XML 52 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table details the Company’s outstanding interest rate derivative that is designated as a cash flow hedge of interest rate risk:
Notional Amount
Financial InstrumentsMaturity DateSeptember 30, 2023December 31, 2022
Interest rate swap8/11/2027$950,000 $700,000 
Interest rate swap1/6/202845,085 — 
Interest rate cap9/15/2024221,405 221,405 
Interest rate cap9/9/2024297,596 347,438 
$1,514,086 $1,268,843 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The fair value of our derivative financial instruments as well as their classification on our Condensed Consolidated Balance Sheet as of September 30, 2023 is detailed below.
Fair Value
Balance Sheet
Location
September 30, 2023December 31, 2022
Derivative Assets:
Derivative instruments designated as hedging instruments - interest rate swapOther Assets$28,956 $4,379 
Derivative instruments designated as hedging instruments - interest rate capsOther Assets11,369 7,387 
Total$40,325 $11,766 
Schedule of Derivative Instruments
The following table details the effect of the Company’s derivative financial instrument on the Condensed Consolidated Statement of Operations during the three months ended September 30, 2023:
Amount of
Unrealized Gain
(Loss) Recognized
in OCI
Location of Gain
(Loss) Recognized in
Income on Derivatives
Amount of Gain (Loss)
Reclassified from
Accumulated OCI into Income
September 30, 2023September 30, 2023
Interest rate swap$11,179 Interest Expense$3,909 
Interest rate caps(38)Interest Expense3,435 
Total$11,141 $7,344 
The following table details the effect of the Company’s derivative financial instrument on the Condensed Consolidated Statement of Operations during the nine months ended September 30, 2023:
Amount of
Unrealized Gain
(Loss) Recognized
in OCI
Location of Gain
(Loss) Recognized in
Income on Derivatives
Amount of Gain (Loss)
Reclassified from
Accumulated OCI into Income
September 30, 2023September 30, 2023
Interest rate swap$24,599 Interest Expense$9,226 
Interest rate caps143 Interest Expense8,701 
Total$24,742 $17,927