Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

As of December 31, 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	$	17,475	$	(1,815)	$	15,660	$	421,281
Derivatives not designated as hedging instruments	9,198		—		9,198		345,258
Total derivative assets	26,673		(1,815)		24,858		766,539
Liabilities:
Derivatives designated as hedging instruments	(54,017)		1,815		(52,202)		1,110,729
Derivatives not designated as hedging instruments	(29,856)		—		(29,856)		621,884
Total derivative liabilities	(83,873)		1,815		(82,058)		1,732,613
Total derivative assets & liabilities	$	(57,200)	$	—	$	(57,200)	$	2,499,152

(1)Comprised of 61 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 11, 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 & liabilities	$	(170,226)	$	—	$	(170,226)	$	2,345,001

Schedule of Offsetting Liabilities

As of December 31, 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	$	17,475	$	(1,815)	$	15,660	$	421,281
Derivatives not designated as hedging instruments	9,198		—		9,198		345,258
Total derivative assets	26,673		(1,815)		24,858		766,539
Liabilities:
Derivatives designated as hedging instruments	(54,017)		1,815		(52,202)		1,110,729
Derivatives not designated as hedging instruments	(29,856)		—		(29,856)		621,884
Total derivative liabilities	(83,873)		1,815		(82,058)		1,732,613
Total derivative assets & liabilities	$	(57,200)	$	—	$	(57,200)	$	2,499,152

(1)Comprised of 61 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 11, 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 & 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):

	Year Ended December 31,
	2021		2020		2019
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(25,117)	$	86,367	$	65,809

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

	Year Ended December 31,
	2021				2020				2019
	Interest expense, net		Other expense, net		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	$	21,517	$	—	$	12,971	$	—	$	(785)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		(21,387)		—		(2,911)		—		—
Total losses (gains)	$	21,517	$	(21,387)	$	12,971	$	(2,911)	$	(785)	$	—