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Debt and Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Obligation

The following represents the Company’s debt obligations as of March 31, 2023 and December 31, 2022:

 

Secured Debt Facilities, Revolving Credit Facilities, Term Loan and Bonds Payable

 

March 31, 2023

 

 

December 31, 2022

 

 

 

 

 

Outstanding

 

Average Interest

 

 

Outstanding

 

Average Interest

 

 

Final Maturity

TL Revolving Credit Facility

 

$

1,287,858

 

 

6.28

%

 

$

1,367,858

 

 

5.78

%

 

August 2027

TL 2019 Term Loan

 

 

124,410

 

 

3.50

%

 

 

127,293

 

 

3.50

%

 

December 2026

TL 2021-1 Term loan

 

 

58,920

 

 

2.65

%

 

 

60,314

 

 

2.65

%

 

February 2028

TL 2021-2 Term Loan

 

 

188,526

 

 

2.90

%

 

 

192,202

 

 

2.90

%

 

October 2028

TMCL II Secured Debt Facility (1)

 

 

1,233,441

 

 

6.50

%

 

 

1,239,440

 

 

6.00

%

 

November 2028

TMCL VII 2020-1 Bonds

 

 

319,131

 

 

3.06

%

 

 

332,413

 

 

3.06

%

 

August 2045

TMCL VII 2020-2 Bonds

 

 

461,494

 

 

2.26

%

 

 

476,279

 

 

2.26

%

 

September 2045

TMCL VII 2020-3 Bonds

 

 

170,722

 

 

2.15

%

 

 

175,750

 

 

2.15

%

 

September 2045

TMCL VII 2021-1 Bonds

 

 

456,914

 

 

1.72

%

 

 

467,881

 

 

1.72

%

 

February 2046

TMCL VII 2021-2 Bonds

 

 

551,349

 

 

2.27

%

 

 

564,373

 

 

2.27

%

 

April 2046

TMCL VII 2021-3 Bonds

 

 

524,000

 

 

1.98

%

 

 

536,000

 

 

1.98

%

 

August 2046

Total debt obligations (2)

 

$

5,376,765

 

 

 

 

$

5,539,803

 

 

 

 

 

Unamortized debt premiums and discounts

 

$

(32,543

)

 

 

 

$

(34,884

)

 

 

 

 

Debt, net of unamortized costs

 

$

5,344,222

 

 

 

 

$

5,504,919

 

 

 

 

 

Debt, net of unamortized costs - current

 

$

394,186

 

 

 

 

$

377,898

 

 

 

 

 

Debt, net of unamortized costs - non-current

 

$

4,950,036

 

 

 

 

$

5,127,021

 

 

 

 

 
(1)
Final maturity of the TMCL II Secured Debt Facility is based on the assumption that the facility will not be extended on its associated conversion date.
(2)
The fair value of total debt based on the borrowing rates available to the Company was approximately $4,977,958 and $5,107,874 at March 31, 2023 and December 31, 2022, respectively, and was measured using Level 2 inputs.
Summary of Outstanding Fixed-Rate and Floating-Rate Debt The following table summarizes the Company’s outstanding fixed-rate and floating-rate debt as of March 31, 2023:

 

Balance Outstanding

 

Contractual Weighted Average Interest Rate

Excluding impact of derivative instruments:

 

 

 

Fixed-rate debt

$

2,855,466

 

2.32%

Floating-rate debt

 

2,521,299

 

6.39%

 

 

 

 

Including impact of derivative instruments:

 

 

 

Fixed-rate debt

 

2,855,466

 

2.32%

Hedged floating-rate debt

 

2,028,869

 

2.95%

Total fixed and hedged debt

 

4,884,335

 

2.58%

Unhedged floating-rate debt

 

492,430

 

6.38%

Total

$

5,376,765

 

2.93%
Summary of Derivative Instruments

The following table summarizes the Company’s derivative instruments as of March 31, 2023:

 

 

Notional

 

Derivative instruments

 

amount

 

Interest rate swap contracts with several banks that were indexed to daily SOFR, with fixed rates between -0.02% and 3.84% per annum, amortizing notional amounts, with termination dates through December 31, 2033 (1)

 

$

2,028,869

 

      Total notional amount as of March 31, 2023

 

$

2,028,869

 

 

(1)
Excludes the Company’s interest rate swap contract with an effective date in a future period (“forward starting interest rate swap”). In February 2022, the Company entered into a forward starting interest rate swap with a bank that was indexed to daily SOFR and with an initial notional amount of $100,000. The Company pays a fixed rate at 1.96% and with an effective date of February 28, 2024 and termination date of January 30, 2034.
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet

The following table summarizes the fair value of derivative instruments on the consolidated balance sheet as of March 31, 2023:

 

 

 

Fair Values of Derivative Instruments

 

 

 

Assets (liabilities), net

 

Balance at December 31, 2022

 

$

149,244

 

Change in derivative instruments designated as cash flow hedges

 

 

(13,584

)

Reclassification of realized gain on derivative instruments
   designated as cash flow hedges

 

 

(16,394

)

Balance at March 31, 2023

 

$

119,266

 
Summary of Pre-tax Impact of Derivative Instruments on Condensed Consolidated Statements of Operations The following table summarizes the pre-tax impact of derivative instruments on the condensed consolidated statements of operations during the three months ended March 31, 2023 and 2022:

 

 

 

 

Three Months Ended March 31,

 

 

Derivative instruments

 

Financial Statement Line Item

 

2023

 

 

2022

 

 

Designated

 

Other comprehensive (loss) income

 

$

(13,584

)

 

$

59,380

 

 

Designated

 

Interest income (expense)

 

$

16,394

 

 

$

3,291