XML 45 R33.htm IDEA: XBRL DOCUMENT v3.25.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of September 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$71,370 $— $71,370 $995,618 
Derivatives not designated as hedging instruments9,516 (5,781)3,735 769,320 
Total derivative assets$80,886 $(5,781)$75,105 $1,764,938 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(25,128)5,781 (19,347)1,617,185 
Total derivative liabilities$(25,128)$5,781 $(19,347)$1,617,185 
Total$55,758 $— $55,758 $3,382,123 

(1)    Comprised of 54 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044.

(2)    Comprised of 14 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 3.78% to 4.18% per annum. These swaptions expire from October 1, 2025 to December 3, 2025 with potential underlying swaps maturing from January 31, 2043 to April 30, 2043.
As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$117,793 $— $117,793 $1,382,188 
Derivatives not designated as hedging instruments53,965 (7,252)46,713 2,118,393 
Total derivative assets$171,758 $(7,252)$164,506 $3,500,581 
Liabilities:
Derivatives designated as hedging instruments— — — — 
Derivatives not designated as hedging instruments(7,385)7,252 (133)653,365 
Total derivative liabilities$(7,385)$7,252 $(133)$653,365 
Total$164,373 $— $164,373 $4,153,946 
Schedule of Offsetting Liabilities As of September 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$71,370 $— $71,370 $995,618 
Derivatives not designated as hedging instruments9,516 (5,781)3,735 769,320 
Total derivative assets$80,886 $(5,781)$75,105 $1,764,938 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(25,128)5,781 (19,347)1,617,185 
Total derivative liabilities$(25,128)$5,781 $(19,347)$1,617,185 
Total$55,758 $— $55,758 $3,382,123 

(1)    Comprised of 54 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044.

(2)    Comprised of 14 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 3.78% to 4.18% per annum. These swaptions expire from October 1, 2025 to December 3, 2025 with potential underlying swaps maturing from January 31, 2043 to April 30, 2043.
As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$117,793 $— $117,793 $1,382,188 
Derivatives not designated as hedging instruments53,965 (7,252)46,713 2,118,393 
Total derivative assets$171,758 $(7,252)$164,506 $3,500,581 
Liabilities:
Derivatives designated as hedging instruments— — — — 
Derivatives not designated as hedging instruments(7,385)7,252 (133)653,365 
Total derivative liabilities$(7,385)$7,252 $(133)$653,365 
Total$164,373 $— $164,373 $4,153,946 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended September 30,
20252024
Derivatives designated as cash flow hedges:
   Interest rate swaps$(1,668)$48,297 
Nine months ended September 30,
20252024
Derivatives designated as cash flow hedges:
   Interest rate swaps$22,463 $(11,160)
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended September 30,
20252024
Interest expense, net
Other expense, net
Interest expense, netOther income, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income$(4,312)$— $(9,098)$— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Losses recognized into income
— 14,430 — 86,596 
         Total (gains) losses
$(4,312)$14,430 $(9,098)$86,596 
Nine months ended September 30,
20252024
Interest expense, netOther expense, netInterest expense, net
Other income, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income
$(14,102)$— $(28,647)$— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Losses recognized into income
— 74,461 — 9,790 
         Total (gains) losses$(14,102)$74,461 $(28,647)$9,790