Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

As of December 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	$	97,321	$	(5)	$	97,316	$	1,416,686
Derivatives not designated as hedging instruments	35,413		(5,246)		30,167		1,695,495
Total derivative assets	132,734		(5,251)		127,483		3,112,181
Liabilities:
Derivatives designated as hedging instruments	(5,963)		5		(5,958)		324,042
Derivatives not designated as hedging instruments	(54,438)		5,246		(49,192)		809,785
Total derivative liabilities	(60,401)		5,251		(55,150)		1,133,827
Total derivative assets & liabilities	$	72,333	$	—	$	72,333	$	4,246,008

(1)Comprised of 79 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 10, Indebtedness) at 0.31% to 4.53% 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 derivative assets & liabilities	$	169,580	$	—	$	169,580	$	3,218,042

Schedule of Offsetting Liabilities

As of December 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	$	97,321	$	(5)	$	97,316	$	1,416,686
Derivatives not designated as hedging instruments	35,413		(5,246)		30,167		1,695,495
Total derivative assets	132,734		(5,251)		127,483		3,112,181
Liabilities:
Derivatives designated as hedging instruments	(5,963)		5		(5,958)		324,042
Derivatives not designated as hedging instruments	(54,438)		5,246		(49,192)		809,785
Total derivative liabilities	(60,401)		5,251		(55,150)		1,133,827
Total derivative assets & liabilities	$	72,333	$	—	$	72,333	$	4,246,008

(1)Comprised of 79 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 10, Indebtedness) at 0.31% to 4.53% 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 derivative assets & liabilities	$	169,580	$	—	$	169,580	$	3,218,042

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

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

	Year Ended December 31,
	2023		2022		2021
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(23,787)	$	(177,451)	$	(25,117)

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,
	2023				2022				2021
	Interest expense, net		Other expense, net		Interest expense, net		Other income, net		Interest expense, net		Other income, net
Derivatives designated as cash flow hedges:
Interest rate swaps
(Gains) losses reclassified from AOCI into income	$	(36,755)	$	—	$	(2,407)	$	—	$	21,517	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		661		—		(189,710)		—		(21,387)
Total (gains) losses	$	(36,755)	$	661	$	(2,407)	$	(189,710)	$	21,517	$	(21,387)