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Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of June 30, 2024, 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	$	118,135	$	—	$	118,135	$	1,413,213
Derivatives not designated as hedging instruments(2)	27,734		(3,062)		24,672		1,163,481
Total derivative assets	$	145,869	$	(3,062)	$	142,807	$	2,576,694

Liabilities:
Derivatives designated as hedging instruments	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments	(21,805)		3,062		(18,743)		771,575
Total derivative liabilities	$	(21,805)	$	3,062	$	(18,743)	$	771,575
Total	$	124,064	$	—	$	124,064	$	3,348,269

(1) Comprised of 51 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 8, Indebtedness) at 0.31% to 4.53% per annum. These swaps mature from January 31, 2025 to January 31, 2043.

(2) Includes 13 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 4.01% to 4.46% per annum. These swaptions expire from July 3, 2024 to September 6, 2024 with potential underlying swaps maturing from October 31, 2042 to February 2, 2043.

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
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	$	72,333	$	—	$	72,333	$	4,246,008

Schedule of Offsetting Liabilities

As of June 30, 2024, 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	$	118,135	$	—	$	118,135	$	1,413,213
Derivatives not designated as hedging instruments(2)	27,734		(3,062)		24,672		1,163,481
Total derivative assets	$	145,869	$	(3,062)	$	142,807	$	2,576,694

Liabilities:
Derivatives designated as hedging instruments	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments	(21,805)		3,062		(18,743)		771,575
Total derivative liabilities	$	(21,805)	$	3,062	$	(18,743)	$	771,575
Total	$	124,064	$	—	$	124,064	$	3,348,269

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
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	$	72,333	$	—	$	72,333	$	4,246,008

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

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


	Three months ended June 30,
	2024		2023
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(16,470)	$	(51,073)


	Six months ended June 30,
	2024		2023
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(59,457)	$	(13,045)

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


	Three months ended June 30,
	2024				2023
	Interest expense, net		Other income, net		Interest expense, net		Other income, net
Derivatives designated as cash flow hedges:
Interest rate swaps:
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income	$	(9,418)	$	—	$	(9,032)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
Gains recognized into income	—		(16,305)		—		(42,723)
Total gains	$	(9,418)	$	(16,305)	$	(9,032)	$	(42,723)


	Six months ended June 30,
	2024				2023
	Interest expense, net		Other income, net		Interest expense, net		Other income, net
Derivatives designated as cash flow hedges:
Interest rate swaps:
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income	$	(19,549)	$	—	$	(16,071)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
Gains recognized into income	—		(76,806)		—		(17,673)
Total gains	$	(19,549)	$	(76,806)	$	(16,071)	$	(17,673)