Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Assets

As of September 30, 2021, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1)
Assets:
Derivatives designated as hedging instruments	$	19,899	$	(1,617)	$	18,282	$	425,472
Derivatives not designated as hedging instruments	6,984		—		6,984		267,050
Total derivative assets	26,883		(1,617)		25,266		692,522
Liabilities:
Derivatives designated as hedging instruments	(60,691)		1,617		(59,074)		1,068,791
Derivatives not designated as hedging instruments	(27,582)		—		(27,582)		452,760
Total derivative liabilities	(88,273)		1,617		(86,656)		1,521,551
Total derivative assets and liabilities	$	(61,390)	$	—	$	(61,390)	$	2,214,073

(1)    Comprised of 55 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.57% to 3.18% per annum. These swaps mature from August 31, 2022 to January 31, 2043.

As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	4,293	$	(6)	$	4,287	$	191,737
Derivatives not designated as hedging instruments	925		(13)		912		166,138
Total derivative assets	5,218		(19)		5,199		357,875
Liabilities:
Derivatives designated as hedging instruments	(165,996)		6		(165,990)		1,796,596
Derivatives not designated as hedging instruments	(9,448)		13		(9,435)		190,530
Total derivative liabilities	(175,444)		19		(175,425)		1,987,126
Total derivative assets and liabilities	$	(170,226)	$	—	$	(170,226)	$	2,345,001

Offsetting Liabilities

As of September 30, 2021, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1)
Assets:
Derivatives designated as hedging instruments	$	19,899	$	(1,617)	$	18,282	$	425,472
Derivatives not designated as hedging instruments	6,984		—		6,984		267,050
Total derivative assets	26,883		(1,617)		25,266		692,522
Liabilities:
Derivatives designated as hedging instruments	(60,691)		1,617		(59,074)		1,068,791
Derivatives not designated as hedging instruments	(27,582)		—		(27,582)		452,760
Total derivative liabilities	(88,273)		1,617		(86,656)		1,521,551
Total derivative assets and liabilities	$	(61,390)	$	—	$	(61,390)	$	2,214,073

(1)    Comprised of 55 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.57% to 3.18% per annum. These swaps mature from August 31, 2022 to January 31, 2043.

As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	4,293	$	(6)	$	4,287	$	191,737
Derivatives not designated as hedging instruments	925		(13)		912		166,138
Total derivative assets	5,218		(19)		5,199		357,875
Liabilities:
Derivatives designated as hedging instruments	(165,996)		6		(165,990)		1,796,596
Derivatives not designated as hedging instruments	(9,448)		13		(9,435)		190,530
Total derivative liabilities	(175,444)		19		(175,425)		1,987,126
Total derivative assets and liabilities	$	(170,226)	$	—	$	(170,226)	$	2,345,001

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Derivatives designated as cash flow hedges:
Interest rate swaps	$	1,315	$	459	$	(23,748)	$	103,107

The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):

	Three months ended September 30,
	2021				2020
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
Losses (gains) reclassified from AOCI into income	$	6,434	$	—	$	6,261	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		(4,261)		—		—
Total losses (gains)	$	6,434	$	(4,261)	$	6,261	$	—

	Nine months ended September 30,
	2021				2020
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
Losses (gains) reclassified from AOCI into income	$	15,646	$	—	$	7,168	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		(23,520)		—		—
Total losses (gains)	$	15,646	$	(23,520)	$	7,168	$	—