Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

As of March 31, 2023, 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	$	100,653	$	—	$	100,653	$	1,631,051
Derivatives not designated as hedging instruments	31,381		(8,647)		22,734		870,800
Total derivative assets	$	132,034	$	(8,647)	$	123,387	$	2,501,851
Liabilities:
Derivatives designated as hedging instruments	$	(18,055)	$	—	$	(18,055)	$	497,816
Derivatives not designated as hedging instruments	(20,187)		8,647		(11,540)		767,295
Total derivative liabilities	$	(38,242)	$	8,647	$	(29,595)	$	1,265,111
Total	$	93,792	$	—	$	93,792	$	3,766,962

(1)    Comprised of 81 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 4.11% per annum. These swaps mature from April 30, 2024 to January 31, 2043.

As of December 31, 2022, 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	$	133,168	$	—	$	133,168	$	2,122,222
Derivatives not designated as hedging instruments	44,659		(4,523)		40,136		1,095,820
Total derivative assets	$	177,827	$	(4,523)	$	173,304	$	3,218,042
Liabilities:
Derivatives designated as hedging instruments	(3,724)		—		(3,724)		—
Derivatives not designated as hedging instruments	(4,523)		4,523		—		—
Total derivative liabilities	$	(8,247)	$	4,523	$	(3,724)	$	—
Total	$	169,580	$	—	$	169,580	$	3,218,042

Schedule of Offsetting Liabilities

As of March 31, 2023, 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	$	100,653	$	—	$	100,653	$	1,631,051
Derivatives not designated as hedging instruments	31,381		(8,647)		22,734		870,800
Total derivative assets	$	132,034	$	(8,647)	$	123,387	$	2,501,851
Liabilities:
Derivatives designated as hedging instruments	$	(18,055)	$	—	$	(18,055)	$	497,816
Derivatives not designated as hedging instruments	(20,187)		8,647		(11,540)		767,295
Total derivative liabilities	$	(38,242)	$	8,647	$	(29,595)	$	1,265,111
Total	$	93,792	$	—	$	93,792	$	3,766,962

(1)    Comprised of 81 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 4.11% per annum. These swaps mature from April 30, 2024 to January 31, 2043.

As of December 31, 2022, 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	$	133,168	$	—	$	133,168	$	2,122,222
Derivatives not designated as hedging instruments	44,659		(4,523)		40,136		1,095,820
Total derivative assets	$	177,827	$	(4,523)	$	173,304	$	3,218,042
Liabilities:
Derivatives designated as hedging instruments	(3,724)		—		(3,724)		—
Derivatives not designated as hedging instruments	(4,523)		4,523		—		—
Total derivative liabilities	$	(8,247)	$	4,523	$	(3,724)	$	—
Total	$	169,580	$	—	$	169,580	$	3,218,042

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 March 31,
	2023		2022
Derivatives designated as cash flow hedges:
Interest rate swaps	$	38,027	$	(63,528)

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

	Three months ended March 31,
	2023				2022
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps:
(Gains) losses reclassified from AOCI into income	$	(7,039)	$	—	$	5,427	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
Losses (gains) recognized into income	—		25,050		—		(66,640)
Total (gains) losses	$	(7,039)	$	25,050	$	5,427	$	(66,640)