Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2022 and December 31, 2021:

(In thousands)	Balance Sheet Location	March 31, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swaps	Derivative assets, at fair value	$	12,153	$	—
Interest rate “pay-fixed” swaps	Derivative liabilities, at fair value	$	—	$	13,903
Derivatives not designated as hedging instruments:
Interest rate caps	Derivative assets, at fair value	$	1,168	$	174

Summary of Derivative Instruments

As of March 31, 2022 and December 31, 2021, the Company had the following derivatives that were designated as cash flow hedges of interest rate risk:

	March 31, 2022			December 31, 2021
Interest Rate Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate “pay-fixed” swaps	9	$	578,500	9	$	578,500

The Company had the following outstanding interest rate derivatives with current effective notional amounts that were not designated as hedges in qualified hedging relationships as of March 31, 2022 and December 31, 2021:

	March 31, 2022			December 31, 2021
Interest Rate Derivatives	Number of Instruments	Notional Amount (1)		Number of Instruments	Notional Amount (1)
		(In thousands)			(In thousands)
Interest rate caps (2)	9	$	355,175	9	$	355,175

(1)Notional amount excludes three interest rate cap agreements with aggregate notional amounts of $140.8 million which have effective dates which begin in November 2022 and April 2023, upon expiration of similar interest rate caps included above.

(2)These agreements cap LIBOR at 3.50% with terms through April 2024.

Schedule of Derivatives Included in AOCI

The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented:

	Three Months Ended March 31,
(In thousands)	2022		2021
Amount of gain recognized in accumulated other comprehensive loss on interest rate derivatives	$	23,613	$	13,163
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense	$	(2,653)	$	(2,684)
Total amount of interest expense presented in the consolidated statements of operations and comprehensive gain (loss)	$	(11,764)	$	(12,322)

Offsetting Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2022 and December 31, 2021. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet.

									Gross Amounts Not Offset in the Consolidated Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
March 31, 2022	$	13,321	$	—	$	—	$	13,321	$	—	$	—	$	13,321
March 31, 2022	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2021	$	174	$	—	$	—	$	174	$	—	$	—	$	174
December 31, 2021	$	—	$	(13,903)	$	—	$	(13,903)	$	—	$	—	$	(13,903)