termination date range	November 2021 - April 2022				February 2021 - February 2022
Aggregate principle balance on corresponding mortgage loans (in thousands)	$	2,030,281			$	697,000
Interest rate floors: (2)
Notional amount (in thousands)	$	25,000		(1)	$	25,000		(1)
Strike rate low end of range	1.25		%		1.25		%
Strike rate high end of range	1.25		%		1.25		%
Termination date range	November 2021				November 2021

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(1)These instruments were not designated as cash flow hedges.

(2)Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.