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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of September 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	$	69,160	$	—	$	69,160	$	907,105
Derivatives not designated as hedging instruments(2)	8,900		(313)		8,587		696,435
Total derivative assets	$	78,060	$	(313)	$	77,747	$	1,603,540

Liabilities:
Derivatives designated as hedging instruments	$	(8,434)	$	—	$	(8,434)	$	492,216
Derivatives not designated as hedging instruments	(78,667)		313		(78,354)		1,736,820
Total derivative liabilities	$	(87,101)	$	313	$	(86,788)	$	2,229,036
Total	$	(9,041)	$	—	$	(9,041)	$	3,832,576

(1) Comprised of 55 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 August 13, 2027 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 3.42% to 4.19% per annum. These swaptions expire from October 2, 2024 to December 4, 2024 with potential underlying swaps maturing on 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 September 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	$	69,160	$	—	$	69,160	$	907,105
Derivatives not designated as hedging instruments(2)	8,900		(313)		8,587		696,435
Total derivative assets	$	78,060	$	(313)	$	77,747	$	1,603,540

Liabilities:
Derivatives designated as hedging instruments	$	(8,434)	$	—	$	(8,434)	$	492,216
Derivatives not designated as hedging instruments	(78,667)		313		(78,354)		1,736,820
Total derivative liabilities	$	(87,101)	$	313	$	(86,788)	$	2,229,036
Total	$	(9,041)	$	—	$	(9,041)	$	3,832,576

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 losses (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 September 30,
	2024		2023
Derivatives designated as cash flow hedges:
Interest rate swaps	$	48,297	$	(79,261)


	Nine months ended September 30,
	2024		2023
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(11,160)	$	(92,306)

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,
	2024				2023
	Interest expense, net		Other expense, 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	$	(9,098)	$	—	$	(10,274)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
Gains (losses) recognized into income	—		86,596		—		(81,461)
Total (losses) gains	$	(9,098)	$	86,596	$	(10,274)	$	(81,461)


	Nine months ended September 30,
	2024				2023
	Interest expense, net		Other income, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps:
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income	$	(28,647)	$	—	$	(26,345)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
Gains (losses) recognized into income	—		9,790		—		(99,133)
Total (losses) gains	$	(28,647)	$	9,790	$	(26,345)	$	(99,133)